NEW POLL: Wealthiest 6 percent of Brits support a wealth tax
A new poll from Patriotic Millionaires UK, conducted by Survation, shows 68% of those with over £1 million to invest support the introduction of a net wealth tax on those with more than £10 million.
Patriotic Millionaires UK polled those with investable assets of £1 million or more on their attitudes towards the economy, extreme wealth, and tax policy. This represents the top 6 percent of the UK population.
The poll found:
72% support increasing taxes on wealth to help fund public services and the cost of living crisis
68% support an annual wealth tax of 1-2 per cent on people with more than £10 million in assets
66% of those polled who had £10 million in assets - and would be subject to the annual wealth tax - supported the introduction of the tax
Over half of respondents believe that extreme wealth concentration is undermining social mobility in our country and 66% felt that the introduction of wealth taxes would help to increase opportunities for social mobility.
Over half of the poll’s respondents think the economy would be stronger if we taxed those with extreme amounts of wealth so the country could invest it in better public services and national infrastructure.
The poll included a further breakdown of respondents from smaller wealth brackets - those with wealth between £1-2 million, £2-5 million, £5-10 million, and those with over £10 million.
It follows a recent YouGov poll that showed overwhelming public support for the introduction of a wealth tax on those with more than £10 million. This poll shows that the ultra wealthy agree with ordinary Brits in supporting an annual tax on extreme wealth.
Phil White, consultant and engineer and member of Patriotic Millionaires UK said, “There is no wonder people don’t believe in politicians any more when, no matter how many times they’re told the public support taxing the super rich, they continue to ignore us. This poll shows that rich people want to be taxed more - especially so if it can help with the cost of living crisis, our public services, and to increase opportunities for social mobility in our country. There is honestly no one standing in the Government’s way so, for Britain’s sake, what’s stopping them?”
The group polled includes some of the wealthiest people investing in the UK and exposes some of their concerns about the damage that concentrated extreme wealth is having on the British economy. Over half of the poll’s respondents think the economy would be stronger if we taxed those with extreme wealth so the country could invest it in better public services and national infrastructure. More than two thirds felt that the country’s public services and the strength of our national infrastructure are vital to providing a good environment for investors and entrepreneurs.
White added: “Once again, this poll demonstrates what we, as investors and entrepreneurs, know to be true - we need the richest, like ourselves, to contribute more to build a fairer and more sustainable economy and to invest in a better Britain. No more political bluster or noise - politicians need to get on with taxing the super rich to deliver British values of fairness and justice, while equipping entrepreneurs with the best environment for British creativity.”
ENDS//
Notes to Editor
For interviews, information and the full dataset contact rgowland@patrioticmillionaires.org, 07968 821093
The poll was conducted by Survation. It surveyed 525 UK residents aged 18+ with over £1 million in investable assets. The sample size reflects a small section (6 percent) of the population that has been targeted. Nationally representative surveys of 1000 respondents in size are used to gauge the attitudes of the full UK adult population, therefore 525 people is a sufficient sample for the size of this audience.
The summary and dataset can be requested. Highlights from the poll -
Concentrated extreme wealth is damaging
Over half of respondents believed that extreme wealth concentration is undermining social mobility in our country and 66% felt that the introduction of wealth taxes would help to increase opportunities for social mobility.
Over half of respondents thought that extreme wealth concentration has contributed to the current cost of living crisis.
63% of respondents believe that those with extreme wealth buy political influence
The state of the British economy, our infrastructure, and public services
As the UK economy struggles to keep up with other countries in the G7, over half of the poll’s respondents think the economy would be stronger if we taxed those with extreme amounts of wealth so the country could invest it in better public services and national infrastructure.
58% of respondents believed that the provision of strong public services and a stable national infrastructure have been a key part of what has supported them in the creation of the wealth that they own.
More than two thirds of respondents felt that the country’s public services and the strength of our national infrastructure are vital to providing a good environment for investors and entrepreneurs.
Personal wealth and the support for increasing taxes on wealth
68% of respondents from this demographic support higher taxes on wealth. The same percentage supported the introduction of a wealth tax of 1-2% on those with more than £10 million. Of the people polled with assets over £10 million - those who would be affected by such a tax - 66% supported the introduction of this net wealth tax.
When considering what wealth taxation could pay for, such as the cost of living crisis or better public services, the percentage of respondents supporting raising taxes on extreme wealth increased to 72%. Over half of respondents believe that taxes on capital should be the same as taxes on work.
Even in this broader wealth bracket of the UK population, only 30% of respondents opposed higher taxes on their own investable assets if the revenue generated provided better public services.
Results from those polled with more than £10 million (95/525 polled)
70% think that taxes on wealth could increase opportunities for social mobility in the UK
75% supportive of increasing taxes on wealth to help pay for cost of living crisis and public services
63% think the provision of strong public services and stable national infrastructure has supported you in the creation of the wealth that you own
71% think that strong public services and national infrastructure are critical for entrepreneurs and investors to thrive
63% think that capital should be taxed at the same rate as income from work
52% support higher taxes on their own investable assets if the revenue generated provided better public services.
Patriotic Millionaires UK is a non-party political network of UK wealth holders, advocating for action on economic inequality and higher taxes on themselves. It is sister to the US organisation, Patriotic Millionaires and part of Patriotic Millionaires International.
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