diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index ac07b34174168..ab67505243905 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -2359,7 +2359,7 @@ void CWallet::CommitTransaction(CTransactionRef tx, mapValue_t mapValue, std::ve
     }
 }
 
-DBErrors CWallet::LoadWallet()
+DBErrors CWallet::LoadWallet(const do_init_used_flag do_init_used_flag_val)
 {
     LOCK(cs_wallet);
 
@@ -2383,7 +2383,7 @@ DBErrors CWallet::LoadWallet()
         return nLoadWalletRet;
     }
 
-    InitialiseAddressBookUsed();
+    if (do_init_used_flag_val == do_init_used_flag::Init) InitialiseAddressBookUsed();
 
     return DBErrors::LOAD_OK;
 }
diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
index b67c225ea2dcd..7e86a6292d39f 100644
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -791,7 +791,8 @@ class CWallet final : public WalletStorage, public interfaces::Chain::Notificati
     CAmount GetDebit(const CTransaction& tx, const isminefilter& filter) const;
     void chainStateFlushed(ChainstateRole role, const CBlockLocator& loc) override;
 
-    DBErrors LoadWallet();
+    enum class do_init_used_flag { Init, Skip };
+    DBErrors LoadWallet(const do_init_used_flag do_init_used_flag_val = do_init_used_flag::Init);
     DBErrors ZapSelectTx(std::vector<uint256>& vHashIn, std::vector<uint256>& vHashOut) EXCLUSIVE_LOCKS_REQUIRED(cs_wallet);
 
     bool SetAddressBook(const CTxDestination& address, const std::string& strName, const std::optional<AddressPurpose>& purpose);
diff --git a/src/wallet/wallettool.cpp b/src/wallet/wallettool.cpp
index 2f3f8ef77de2f..39a0113042ac3 100644
--- a/src/wallet/wallettool.cpp
+++ b/src/wallet/wallettool.cpp
@@ -47,7 +47,7 @@ static void WalletCreate(CWallet* wallet_instance, uint64_t wallet_creation_flag
     wallet_instance->TopUpKeyPool();
 }
 
-static std::shared_ptr<CWallet> MakeWallet(const std::string& name, const fs::path& path, DatabaseOptions options)
+static std::shared_ptr<CWallet> MakeWallet(const std::string& name, const fs::path& path, DatabaseOptions options, CWallet::do_init_used_flag do_init_used_flag_val = CWallet::do_init_used_flag::Init)
 {
     DatabaseStatus status;
     bilingual_str error;
@@ -61,7 +61,7 @@ static std::shared_ptr<CWallet> MakeWallet(const std::string& name, const fs::pa
     std::shared_ptr<CWallet> wallet_instance{new CWallet(/*chain=*/nullptr, name, std::move(database)), WalletToolReleaseWallet};
     DBErrors load_wallet_ret;
     try {
-        load_wallet_ret = wallet_instance->LoadWallet();
+        load_wallet_ret = wallet_instance->LoadWallet(do_init_used_flag_val);
     } catch (const std::runtime_error&) {
         tfm::format(std::cerr, "Error loading %s. Is wallet being used by another process?\n", name);
         return nullptr;
@@ -168,7 +168,8 @@ bool ExecuteWalletToolFunc(const ArgsManager& args, const std::string& command)
         DatabaseOptions options;
         ReadDatabaseArgs(args, options);
         options.require_existing = true;
-        const std::shared_ptr<CWallet> wallet_instance = MakeWallet(name, path, options);
+        // NOTE: We need to skip initialisation of the m_used flag, or else the address book count might be wrong
+        const std::shared_ptr<CWallet> wallet_instance = MakeWallet(name, path, options, CWallet::do_init_used_flag::Skip);
         if (!wallet_instance) return false;
         WalletShowInfo(wallet_instance.get());
         wallet_instance->Close();