New research from the Adam Smith Institute shows the number of millionaires residing in the UK is at its lowest level since the global financial crisis. Labour policies having their intended effect then…
The think tank’s Millionaire Tracker now shows that there are 442,000 sterling millionaires in Britain, down by 7% since 2024. It says:
“This is driven by falling real asset prices, a low household savings rate and the emigration of high net-worth individuals (HNWIs). Millionaires are leaving the UK for a number of reasons, including 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.”
Visualised:
The ASI has some prescriptions to keep wealth creators in country, including the abolition of inheritance tax, removal of Capital Gains Tax, and reform of the non-dom tax regime. Or you could wang on about wanting “good growth” and get booted out of office…
Tom Baldwin, author of Starmer’s hagiography, spoke to Times Radio:
Tom Baldwin: “I think he’d like to do something. He’s very dutiful and driven by service. That’s why he came into politics. I think that’s characterised his time as prime minister. He hasn’t always sought popularity or been good at being popular. But I think he has some of the necessary qualities that we actually do want in a prime minister. That resilience, that relentlessness, that ability to carry the weight and the job really does weigh very heavily on people and he carries that weight very, very well.”
Jo Coburn: “NATO Secretary-General?”
Tom Baldwin: “I think that’s something that he would be interested in. I think it probably requires Andy Burnham’s government to support him in that and these are some of the questions which Andy Burnham has to resolve quite quickly.”
