A new survey reveals that 88% of UK millionaires are proud to live in Britain, and 75% would be willing to pay more tax to fund public services. The research, conducted on behalf of Patriotic Millionaires UK, challenges narratives of a wealthy exodus due to tax burdens.
The survey of 501 millionaires found that 64% support increasing taxes on the capital and assets of the wealthiest individuals to reduce the burden on others. Only 9% expressed concern about millionaires leaving the country, compared to 43% who worried most about doctors and other qualified health staff emigrating.
Phil White, a founding member of Patriotic Millionaires UK, stated that millionaires value doctors, young people, and business owners more than other millionaires, as they are the real wealth creators. The group has members including musician Brian Eno and former financial trader Gary Stevenson.
The polling comes amid political uncertainty, with markets watching for potential changes in Labour leadership after poor local election results. Some candidates have proposed raising capital gains tax to fund national insurance cuts.
