Three-quarters of UK millionaires back higher taxes to invest in Britain’s future

The claim that higher taxes would trigger a mass ‘exodus’ of millionaires from the UK has been decisively undermined by new polling showing strong support among wealthy Britons for paying more tax.

Research conducted by Survation on behalf of inclusive economy campaign group Patriotic Millionaires UK, found 75% of UK millionaires would be willing to pay higher taxes to help protect and strengthen the social, cultural and economic foundations they value in Britain.

The polling also showed broad backing for a fairer tax system among the UK’s wealthiest citizens. 79% of UK millionaires said they would support higher taxes if the revenue were used to create greater opportunities for young people, while 64% believe the government should increase taxes on the wealthiest in order to reduce taxes such as income tax, VAT and national insurance for individuals and small businesses.

The survey sampled 501 UK millionaires with assets exceeding £1 million, excluding the value of their homes. It found that pride in Britain remains high among the wealthy, with 88% saying they are proud to live in the UK.

The findings certainly challenge the claim that Britain’s richest are poised to flee the country over tax policy. When asked who they were most concerned about leaving the UK, millionaires overwhelmingly prioritised key workers and future generations over fellow wealthy individuals.

43% said they were most worried about doctors and other qualified healthcare staff leaving the country, while 19% cited young people and another 19% business owners. Just 9% said they were concerned about other millionaires leaving Britain.

Campaigners argue the results reflect growing recognition that decades of underinvestment have weakened public services, communities and living standards for ordinary people, even as wealth has become increasingly concentrated. Today, the wealth of just 40 families equals that of the bottom half of the UK population combined.

Patriotic Millionaires member Phil White said:

“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.

“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.”

Separate research has also cast doubt on repeated claims of a millionaire ‘exodus’ from Britain.

In 2024, widespread media reports suggested wealthy individuals were leaving the UK in high numbers. According to the Tax Justice Network, more than 10,900 news stories across print, broadcast and online media cited figures originating from a report by Henley & Partners, a firm that advises governments on ‘golden passport’ schemes for the super-rich.

However, a review by the Tax Justice Network, co-published with Patriotic Millionaires UK and Tax Justice UK, found the numbers involved represented a tiny fraction of national millionaire populations.

In the UK, the widely reported figure of 9,500 millionaires leaving in 2024 amounted to just 0.3% of the country’s 3.06 million millionaires.