{
  "id": 5021174,
  "title": "Here’s how Britain can woo back the world’s wealthy",
  "url": "https://urgent.news/2026/09/02/heres-how-britain-can-woo-back-the-worlds-wealthy",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-02T04:58:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/heres-how-britain-can-woo-back-the-worlds-wealthy/"
  },
  "original_language": "en",
  "account": "Britain currently has the lowest number of millionaires since the financial crash, with the figure standing at just 442,000, a stark decline from previous years. The country's economic woes are evident, as stagnating property markets and rising living costs have put a strain on household savings. However, the most alarming trend is the exodus of successful, hardworking, and entrepreneurial Brits who are leaving the country due to high taxes and extensive bureaucratic hurdles. This wealth drain is a result of punitive taxes, complex regulations, and a shrinking business environment. The situation is exacerbated by a stagnant economy, low workforce productivity, and increasing unemployment. The government's spending on working-age sickness benefits has risen by nearly 50% over the last decade, and total welfare spending has increased by over £100 billion. Unfortunately, the burden of these costs is falling on the backs of business owners and wealth creators, who are already facing increased taxation. This trend is not new, as previous Conservative governments have also targeted non-domiciled residents, forcing them to seek more tax-friendly jurisdictions. The government's recent manifesto pledge to avoid increasing taxes on \"working people\" only adds to the pressure on the already struggling business owners. The situation has become so dire that many ordinary Brits are now hesitant to start a business, with the rate of business creation reaching its lowest level since 2017. Andy Burnham, who will soon assume the role of Prime Minister, faces an uncertain future as he prepares to present his government's budget. While there is uncertainty surrounding potential tax increases, public opinion appears to be shifting in favor of preserving wealth and economic success. A recent poll conducted by Adam Smith Insights found that more than half of Brits believe the UK has become hostile to wealth and success, while seven in ten think that the wealthiest already pay their fair share of taxes. This growing sentiment could pose a challenge for the new administration, but it also presents an opportunity for Britain to regain its position as the preferred destination for the world's wealthy if it takes decisive action to foster an environment conducive to business growth and prosperity.",
  "summary": "Britain has the lowest number of millionaires since the financial crash but Andy Burnham seems to have plans to stem the tide. Here’s what he should do, according to James Hodgkinson The sad truth is that Britain is getting poorer. Last year saw the number of UK millionaires reach just 442,000. A grim milestone, and [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}