A new survey has revealed that nine in 10 UK millionaires are proud to live in Britain, and three-quarters would be willing to pay more tax to ensure public assets receive adequate funding. The research, conducted by Survation on behalf of Patriotic Millionaires UK, challenges widespread concerns that the wealthy are fleeing the country due to higher taxes.
Key Findings from the Survey
The survey polled 501 UK millionaires with assets exceeding £1 million, excluding their primary residence. It found that 88% agreed with the statement: “I am proud to live in the UK.” When asked about which groups they were most concerned about leaving Britain, 43% cited doctors and qualified health staff, while only 9% named millionaires. Young people and business owners were each cited by 19% of respondents as the biggest potential losses to the country.
Furthermore, 75% of millionaires expressed willingness to pay higher taxes to sustain the social, cultural, and economic attributes that make them proud to live in the UK. Additionally, 64% agreed that the government should increase taxes on the capital and assets of the wealthiest individuals to reduce the tax burden on others.
Context and Reactions
The survey comes amid political uncertainty, with financial markets watching to see if Prime Minister Keir Starmer might be replaced by a more left-wing candidate. Some economic proposals from potential successors, such as Andy Burnham and Wes Streeting, include raising capital gains tax to fund a cut in national insurance.
Phil White, a founding member of Patriotic Millionaires UK and a former business consultant, commented: “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.”
Emigration Trends
Data from the General Medical Council revealed that over 4,000 doctors left the UK to practise abroad in 2024, the highest annual total in a decade. Meanwhile, Office for National Statistics figures show that about 257,000 British nationals left the UK in 2024, with 91% of working age. However, 143,000 returned, resulting in net outward migration of 109,000.
While there have been concerns that high net worth individuals are leaving due to rising taxes, Patriotic Millionaires UK argues that such narratives are often based on misleading reports. For instance, a report from Henley & Partners claimed an “exodus” of 16,500 millionaires from the UK last year, which represents just 0.5% of the UK’s 3 million millionaires.
The survey’s sample size reflects the relatively small proportion of millionaires in UK society, according to Patriotic Millionaires UK.
