UK workers earning over £1 million a year increase to 18,700

PUBLISHED ON Sep 10, 2018

The number of people in the UK earning over £1 million a year has increased to 18,700 with over a third of them being Londoners, a new study has revealed.

One in 10 of the high-earners live in the affluent London borough of Kensington and Chelsea with seven per cent in Westminster and four per cent in Wandsworth, south London.

Many of the top earners were foreign business executives, investors or non-doms, according to the research by law firm Wilsons.

The report, which looked at the most recent figures available from 2015/16, added that overseas investors could be put off settling in Britain if visa rules tighten after it leaves the EU next March.

Tim Fullerlove, Partner at Wilsons, said: “London is still an attractive prospect for the wealthy, but a more welcoming culture in UK policies could help to retain its appeal.

“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.

The number of £1 million-plus earners increased from 15,000 in 2014/15 to 18,700 in 2015/16, the study found.

According to official figures published last month, the UK’s jobless rate war revealed to have fallen to a four-decade low.

Source: Evening Standard