The Adam Smith Institute's Millionaire Tracker report reveals that the number of sterling millionaires in the United Kingdom has fallen to its lowest level since the 2008 global financial crisis, dropping to around 442,000, a 7 percent decline from 2024. The decrease is attributed to falling real asset prices, low household savings rates, and the emigration of high-net-worth individuals. Institute economists warn that this decline is a major red flag, as every person who leaves means less business capital and fewer international connections. They caution that proposals to raise wealth taxes or align capital gains tax with income tax would accelerate the outflow of wealth, and call for policies that incentivise this group to create and retain wealth within the country.