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Author: Admin | 2025-04-28
The 2016 Brexit vote, there has been marked volatility in the number of liquid millionaires in the UK. In 2015, the UK was home to 609,900 liquid millionaires, yet by 2022 there were 612,300. Now, there are 8% fewer than in 2007. Brexit has provided challenges to the certainty of the UK’s investment and immigration policies, however there has been a general settling point of around 600,000 since 2015 for the number of liquid millionaires. We can conclude from this that Brexit has not had a significant impact on the presence of liquid millionaires in the UK.What to do next?There are a number of things the government can do to reverse this change:Reduce capital gains tax (without integrating it into income tax) (link);Replace corporation tax with a cash flow tax (link);Abolish Inheritance Tax (link);Undertake an international competitiveness assessment on the UK’s tax and regulatory treatment of non-doms and other high net worth individuals.MethodologyThe Adam Smith Institute utilised data from New World Wealth and UBS/Credit Suisse wealth reports, as well as national data office population data and forecasts, for each respective nation. We calculated the number of millionaires within the country per capita, and utilising UBS/Credit Suisse forecasts for millionaires in 2028 against population forecasts provided by the ONS, and calculated the forecast exodus of millionaires. This was calculated as both a percentage of millionaires against the overall population, and against the population of millionaires today. We also utilise the Governmental census bodies of other applicable countries from other nations mentioned in the UBS/Credit Suisse and New World Wealth reports.As our analysis is based on UBS/Credit Suisse’s data, where they investigated 36 separate countries, there will be gaps in the data we have utilised for our tracker. Likewise, New World Wealth’s data, comprising 24 countries was utilised for liquid millionaires and may reflect similar criticisms over proportionality and gaps for non-measured countries. Our report concentrates on the G7, OECD, and other global economic peers.
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