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Economy
May 13, 2026
Analyzed by GPT OSS 120B

Three-quarters of UK millionaires would pay more tax, survey shows

AI Summary
A Survation poll of 501 UK millionaires finds 75% would support higher taxes to fund public assets, while 88% say they’re proud to live in Britain. The results challenge narratives of a wealthy exodus and could shape upcoming fiscal and political debates.

Survey Reveals Strong Patriotic Sentiment Among UK Millionaires

The research, commissioned by Patriotic Millionaires UK and carried out by Survation, asked 501 individuals with assets over £1 million (excluding their homes) about their attachment to the United Kingdom and their willingness to fund public services through higher taxation.

Key Numbers: Pride, Concern, and Tax‑Paying Willingness

  • 88% of respondents agreed with the statement “I am proud to live in the UK”.
  • 75% said they would be willing to pay more tax to ensure social, cultural, and economic assets are properly funded.
  • 64% support increasing taxes on capital and assets of the wealthiest to reduce the overall tax burden.
  • 43% identified doctors and other qualified health staff as the group whose departure would hurt the country most.
  • 9% were most worried about other millionaires leaving the UK.

Other concerns included young people and business owners, each cited by 19% of respondents as potential losses to the nation.

Implications for UK Fiscal Policy and Political Landscape

The findings arrive as the Labour Party grapples with internal leadership questions following disappointing local election results. Proposals from candidates such as Andy Burnham and Wes Streeting include raising capital gains tax to fund a 2p cut in national insurance. The willingness of a sizable share of the ultra‑wealthy to back higher taxes could provide political cover for such measures.

Critics have pointed to reports of a “millionaire exodus”, but the survey notes that the alleged 16,500‑person outflow cited by Henley & Partners represents only 0.5% of the UK’s three‑million millionaires.

What This Means for Future Tax Debates and Migration Trends

If policymakers take the survey at face value, future tax reforms may encounter less resistance from the very demographic they target. Moreover, the emphasis on retaining medical professionals—highlighted by the departure of over 4,000 doctors in 2024—suggests that addressing sector‑specific retention could become a fiscal priority alongside broader tax policy.

Analysts will watch whether the Labour leadership leverages this data to counter narratives of a fleeing elite and to justify progressive tax proposals ahead of the next general election.