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How Many Millionaires Are There in the UK?

Introduction

The UK has always been a nation with significant wealth, but the landscape for millionaires today is more diverse and widespread than ever before. Understanding the number of millionaires in the UK provides important insights into wealth distribution, economic health, and financial opportunities across the country.

In this article, we’ll discuss the number of millionaires in the UK, including how this compares to the number of millionaires in other countries, and how this has changed over time.

Key statistics

There are 3,061,553 millionaires in the UK as of the latest estimates from 2023, and this is expected to decrease to 2,542,464 by 2028.
Globally, the UK ranks third on the list of countries with the most millionaires, behind the U.S. (21,951,319) and China (6,013,282).
An estimated 4.48% of people in the UK are millionaires, while Switzerland has the highest proportion of millionaires at 11.91% of the population.
The UK is expected to see the largest percentage decrease (-17%) in resident millionaires between 2023 and 2028, with only the Netherlands also expecting a decrease (-4%).
London is home to an estimated 227,000 millionaires as of 2025, alongside 4,750 Ultra-High-Net-Worth individuals, and 36 billionaires.
An estimated 9,500 liquid millionaires left the UK in 2024 – the second-highest net outflow globally (after China with 15,200).
There are 55 billionaires in the UK as of 2025 (equating to 0.814 billionaires per million people), and the UK ranks 10th globally for the number of billionaires.

HMRC estimates that wealthy individuals (earning £200,000 or more, or with assets worth £2 million or more) paid a total of £119 billion in taxes in 2023-24.

What defines a millionaire?

A millionaire in the UK is generally defined as someone whose net worth (total assets minus liabilities) is equal to or more than £1 million GBP or the equivalent in another currency, depending on the metric being used. Someone might fluctuate in and out of the millionaire category if the value of their assets or liabilities goes up or down.

There are different ways that people can be defined as millionaires in the UK, depending on whether someone is classified as a total millionaire or a liquid millionaire.

Total millionaires

A total millionaire is someone whose total net worth is at least £1 million. Total net worth is determined by adding up a person’s assets, such as cash, property, pension funds, and investments, and subtracting all debts, such as mortgages, loans, and credit card balances.

Liquid millionaires

A liquid millionaire is someone who has over £1 million in cash and/or liquid investible assets like stocks or mutual funds. This doesn’t include non-liquid assets like properties, vehicles, or antiques.

The number of millionaires in the UK

The latest estimates as of 2023 put the number of millionaires in the UK at 3,061,553, and this is projected to decrease to 2,542,464 by 2028. When breaking these figures down by population, this equates to 4.48% of people in the UK being millionaires in 2023. [1] [2]

UK millionaires by region

The most recent estimates on where millionaires reside in the UK are based on data from 2016. This data suggested that, perhaps unsurprisingly, the highest proportion of UK millionaires lived in London (191,000), followed by the South East (157,000), and the East of England (93,000). Wales and the North East of England were estimated to have the fewest resident millionaires at the time of this research, both with 12,000.

London

When looking at London specifically, 2025 data from Savory & Partners estimates that there are 227,000 millionaires residing in London. Alongside this, London is also home to 4,750 Ultra-High-Net-Worth (UHNW) individuals worth $30 million or more, and 36 billionaires. The top 1% in terms of net worth have an average net worth of £14.2 million, and overall wages have seen an increase of 3.8% between 2024 and 2025. [4]

Number of millionaires by country

As of 2023, the latest data shows that the U.S. currently has the most millionaires, with a total of 21,951,319, and this is expected to grow by 16% to over 25 million by 2028. This is followed by mainland China, with 6,013,282 millionaires and a predicted 8% rise by 2028.

The UK is third on the list with 3,061,553 millionaires as of 2023; however, the number of millionaires in the UK is predicted to fall by 17% to 2,542,464 by 2028. The only other country on the list where the number of millionaires is expected to fall during this period is the Netherlands (-4%).

Taiwan is expected to see the largest rise in the number of millionaires, with a predicted increase of 47% from 788,799 in 2023 to 1,158,239 in 2028.

Rank	Country	Number of millionaires (2023)	Number of millionaires (2028 - predicted)	Predicted Change 2023–2028
1	United States	21,951,319	25,425,792	16%
2	Mainland China	6,013,282	6,505,669	8%
3	United Kingdom	3,061,553	2,542,464	-17%
4	France	2,868,031	3,322,460	16%
5	Japan	2,827,956	3,625,208	28%
6	Germany	2,820,819	3,229,283	14%
7	Canada	1,991,416	2,402,200	21%
8	Australia	1,936,114	2,334,015	21%
9	Italy	1,338,142	1,461,731	9%
10	South Korea	1,295,674	1,643,799	27%
11	Netherlands	1,231,625	1,179,328	-4%
12	Spain	1,180,703	1,327,797	12%
13	Switzerland	1,054,293	1,253,334	19%
14	India	868,671	1,061,463	22%
15	Taiwan	788,799	1,158,239	47%
16	Hong Kong SAR	629,155	737,716	17%
17	Sweden	575,426	703,216	22%
18	Belgium	564,666	653,881	16%
19	Russia	381,726	461,487	21%
20	Brazil	380,585	463,797	22%
21	Saudi Arabia	351,855	403,874	15%
22	Singapore	333,204	375,725	13%
23	Mexico	331,538	411,652	24%
24	Norway	253,085	308,247	22%
25	United Arab Emirates	202,201	232,067	15%
26	Israel	179,905	226,226	26%
27	Indonesia	178,605	235,136	32%
28	Portugal	171,797	189,235	10%
29	Thailand	100,001	123,531	24%
30	South Africa	90,595	108,557	20%
31	Chile	81,274	95,173	17%
32	Greece	80,655	80,295	0%
33	Türkiye	60,787	87,077	43%
34	Kazakhstan	44,307	60,874	37%
35	Qatar	26,163	29,927	14%
36	Hungary	24,692	28,260	14%

Data based on USD

Source: UBS, “Global Wealth Report”

Millionaires per capita by country

When breaking down the number of millionaires by population in each country, the UK is 11th on the list, with 4.48% of the population being millionaires; this equates to approximately one in every 22 people.

Switzerland tops the ranking of millionaires per capita, with 11.91% of its population being millionaires, or one in eight people. Despite being the second highest in terms of total millionaires, China ranks 25th for millionaires per capita, with only 0.43% of its population falling into the millionaire category.

The country with the most millionaires in total, the United States, is 5th on the per capita list, with 6.55% of its population being millionaires.

Rank	Country	Percentage of Population
1	Switzerland	11.91%
2	Hong Kong SAR	8.39%
3	Australia	7.26%
4	Netherlands	6.89%
5	United States	6.55%
6	Singapore	5.63%
7	Sweden	5.42%
8	Canada	5.00%
9	Belgium	4.80%
10	Norway	4.56%
11	United Kingdom	4.48%
12	France	4.20%
13	Germany	3.39%
14	Taiwan	3.30%
15	South Korea	2.51%
16	Spain	2.45%
17	Japan	2.27%
18	Italy	2.27%
19	United Arab Emirates	2.12%
20	Israel	1.85%
21	Portugal	1.63%
22	Qatar	0.96%
23	Saudi Arabia	0.95%
24	Greece	0.78%
25	Mainland China	0.43%
26	Chile	0.41%
27	Russia	0.27%
28	Mexico	0.26%
29	Hungary	0.26%
30	Kazakhstan	0.22%
31	Brazil	0.18%
32	South Africa	0.15%
33	Thailand	0.14%
34	Türkiye	0.07%
35	Indonesia	0.06%
36	India	0.06%

Sources:

World Bank, “Populations by Country”
UBS, “Global Wealth Report”

Millionaires leaving the UK

As we mentioned previously, the UK is expected to see a decrease in the number of resident millionaires, with an estimated 17% reduction between 2023 and 2028, falling from 3,061,553 to 2,542,464. This represents the largest percentage decrease in millionaires across the countries studied in a UBS report. [5]

When looking at the number of liquid millionaires leaving the UK, an estimated 9,500 of these individuals left the country in 2024, showing a growing trend that has increased year-on-year since 2020.

Rank	Country	Percentage of Population
1	Switzerland	11.91%
2	Hong Kong SAR	8.39%
3	Australia	7.26%
4	Netherlands	6.89%
5	United States	6.55%
6	Singapore	5.63%
7	Sweden	5.42%
8	Canada	5.00%
9	Belgium	4.80%
10	Norway	4.56%
11	United Kingdom	4.48%
12	France	4.20%
13	Germany	3.39%
14	Taiwan	3.30%
15	South Korea	2.51%
16	Spain	2.45%
17	Japan	2.27%
18	Italy	2.27%
19	United Arab Emirates	2.12%
20	Israel	1.85%
21	Portugal	1.63%
22	Qatar	0.96%
23	Saudi Arabia	0.95%
24	Greece	0.78%
25	Mainland China	0.43%
26	Chile	0.41%
27	Russia	0.27%
28	Mexico	0.26%
29	Hungary	0.26%
30	Kazakhstan	0.22%
31	Brazil	0.18%
32	South Africa	0.15%
33	Thailand	0.14%
34	Türkiye	0.07%
35	Indonesia	0.06%
36	India	0.06%

Sources:

World Bank, “Populations by Country”
UBS, “Global Wealth Report”

Outflows of liquid millionaires by country

2024 data estimated that 9,500 liquid millionaires left the UK in 2024, the second-highest net outflow of the countries analyzed in this study. The country with the highest estimated outflow of liquid millionaires was China, with 15,200 expected to have left, while India was in third with an estimated outflow of 4,300.

Tax from millionaires in the UK

The total amount of tax that a millionaire will pay each year in the UK depends on several factors, including where their earnings come from and how their finances are managed.

HMRC defines a wealthy individual as someone who earns more than £200,000 per year or has assets worth more than £2 million. In the UK, there were approximately 850,000 wealthy individuals identified in 2023-24, an increase from 700,000 in 2019-20.

Tax data shows that these wealthy individuals paid £119 billion in personal taxes in total in the 2023-24 financial year.

When looking at income specifically, rather than net worth, UK Parliament data shows that in 2023-24, around 29,000 people had incomes of £1 million or more, and were liable for approximately £34 billion in income tax in total. This includes around 10,000 taxpayers with annual incomes of £2 million or more, and 5,000 with assets worth at least £50 million. [7]

UK tax rates by earnings bracket

Tax rates and brackets in the UK determine how much income tax someone will pay based on their earnings bracket. As of the 2025/2026 tax year, someone earning the personal allowance of £12,570 (or less) will pay no income tax.

At the other end of the scale, someone earning more than £125,140 per year will fall into the Additional tax bracket. Based on the UK’s progressive tax system, they would pay 20% income tax on what they earn between £12,571 and £50,270, 40% on what they earn between £50,271 to £125,140, and 45% on what they earn over £125,140.

This means someone earning £1 million or more each year would fall into the Additional tax bracket and follow the same tax rates.

2025/2026 UK tax rates
	Bracket	Rate
Personal Allowance	£0 to £12,570	0%
Basic	£12,571 to £50,270	20%
Higher	£50,271 to £125,140	40%
Additional	Over £125,140	45%

Source: UK Government, “Income Tax Rates”

The number of billionaires in the UK

According to data from Forbes, there are 55 billionaires in the UK, unchanged from 2024. This puts the UK in 10th place on the list of countries with the most billionaires.

Global billionaires

Globally, there are 3,028 billionaires in 2025, an increase of 247 from 2024. This equates to 0.343 billionaires per million people worldwide.

The U.S. has the most billionaires in total, with 902, an increase compared to 813 in 2024; this equates to 2.42 billionaires per million people in the U.S.

Rank	Country	2024	2025	Change	Billionaires per million people
	World	2,781	3,028	247	0.343
1	United States	813	902	89	2.42
2	China	406	450	44	0.288
3	India	200	205	5	0.144
4	Germany	132	171	39	1.56
5	Russia	120	140	20	0.821
6	Canada	67	76	9	1.643
7	Italy	73	74	1	1.239
8	Hong Kong	67	66	-1	8.936
9	Brazil	69	56	-13	0.34
10	United Kingdom	55	55	0	0.814
11	Taiwan	51	54	3	2.178
12	France	53	52	-1	0.775
13	Singapore	39	49	10	6.591
14	Australia	48	47	-1	1.79
15	Sweden	43	45	2	4.075
16	Switzerland	41	42	1	4.591
	Japan	41	42	1	0.331
18	Israel	36	41	5	3.649
19	Spain	29	34	5	0.597
20	Indonesia	35	33	-2	0.125
21	Turkey	27	32	5	0.316
22	South Korea	36	30	-6	0.702
23	Thailand	26	25	-1	0.381
24	Mexico	22	22	0	0.17
25	Malaysia	17	19	2	0.509
26	Norway	12	17	5	2.162
27	Greece	10	16	6	0.96
28	Philippines	16	15	-1	0.142
	Saudi Arabia	0	15	15	-
30	Netherlands	14	13	-1	0.78
31	Czech Republic	11	11	0	1.011
	Ireland	11	11	0	2.083
	Belgium	10	11	1	0.847
34	Cyprus	10	10	0	10.892
	Poland	8	10	2	0.213
36	Austria	9	9	0	0.983
	Denmark	9	9	0	1.51
38	Finland	7	7	0	1.256
	South Africa	6	7	1	0.097
	Ukraine	5	7	2	0.136
41	Chile	6	6	0	0.301
	Kazakhstan	6	6	0	0.299
	Lebanon	6	6	0	1.093
	Romania	6	6	0	0.315
	United Arab Emirates	4	6	2	0.431
46	Vietnam	6	5	-1	0.06
	Egypt	5	5	0	0.048
	Argentina	5	5	0	0.107
	New Zealand	4	5	1	0.754
50	Hungary	5	4	-1	0.521
	Colombia	4	4	0	0.076
	Nigeria	4	4	0	0.018
53	Morocco	2	3	1	0.054
54	Monaco	3	2	-1	76.825
	Bulgaria	2	2	0	0.31
	Qatar	2	2	0	0.753
	Oman	2	2	0	0.391
	Slovakia	2	2	0	0.369
	Georgia	2	2	0	0.535
	Estonia	1	2	1	0.732
	Nepal	1	2	1	0.034
61	Portugal	1	1	0	0.096
	Barbados	1	1	0	3.734
	Venezuela	1	1	0	0.035
	Algeria	1	1	0	0.022
	Eswatini	1	1	0	0.817
	Guernsey	1	1	0	15.602
	Iceland	1	1	0	2.519
	Liechtenstein	1	1	0	25.174
	Tanzania	1	1	0	0.016
	Zimbabwe	1	1	0	0.066
	Armenia	1	1	0	0.335
	Belize	1	1	0	2.265
	Croatia	1	1	0	0.259
	Luxembourg	1	1	0	1.513
	Albania	0	1	1	-
-	Uruguay	2	0	-2	0.581
	St. Kitts & Nevis	1	0	-1	21.189
	Bangladesh	1	0	-1	0.006
	Panama	1	0	-1	0.246

Source: Forbes, “2025 Billionaires List”

References

Adam Smith, “Millionaire Tracker”
World Bank, “Populations by Country”
Statista, “Where the UK’s Millionaires Reside”
Savory and Partners, “London’s Millionaires: Wealth Statistics”
UBS, “Global Wealth Report”
Henley Global, “Henley Private Wealth Migration Dashboard”
UK Parliament, “Collecting the Right Tax From Wealthy Individuals”
UK Government, “Income Tax Rates”
Forbes, “2025 Billionaires List”