More than 18,000 millionaires in the UK

The number of people in the UK paid more than £1million a year in 2015-16 rose to 18,700, up from 15,000 in 2014-15, with a third 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, law firm Wilsons found.

Many of the top earners were foreign business executives, investors or non-doms, said the report, which added that overseas investors could be put off settling in the UK if visa rules are tightened after the Britain leaves the EU next March.