How Many Millionaires Are In The U.K.?

February 26, 2024
Close-up of British bank notes

Making a million is everyone’s dream; when it comes to this game, we call it capitalism. Unfortunately, only some are able to achieve this goal, but living in the United Kingdom is a privilege when it comes to the ability to make money and possibly get there.

Although things in the United Kingdom aren’t as rosy as they have been in the past financially, with recessions, constant inflation and budget cuts for social projects and in other areas of the public sector, people and businesses have still found a way to thrive and continue to make money. #

So that leads to the question of how many millionaires are currently living in the U.K. Prolific London has done some digging, and we have explored this. The criteria we are using to measure this metric is the dollar millionaire, as currently, the dollar is the world’s global reserve currency.

Before we talk about the figure, there are many ways to reach this goal; some are lucky and inherit their wealth, while others have to make their way to a million.

To achieve millionaire status, the common consensus is that it is essential to cultivate effective financial habits, focusing on mastering the basics of personal finance. The fundamental principle that encapsulates much of personal finance is living below your means. Adopting a lifestyle where your expenses are below your income and wisely investing the surplus will pave the way for a prosperous financial future.

In 2017, approximately 2.43 million individuals residing in the United Kingdom (U.K.) possessed a net worth exceeding one million U.S. dollars, excluding the value of their primary residence. This figure experienced a continuous rise, nearly reaching three million people by 2022, and projections suggest that this growth trend will persist. So even though times are tough, the dream of being a millionaire is still possible, with more and more U.K. citizens achieving the milestone each year.