Market Research
Rise In Million-Pound Earners In UK - Wilsons
The private client law firm Wilsons has said that the number of £1 million earners in the UK has risen by more than 3,500.
The number of individuals earning over £1 million ($1.28 million)
in the UK has risen to 18,700 in the last year, up from 15,000
the previous year, according to private client law firm Wilsons.
Some 36 per cent of UK taxpayers earning over £1 million are
concentrated just in London, with 11 per cent (2,000) of all £1
million plus earners in the UK living in the borough of
Kensington and Chelsea.
Source: Wilsons
Wilsons says that many of the UK’s £1 million plus earners are
high net worth foreign business executives, investors and
non-doms. However, there are concerns that non-doms and
overseas investors may be put off settling in the UK if visa
rules are tightened after the Brexit date in March 2019.
Individuals earning over £1 million plus are highly mobile, and
may move elsewhere if they feel they are being taxed too much on
their earnings. There is a risk that they could migrate to
countries where tax reliefs for non-doms are significantly more
attractive. Recent data from the Government showed a 23 per
cent fall in the number of non-doms paying tax in the UK in
the last year, as reported
by this publication.
“London is still an attractive prospect for the wealthy, but a
more welcoming culture in UK policies could help to retain its
appeal,” said Tim Fullerlove, partner at Wilsons. “Wealthy
business executives, investors and non-doms from overseas are a
boon for the UK economy, paying large amounts of taxes in the
capital and generating job creation. Many high earners regard the
UK as one of the most secure countries in which to hold their
assets. There is now a danger, however, that what some
commentators are calling the golden goose of wealthy investors is
being taken for granted. There could be a risk of losing non-doms
to other jurisdictions if UK tax reliefs are not attractive to
them. There are also concerns that visa rules could be tightened
after Brexit, shutting off investors from overseas.”
