Three-quarters of UK millionaires would be happy to pay more tax, research finds | The super-rich

The New Social Contract: Why the Wealthy are Embracing Higher Taxes

For decades, the prevailing narrative around high-net-worth individuals (HNWIs) has been one of flight. The moment tax brackets shift or new levies are introduced, the headlines warn of a “millionaire exodus” that threatens to hollow out the national economy. However, a shifting psychological tide suggests we are entering a new era of “patriotic wealth.”

Recent data reveals a surprising trend: a vast majority of UK millionaires are not looking for the exit. In fact, nearly 90% express pride in their residency, and three-quarters are open to paying more in taxes to secure the future of public assets. This represents a fundamental shift in how the wealthy view their relationship with the state—moving from a mindset of tax avoidance to one of social investment.

This trend suggests that for the modern millionaire, the value of a stable, culturally rich, and functional society outweighs the marginal utility of additional tax savings. When public services crumble, the quality of life drops for everyone, regardless of their bank balance. This realization is fueling the growth of networks like Patriotic Millionaires UK, where the ultra-wealthy campaign for higher taxes on themselves to ensure the sustainability of the state.

Beyond the “Millionaire Exodus”: The Real Threat of Brain Drain

While politicians and pundits fret over the movement of capital, a more insidious trend is emerging: the flight of human capital. The real “brain drain” isn’t happening in the boardrooms of Mayfair, but in the wards of the NHS and the lecture halls of universities.

Wealthy citizens are increasingly concerned that the most valuable assets leaving the country aren’t the millionaires, but the specialists. Data shows that thousands of doctors have left the UK to practice abroad, marking some of the highest annual totals in a decade. When a surgeon or a senior researcher leaves, the loss isn’t just a salary—it’s a loss of systemic capability and future innovation.

The Medical Crisis: A Warning Sign for the Economy

The exodus of medical professionals creates a vicious cycle. As qualified health staff leave, the burden on those remaining increases, leading to further burnout and more departures. For the wealthy, This represents a primary concern because high-quality healthcare is a foundational requirement for a viable economy.

Future economic stability will likely depend not on how many millionaires we retain, but on how we treat the “real wealth creators”—the doctors, engineers, and young entrepreneurs who form the backbone of national infrastructure. If the trend of professional emigration continues, the UK risks a permanent decline in its operational capacity.

The Future of Fiscal Policy: Assets vs. Income

As the debate over funding public services intensifies, we are seeing a pivot in how governments approach taxation. The traditional focus on income tax is being challenged by a move toward taxing capital and assets.

There is a growing appetite—even among the wealthy—for a shift toward higher capital gains taxes. The logic is simple: taxing the growth of assets rather than the effort of labor can reduce the tax burden on the working population while generating the necessary revenue to repair crumbling public infrastructure.

You can expect future fiscal trends to lean toward “wealth-based” rather than “earnings-based” taxation. This could include reforms to how property, shares, and inherited wealth are treated, ensuring that those who benefit most from the country’s economic stability contribute proportionally to its maintenance.

For further reading on how these shifts impact investment, check out our guide on evolving investment strategies in a high-tax environment.

Frequently Asked Questions

Are millionaires actually leaving the UK in large numbers?
No. While some high-net-worth individuals do emigrate, research shows this represents a tiny fraction (approx. 0.5%) of the total millionaire population. The “exodus” is largely overstated in secondary reports.

Why would wealthy people want to pay more tax?
Many view it as a strategic investment. By funding public assets, healthcare, and infrastructure, they ensure the long-term stability and attractiveness of the country, which ultimately protects their own assets and quality of life.

What is the “Brain Drain” and why is it dangerous?
Brain drain refers to the emigration of highly skilled professionals, such as doctors and scientists. It is dangerous because it depletes the nation’s intellectual capital and degrades essential public services, creating a systemic economic weakness.

What is the difference between income tax and capital gains tax?
Income tax is levied on money earned from employment or pensions. Capital gains tax is applied to the profit made when selling an asset that has increased in value, such as stocks or second homes.