The number of millionaires in the United Kingdom has fallen to its lowest level at least since the global financial crisis in 2008. This is stated in a study by the Adam Smith Institute.

According to the “millionaire tracker” developed by the institute, in 2021 more than 1 million people with wealth exceeding £1 million lived in the United Kingdom; over the past five years, this figure has declined to 422,000 people, corresponding to the 2008 level.

The main reasons come down to high interest rates, a lack of confidence in the British economy, falling prices for real assets, a high level of taxes along with the threat of their further increase, and other factors.

The researchers emphasized that the outflow of wealthy residents is detrimental to the United Kingdom, whose economy had grown in large part thanks to millionaires who created jobs for the population.