UK Millionaires Back Higher Taxes, Survey Finds

Seventy-five percent would pay more tax for public-service funding, sixty-four percent support higher taxes on ultra-rich capital, and eighty-eight percent are proud to live in Britain. Only nine percent worry about other millionaires leaving, while forty-three percent cite doctors as the most concerning loss.

The Guardian

Higher-rate tax proposals have sparked fears of affluent emigration, amplified by Henley & Partners’ claim of 16,500 millionaires leaving in 2023—0.5 % of three million. Earlier analysis suggested up to half might flee under a wealth tax, while Labour’s recent local-election setbacks have intensified debate over a capital-gains-tax rise and a 2 p national-insurance cut championed by Andy Burnham and Wes Streeting.

New study says most UK millionaires happy to pay more tax

Patriotic Millionaires UK—whose members include Brian Eno, Gary Stevenson and founder Phil White—says its members feel lucky to live in Britain and are ready to invest in its future, while Business Secretary Peter Kyle warned Labour’s tax rises may have prompted some wealthy Britons to consider leaving.

The Guardian

Critics argue higher taxes could curb investment and trigger an exodus of affluent residents, echoing concerns that a wealth tax might push millionaires abroad.

New study says most UK millionaires happy to pay more tax

Henley & Partners reported 16,500 millionaires left in 2023 (0.5 % of three million), while the survey finds only 0.5 % left; earlier analysis suggested up to half might flee under a wealth tax, yet the poll shows only nine percent concerned about millionaire emigration.

The Guardian

• “Millionaires like us know how lucky we are to live in the UK and, as this polling shows, we are more than happy to invest in our country’s future.” — Phil White, Patriotic Millionaires UK

The Independent

• “It’s also no surprise to see that millionaires value doctors, young people, and business owners more than other millionaires, because people like this are the backbone of our country – they are the real wealth creators.” — Phil White, Patriotic Millionaires UK

The Guardian

• “The best way to do that, and to raise much-needed money for our country and public services, is to tax the super rich. Working people support raising taxes on the very richest, as do millionaires, and we urge the Government to support it too.” — Phil White, Patriotic Millionaires UK

The Independent

• “open image in gallery Youth campaigners call for wealth tax ahead of Rachel Reeves' autumn budget last year ( Getty ) Business secretary Peter Kyle admitted in November that Labour’s tax rises may have led to wealthy Britons fleeing the country.” — Peter Kyle, Business Secretary

The Independent

Rachel Reeves’s autumn budget may introduce a wealth-tax element or a “settling-up fee,” prompting debate over the survey’s findings versus earlier flight concerns.

The Independent