UK loses 33,000 millionaires since Labour took office in 2024
Millionaire wealth has declined by over a quarter of a trillion pounds in just two years?!?
PETER HALLIGAN
From here:
Revealed: Number of millionaires in Britain falls to the lowest it has been in 20 years
“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.
Which means there were 475,000 in 2024 (442,000/.93) a decline of 33,000.
“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.
“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.’
The ASI report uses data from the ONS Wealth and Assets survey, which is only produced every two years, adjusts it to work out the number of millionaires and then tracks this by counting those worth £1million in constant 2025 pounds, to strip out inflation and currency swings.
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.’
There is no data on the average level of wealth of millionaires, but a figure of around 8 million would be a rough guesstimate. This would imply that the wealth of millionaires has declined by around £264 billion in the last two years.
Given hikes in Employer National Insurance and minimum wage hikes combined with the highest energy prices in the western world it is no wonder that the wealthy are declining- confiscatory taxes have that effect and plans to increase these to pay for more welfare benefits such as social care should be unsurprising.
“British Prime Minister Margaret Thatcher, famously stated “The trouble with socialism is that you eventually run out of other people’s money.”
The UK has joined the EU in this pursuit and the socialist in the Labour government are keen advocates for rejoining the EU
Remember the (EUSR = Europeans Union of Socialist Republics.
Strategically, the UK would be far better placed seeking to become the 51st US State and abandoning the EUSR completely..
Please take a (paid or unpaid) subscription or forward this article to those you think might be interested.
You can also donate via Ko-fi – any amount from three dollars upwards. Ko-fi donations here:
https://ko-fi.com/peterhalligan
(UKR)