PRESS RELEASE - Projection and polling of UK millionaires
5 June 2025: For immediate release
PRESS RELEASE
80% of UK millionaires support a 2% tax on wealth over £10million and 72% think Government should raise taxes on the super-rich to reduce taxes on everyone else
New poll of UK millionaires also shows over 80% think it’s patriotic to pay their fair share in tax
A new survey of millionaires has revealed the majority are in favour of paying more tax.
Working with Survation, Patriotic Millionaires UK polled UK-based millionaires to get their views on wealth and taxation and found 80% of millionaires support a two percent tax on wealth over £10 million - with only 8% against it. Of the millionaires polled who would have to pay the proposed wealth tax (those with wealth of £10m plus) - 85% of them were in support of it.
The survey also showed that 72% of millionaires think the Government should raise taxes on the super-rich to reduce taxes on everyone else; 76% support higher taxes on their own wealth if it means a more stable and equal society for future generations; and 81% think it’s patriotic to pay your fair share.
Stephen Kinsella, a former EU anti-trust lawyer and member of Patriotic Millionaires UK, said: “Ahead of the upcoming Spending Review, we are reminding the Chancellor that our country needs investment, not more cuts. As patriotic millionaires we would be proud to pay more and, as our polling shows, the vast majority of UK millionaires agree with us.
“There’s plenty of wealth in the UK, it’s just stuck in the hands of a few people, like the 40 families who now own as much wealth as half of the population. For too long our economy has relied on the myth of trickle-down economics. We need to change the system so it works for everyone, not just the wealthiest few. Almost a year ago, the Prime Minister said ‘those with the broadest shoulders should pay the heavier burden.’ We agree, so please, get to work and tax extreme wealth - it’s long overdue.”
In a projection on the Bank of England this week (3 June), Patriotic Millionaires UK shared their message to the public, the Treasury and the rest of Government. It said: A better, fairer Britain needs investment. We the UK’s millionaires can invest. 80% of millionaires support a 2% wealth tax over £10m. 81% think it’s patriotic to pay their fair share. Tax wealth, not work. We’re proud to pay and here to stay. Tax us, the super rich.
Gio Notarbartolo, impact investor, entrepreneur and member of Patriotic Millionaires UK, said: “Contrary to common perception, many wealthy individuals — including former non-doms like myself — are ready and willing to contribute more to public finances, recognising that a strong, stable country benefits everyone, including those with significant means.
“Currently, much of the burden of repairing the economy falls on working people, small businesses, and public services. But there is another option: a fairer tax system that includes taxing extreme wealth. This approach is supported by a wide range of people — from trade unions to members of Parliament to fellow high-net-worth individuals. It reflects a shared commitment to a better future, built on mutual responsibility and opportunity.”
Other findings from the poll conducted by Survation on behalf of Patriotic Millionaires UK are:
74% support raising the effective tax rate of the super rich to reduce inequality and invest in public services
81% think extreme wealth buys political influence
73% support equalising taxes on wealth with taxes on work
73% think their wealth has been built on strong public services and national infrastructure
68% think the Government should have introduced a 2% wealth tax instead of raising National Insurance on employers in the 2024 Budget
Nearly 60% of millionaires think it is unpatriotic to leave the country when asked to contribute more.
Social media
X https://x.com/PatMillsUK/status/1930505471766524078
Bluesky https://bsky.app/profile/patmillsuk.bsky.social
ENDS
Notes to editors
For interviews, information and the full dataset contact:
Jessica Beckett, Head of Communications at Patriotic Millionaires UK jbeckett@patrioticmillionaires.org
The poll was conducted by Survation. It surveyed 511 millionaires living in the UK via online interview. The sample size reflects the small section of society that has been targeted. Nationally representative surveys of 2,000 respondents in size are used to gauge the attitudes of the full UK adult population, therefore 511 people is a sufficient sample for the size of this audience.
Tables
Charts
