A recent survey of UK millionaires reveals that nearly nine out of ten are proud to live in Britain, and three-quarters would be willing to pay more taxes to ensure public assets receive adequate funding. This comes amid concerns that the super-rich are leaving the country due to higher tax burdens.
Survey Findings
The research, conducted on behalf of Patriotic Millionaires UK, a nonpartisan network of wealthy individuals advocating for higher taxes on the ultra-wealthy, polled 501 UK millionaires with assets exceeding £1 million, excluding their primary residence. The results show that 88% of respondents agreed with the statement: 'I am proud to live in the UK.'
When asked about which group's departure would have the most significant impact, 43% of millionaires cited doctors and other qualified health staff, while only 9% were most concerned about millionaires leaving. Young people and business owners were each named by 19% of respondents as the biggest potential losses to the country.
Willingness to Pay More Tax
Three-quarters of those surveyed (75%) expressed a willingness to pay more tax to properly fund 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 everyone else.
Phil White, a former business consultant and engineer and a founding member of Patriotic Millionaires UK, 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.'
Context of Emigration Concerns
The survey comes amid reports of rising emigration from the UK. Figures from the General Medical Council revealed that over 4,000 doctors left the UK to practice abroad in 2024, the highest annual total in a decade. On a broader scale, about 257,000 British nationals left the UK in 2024, with 91% being of working age (18-64). However, 143,000 returned over the same period, resulting in a net outward migration of 109,000 British people in 2024.
There has been concern that this wave of emigration is driven by high net worth individuals leaving due to rising taxes, as well as young people seeking work abroad. However, Patriotic Millionaires UK argues that such concerns are largely based on misleading reports. For instance, a report from Henley & Partners, a global migration firm, 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 was conducted by Survation and reflects a smaller sample size due to the relatively small proportion of millionaires in UK society.
