UK millionaire count drops to lowest level since 2008 crisis

The number of millionaires living in the United Kingdom has fallen to its lowest level since the aftermath of the 2008 global financial crisis, according to new research. A report from the Adam Smith Institute estimates that 442,000 UK adults held net assets worth at least £1 million in 2025, a 7 percent decline from the previous year and less than half the peak of 1.07 million recorded in 2021.

The think tank’s analysis, based on Office for National Statistics data adjusted for inflation and currency movements, indicates the millionaire population has contracted for four consecutive years. It attributes the decline to falling real asset prices, a low household savings rate, and the emigration of high-net-worth individuals. The report argues that the UK’s tax environment has become a significant factor, citing high current taxation, the abolition of the non-domiciled tax regime, and political discussions around potential new levies like a wealth tax.

Andrew Griffith, the Shadow Business Secretary, responded to the findings by stating that a shrinking millionaire population should concern policymakers because wealthier individuals contribute disproportionately through taxation,...