This is misleading. The 442,000 figure is an Adam Smith Institute modelled estimate of inflation-adjusted ยฃ millionaires, not the total number of millionaires normally reported internationally and the institute itself admits the absolute figure is uncertain.
UBSโs 2026 Global Wealth Report says the UK had more than 2 million US-dollar millionaires in 2025 and actually added over 43,000 during the year.
So the UK did not simply fall from 1 million millionaires to 442,000. These are different definitions and methodologies being presented as though they measure the same thing. They donโt.
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