Thanks a million! Increase in people paid seven figures

THE number of people in the UK paid over £1million a year has increased to 18,700, with over a third of these living in London, according to a study.

One in 10 live in the London borough of Kensington and Chelsea, with 7 per cent in Westminster and 4 per cent in Wandsworth, south London, research by law firm Wilsons found. Many of the top earners are foreign business executives, investors or non-doms, said the report that looked at the most recent figures available – 2015/16.

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.

Fullerlove added: “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.”

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