Number of UK millionaires shrinks to lowest level since financial crisis

The number of British millionaires has dropped to its lowest level in nearly two decades as the property market slumps and high taxes under Labour drive rich people offshore, Report informs via The Telegraph.

The Adam Smith Institute (ASI), a think tank, estimated there were now 442,000 people in Britain with wealth of more than £1 million, down 7 places from last year and the lowest level since the 2008 financial crash.

It blamed the decline on falling property prices and an exodus of wealthy individuals following Labour's changes to the non-dom regime.

Mitchell Palmer, from the think tank, said the shrinking millionaire population should be viewed as "a warning signal".

He said: "Every millionaire that leaves means less capital for British businesses, fewer international connections and weaker entrepreneurial spirit in the economy."