- Around 88 per cent of UK millionaires say they are proud to live in Britain, according to a new survey.
- Three-quarters said they would support paying more tax to fund public services and national assets.
- Only 9 per cent said they were most concerned about millionaires leaving the UK.
At a time when fears of wealthy people leaving Britain over higher taxes continue to dominate political and business debate, a new survey suggests many UK millionaires may not be as eager to flee as widely believed.
Research conducted for Patriotic Millionaires UK found that most wealthy respondents still feel strongly attached to the country, with many even backing higher taxes to support public services and infrastructure.
The survey, carried out by polling company Survation, found 88 per cent of UK millionaires agreed with the statement that they were proud to live in the UK. Around 75 per cent also said they would be willing to pay more tax to ensure the country’s “social, cultural and economic attributes” remain properly funded.
The findings arrive as the future direction of Labour’s economic policy is facing increasing scrutiny following heavy local election losses and growing speculation over whether Prime Minister Keir Starmer could eventually face pressure from the party’s left wing.
Debates around wealth taxes, capital gains tax and public spending have intensified in recent months, with some policy discussions linked to figures such as Andy Burnham and Wes Streeting reportedly including proposals to raise capital gains tax in exchange for cuts to National Insurance.
Yet despite ongoing warnings from some wealth advisers and migration firms about high-net-worth individuals leaving Britain, the latest polling suggests many millionaires are more worried about the departure of key workers than wealthy taxpayers.
Millionaires more worried about doctors leaving than the rich
According to the survey, around 43 per cent of respondents said doctors and qualified medical staff were the group they would be most concerned about leaving Britain because of the impact on the country.
Only 9 per cent said they were most worried about millionaires moving abroad.
Another 19 per cent identified young people as the biggest loss to Britain, while a similar proportion pointed to business owners.
The results come against the backdrop of continuing concerns over emigration among skilled workers. Figures from the General Medical Council showed more than 4,000 doctors left the UK to work abroad in 2024, marking the highest annual total in a decade.
Broader migration figures from the Office for National Statistics also showed around 257,000 British nationals left the UK in 2024. Around 91 per cent were of working age between 18 and 64.
However, around 143,000 British nationals also returned during the same period, leaving net outward migration among British citizens at 109,000.
Supporters of higher taxes on wealth have argued that public debate has become overly focused on fears of millionaire migration while overlooking wider economic and workforce pressures facing the country.
The growing debate over wealth and taxation
The survey was commissioned by Patriotic Millionaires UK, a campaign group made up of wealthy individuals advocating for higher taxes on the ultra-rich. Members include musician Brian Eno and financial commentator Gary Stevenson.
Phil White, a founding member of the group, reportedly said millionaires recognised how fortunate they were to live in Britain and were willing to invest more into the country’s future through taxation.
He also reportedly argued that doctors, young people and business owners were “the backbone” of the country and represented the “real wealth creators”.
The survey additionally found 64 per cent of respondents supported increasing taxes on the capital and assets of the wealthiest individuals in order to reduce the wider tax burden on the public.
The findings push back against repeated claims of a large-scale millionaire “exodus” from Britain following recent tax changes.
Patriotic Millionaires UK pointed to previous reports from migration advisory firm Henley & Partners, which estimated around 16,500 millionaires left Britain last year. While widely cited in headlines, that figure represented roughly 0.5 per cent of the UK’s estimated 3 million millionaires.
The Survation poll surveyed 501 UK millionaires with assets exceeding £1 million, excluding the value of their primary homes.
While the debate around wealth taxation is unlikely to disappear anytime soon, the survey suggests the conversation inside Britain’s wealthy circles may be more divided and perhaps more nuanced than political rhetoric often suggests.
