Time for a wealth tax, say Patriotic Millionaires as Rich List shows £772bn in the hands of just 350 families

Independent

16-05-2025

Millionaires have called on the government to properly tax the richest people in Britain, after it was revealed that just 350 families hold over £772 billion of the nation's wealth.
Members of the Patriotic Millionaires have urged for a 'long overdue' wealth tax to invest in 'our much loved country', adding that the value of the top 350 people could cover the total cost of the UK's annual healthcare spend three times over.
The call comes after the the 2025 Sunday Times Rich List revealed the annual catalogue of Britain's wealthiest people, with famous figures including Sir Elton John, Andrew Lloyd-Webber and the King all making the list.
Responding to the publication, Julia Davies, an angel investor who sold her stake in backpack and travel bag company Osprey Europe said: 'Once again this year's rich list shows the phenomenal wealth that is stuck at the top with a whopping £772bn in the hands of a mere 350 people.
'Those wringing their hands about fewer billionaires and the threat of multi-millionaires leaving would be better off focusing on real British problems - like our crumbling NHS - than nursing the niche concerns of the super rich.
'£772 billion, held by just 350 families, would cover the total cost of the UK's annual healthcare spend three times over. Properly taxing this wealth, to invest in our much-loved country, is long overdue.'
The 37th annual list reveals the wealth of the 350 richest individuals and families in the UK, based on identifiable wealth, including land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies.
At the top was the billionaire Hinduja family, who have sat in first place for the fourth consecutive year despite a decline in their fortune.
Gopi Hinduja and his family, which is behind the Indian conglomerate Hinduja Group, were Britain's richest again after recording a wealth of £35.3 billion.
The Hindujas were followed in the list by real estate moguls David and Simon Reuben, who moved up to second after increasing their wealth to £26.9 billion.
They were followed by investor Sir Leonard Blavatnik, entrepreneur Sir James Dyson and shipping tycoon Idan Ofer.
Ms Davies, a member of Patriotic Millionaires added: 'Our media and political leaders need to stop focusing on the interests and habits of a small number of people who are hoarding extreme wealth at the expense of us all and instead prioritise the interests of Britain's true wealth creators - our ordinary hardworking families, small businesses, entrepreneurs, teachers, health and other public sector workers.
'These people are the backbone of the British economy, many of whom haven't seen a pay rise in 15 years. Our government should treat the Rich List as the smelling salt it needs, wake up, and tax the super rich.'
Manchester United part-owner Sir Jim Ratcliffe was also among billionaires in the top tier of the annual list of wealthy Britons.
However, Ineos founder was the biggest faller on the list as he saw his wealth decline by around £6 billion for the second consecutive year.
Other notable figures on the list included the King, who saw his personal wealth jump by £30 million to £640 million in the last year, making him as rich as former prime minister Rishi Sunak and wife Akshata Murphy.
Charles, who acceded to the throne in 2022, ranks joint 238th in the list, up 20 places from 258th in 2024.
The monarch is £140 million richer than David and Victoria Beckham, who are said to be worth £500 million, with former England captain Beckham being Britain's richest sports star.
Meanwhile, the personal wealth of Mr Sunak and Ms Murty dropped £11 million from £651 million to £640 million.
Since leaving Downing Street, the former prime minister has taken a part-time role at Stanford University and signed up to the Washington Speakers Bureau, while Ms Murty has a stake in Infosys, the Indian IT giant co-founded by her billionaire father.
The latest publication revealed a third consecutive slump in the number of billionaires residing in the UK, as the number of billionaires slid to 156 this year from 165 in 2024.
'Our billionaire count is down and the combined wealth of those who feature in our research is falling,' said Robert Watts, compiler of the Rich List.
'We are also finding fewer of the world's super rich are coming to live in the UK.'
He said he was also 'struck by the strength of criticism for Rachel Reeves's Treasury' when speaking to wealthy individuals for the publication.
Mr Watts said: 'We expected the abolition of non-dom status would anger affluent people from overseas.
'But homegrown young tech entrepreneurs and those running centuries-old family firms are also warning of serious consequences to a range of tax changes unveiled in last October's budget.'