Revealed: Number of millionaires in Britain falls to the lowest it has been in 20 years

By JOHN-PAUL FORD ROJAS, DEPUTY BUSINESS EDITOR Published: 23:34, 27 July 2026 | Updated: 23:37, 27 July 2026 The number of millionaires in Britain has fallen to the lowest level in two decades as Labour's taxes drive wealth creators away. Figures from the Adam Smith Institute (ASI), a free-market think-tank, found there were 442,000 millionaires in the UK, down by 7 per cent from 2024. It was the smallest number since the 2008 financial crisis and showed that calls for Andy Burnham to introduce a wealth tax were 'particularly misguided,' the study concluded. Reasons for the decline include 'high levels of current taxation, threats of further increases (including a wealth tax), the abolition of the non-dom regime, and a culture which is hostile to wealth-creators,' the report said. Also responsible are a fall in asset prices and a lower household savings rate. It highlighted the damage being caused by the exodus, with the highest 1 per cent of earners paying 29 per cent of income tax. The analysis compares the number of adult British residents who have at least £1million in assets, including pensions and property. On the wealth tax, it said: 'France, Austria, and the Netherlands all abandoned theirs after seeing vast outflows of millionaires or other avoidance behaviour. Given Britain is already haemorrhaging wealth, we could only expect similar results here. Every millionaire that leaves is a loss to the country.' Figures from the Adam Smith Institute (ASI), a free-market think-tank, found there were 442,000 millionaires in the UK, down by 7 per cent from 2024 Tory business spokesman Andrew Griffith said: 'Everyone should care about Britain having fewer millionaires to contribute to the tax pot and creating jobs and businesses here. It's a competitive world and when young and ambitious people are voting with their feet and leaving your country that's a shameful sign.'  The report said that measures to reverse the trend should include the abolition of inheritance tax and cuts to capital gains tax. Mitchell Palmer, of the ASI, said: 'The decline in millionaires may be greeted as a success by some on the Left, but it should instead be viewed as a warning signal. Every millionaire that leaves means less capital for British businesses, fewer international connections and weaker entrepreneurial spirit in the economy.' And James Quarmby, a partner at law firm Stephenson Harwood, said the findings 'should be a matter of great concern', adding: 'It is this cohort which is crucial to private sector businesses and consequently to our tax base.'