‘I speak with millionaires on a daily basis, and they tell me that they want a wealth tax’

If you were given £500,000 a year on the condition that you paid £20,000 additional tax, would you say yes? I would. I can’t imagine many people reading this would say no. So why would anyone oppose a 2% wealth tax for those with more than £10 million?

Let me run this example by you: say you have £11 million, you would only pay 2% on the £1m over the £10m threshold – which is £20,000. Compare this to a conservative average for the return on investment you would get with that kind of wealth, which is 5%. As a low approximate, this would mean you’re making about £500,000 a year in money you’re making on your money. You’re not sweating for it, getting up at 5.30am to work all day in an office, factory, or a supermarket; you’re not grafting in the same way that most people are grafting. So why would you grumble? 

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The good news is that most millionaires in the UK don’t. Three-quarters of UK millionaires polled by Survation this year are willing to be taxed more to help defend what makes them proud to live in this country. And 88% of them are proud to live here. This is despite the media endlessly telling us millionaires are all leaving (the ‘data’ for which has been challenged and disproved). Millionaires love living in the UK and are more concerned about doctors, young people, and small businesses leaving, due to the impact of an unfair economy, than they are their fellow wealthholders.

Working as part of Patriotic Millionaires UK I speak with millionaires on a daily basis, and they tell me that they want a wealth tax. They know that wealth has become so concentrated that it’s damaging our society, our economy, and our democracy and, like the rest of us, they want that to change.

We live in a time of multiple crises and at the root of them all is the concentration of power to the detriment of pretty much everything else. This is not the result of one person or even a handful of people – billionaires are the ultimate expression of the wealth extreme, but they are not the reason we’re in this mess. Their wealth is a reflection of an economic system that has helped the richest to buy up political access and bias policy, whilst simultaneously extracting money, power, and influence from everyone else.

The fact that we have settled for a country in which the richest 350 people hold over £700 billion in wealth while our country’s national wealth sits at minus £1 trillion, and 30% of children live in poverty, is a sign of a social and economic malady.

Millionaires know this as well as we do. But it takes a machine of organisation to turn knowledge into action. Five years ago, we spotted an opportunity in the UK: if we have motivated millionaires willing to make some noise about the need for economic change, how can we help them make that noise?

It was from this question that Patriotic Millionaires UK developed and Gary Stevenson was one of the first six people to sign up. Back then the notion that taxing wealth would ever be on the political agenda seemed very, very remote. That was only five years ago; a lot has happened since. Gary’s work over this time has been instrumental in promoting the need to act on inequality and make sure we are raising taxes on the richest.

Read more:

• Could a wealth tax convince young people to vote Labour?
• These millionaires want to be taxed more. Here’s why
• ‘Tax millionaires like me to fund social care reforms’ says ex-City trader

There has been an amazing network of people that have worked non-stop to help get this mission to where it is now. Millionaires we work with are an important voice in the fight for a fairer economy because they get the kind of media and political attention that the rest of society merits but rarely enjoys. But they are just one group in a much bigger league of people working for the economy that we all deserve. 

Over the last few years, those working on wealth, taxes, and the economy have doubled down on their efforts to get us to where we are now: massive public support for taxing the super-rich, an undeniable academic argument, nascent political buy-in, and agreement from millionaires that we must do this.

People editing content for socials and writing press releases while caring for their very young children; developing the research we need; corralling academics and think tanks towards our aim; others so determined to influence politicians they brave heinous travel and weather for a 10-minute chat; those so committed to growing the cause they spent hours over weekends and nights organising events, educating, discussing and engaging new audiences.

Over the last five years their work has allowed us to build a head of steam that means taxing wealth is now a central political discussion and, while it might not be delivered this year (or will it?), it is an inevitable policy choice that our future leaders will have to make. 

In a world of so much media, political, and social negativity, this collective work – from the public, influencers like Gary, the entire movement for economic change, including millionaires – should give us all hope. 

Rebecca Gowland is executive director of Patriotic Millionaires International

Do you have a story to tell or opinions to share about this? Get in touch and tell us more. 

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