Latest news with #PatrioticMillionaires
Forbes
4 days ago
- Business
- Forbes
Majority Of Millionaires Supports Wealth Tax
NEW YORK, NEW YORK - APRIL 15: People protest on tax day calling for billionaires to pay more tax on ... More April 15, 2025 in New York City. Activists suggested a 90% wealth tax to guarantee universal healthcare, free college education and to eliminate hunger and homelessness. (Photo by) A recent survey by Patriotic Millionaires UK shows that a majority of millionaires in G20 countries supports a 2% tax on wealth. When asked if any millionaires with a wealth of more than $10 million should pay the tax, 58% of the more than 2,000 millionaire survey participants said yes. As part of the same survey, 75% agreed that billionaires should pay the tax. Between 66% and 69% said that those with a household wealth of more than $50 million and more than $100 million, respectively, should pay up. On the other hand, there is still a considerable share of respondents with household investable assets of more than $1 million who think otherwise. Almost a third opposed or was torn about the tax concerning those with a wealth of $50 million or more, while this number was 40% concerning those with assets of $10 million or more. Only 11% of surveyed millionaires definitely opposed a tax on billionaires, however. This chart shows the share of surveyed G20 millionaires who said they supported additional wealth ... More taxes (in percent). Patriotic Millionaires UK is an organization of more than 60 British billionaires that advocate for the higher taxation of wealth and its fairer distribution. The first advocacy group by the name was founded in 2010 in the United States to lobby for the expiration of Bush-era tax cuts, which were extended under President Barack Obama, however. At the World Economic Forum in Davos in 2024, 250 millionaires and billionaires actually demanded that global leaders take action to tax very rich individuals but change has not come. According to a 2023 report by Oxfam, only 4 cents of every tax dollar raised globally came from wealth taxes, while half the world's billionaires lived in countries with no inheretance tax. Meanwhile, support among the public for wealth taxes mirrors that of the millionaire survey. According to Ipsos, Global Commons Alliance and Earth4All, 68% to 70% percent in G20 countries said they were in support of a tax on wealth, on high incomes and on large business profits. Many polls across time and different countries have shown the same results. The report by Patriotic Millionaires UK refutes the often-made claim that wealth taxes would led to capital flight and in turn, economic decline. It claims that many rich individuals would not change their residence and in fact welcome the change that they think strengthens democracy, fights global issues like climate change and not least prevents an eventual outbreak of violence over the unequal distribution of wealth. Three quarters of surveyed millionaires said that they thought well-funded public services and a functioning infrastructure were vital for entrepreneurs and a strong economy. 54 percent said that extreme wealth was a threat to democracy while 72 percent agreed that wealthy individuals were paying for their political influence. According to the latest figures by the World Inequality Database, the top 10% of the wealthiest individuals in the United States held more than 70% of the country's wealth in 2023, surpassed only by several African, Latin American and Arabian Gulf countries. In the United Kingdom, this figure stood at 57% most recently, comparable to the European Union level of 59%. Few countries achieved better result, with the most equal distributions found outside the EU in Norway at a still-high 52.6% and in Iceland at 56.7%. Within the EU, the lowest figures were 45.4% in the Netherlands and 49.4% in Slovakia. Charted by Statista
The Independent
5 days ago
- Business
- The Independent
‘High tax could mean higher rates of happiness, which is why I'm happy to pay more'
No one can deny the pressure Rachel Reeves is under. In the past few days, the government has committed to a major boost in defence funding, pledged to reinstate the winter fuel allowance to millions of pensioners this winter and is being asked to abolish the two-child benefit cap. Then there is social housing to fund, education to support and money needed for the NHS and the UK's growing need for social care too. But how will this all be funded if, as Reeves has indicated, there are no plans to raise taxes to fund Labour 's spending plans? One idea that will not go away is a wealth tax – this would be a tiny tax of 2 per cent on wealth over £10m, affecting a mere 20,000 people or 0.04 per cent of the UK population. It would generate a significant sum to the tune of £24bn a year. Will millionaires leave the UK if there is a change in tax policy that might have an impact on the richest? As a member of Patriotic Millionaires UK, a group actively asking for higher taxes on extreme wealth and the super-rich, I've found this pretty hard to believe. My high net-worth friends and I certainly aren't going anywhere, and the performative panic over it is frankly hard to take seriously. Why has there been so much fuss made about less than 0.3 per cent of millionaires projected to leave the country when we're facing the reality of 30 per cent of doctors considering leaving in the next year? It's a question we had to have an answer to. So much so that we decided to ask the millionaires of Britain themselves what they thought about wealth and taxes. Working with Survation, we polled over 500 of those living in the UK with £1m-plus in investable assets, excluding their homes. What we found was completely contrary to what we're so often told to be true. Instead of millionaires protesting the notion of higher taxes, there seems to be overwhelming support for them. The vast majority of millionaires (81 per cent) think it's patriotic to pay their fair share in taxes; 80 per cent of millionaires polled support a 2 per cent tax above £10m (and for the smaller sample of those with over £10m themselves, this rose to 85 per cent). But it wasn't just this policy that was popular – across the board, taxes on wealth were overwhelmingly welcomed by the richest people in Britain; three-quarters support increasing the overall effective tax rate on the super-rich. You may think this is turkeys voting for Christmas, but it's not. I was fortunate to have a high-paying role for many years as an international lawyer, but like the majority of millionaires who answered our survey, I understand just how harmful concentrated extreme wealth has become. In the last few months, we have all been forced to face up to the worrying impact of wealth buying power and politics. Eighty-one per cent of my fellow millionaires recognise that extreme wealth buys disproportionate political influence. In an increasingly unstable world, this undermining of democracy is a glaring wound rather than a niggling itch. In fact, thanks to the first dynamic study of wealth taxes, we now know that the wealth share of those on the Sunday Times Rich List alone would have continued to grow. Even with a 2 per cent wealth tax, the share of wealth owned by tax residents on the list – the top 0.001 per cent – would still have increased from 1.7 per cent to 2.7 per cent. Millionaires, just like the rest of the population, want a more stable, equal, and sustainable economy; we know a fairer, well-oiled and properly resourced country leads to a better life for them and for everyone else too. This isn't conjecture. We are shown time and again how countries with higher tax rates and better wealth distribution are often some of the happiest in the world. For the 8th year in a row, Finland has ranked as the world's happiest country. In Finland, capital gains are taxed at up to 34 per cent, making them far less tax-advantaged than in the UK, where the top rate is just 20-24 per cent. Unlike the UK, Finland treats capital income more like regular income, reducing the incentive for those holding lots of wealth to shift earnings into capital gains to minimise their tax bill. Other Nordic countries also rank highly in the happiness index. Many of these nations place higher taxes on the richest – something I don't find surprising. By making sure there is a fairer distribution of wealth, these countries deliver better outcomes for everyone that, as a nation, they can be proud of. It sometimes feels like we have forgotten how to do this in the UK. We need to feel deservedly proud of our country. For me, what it will take to feel that pride is knowing we are all truly invested in something better and bigger than ourselves as individuals. It might sound 'rich' coming from a millionaire, but there are more important things than endlessly increasing personal wealth. The state of our country is one of them. And I'm not the only millionaire to think this. More than two-thirds of millionaires we polled felt that their success was dependent on Britain's public services; more than three-quarters supported paying higher taxes themselves to secure a stable, more equal and prosperous country for future generations. A 2 per cent tax on over £10m would raise £24bn for the Treasury. That's enough to service priorities highlighted by the government such as defence spending (£5bn) and improving transport (£15bn), as well as reverse the cuts to welfare they proposed back in March (£4.8bn). Personally, I'd much rather pay higher taxes so my own children live in a country that is thriving and just, instead of preserving my wealth and worrying more about an increasingly unfair and divided society in which everyone suffers. The time is now. With the comprehensive spending review next week, the government must consider not what it should cut, but where it should invest more – young people and future generations deserve the opportunity to buy a house, to thrive whether as employees or entrepreneurs, supported by strong public services and strong digital and national infrastructure. Vulnerable groups, our veterans, and older generations deserve to be cared for well by our country without fear of exclusion and deprivation. Here in the UK, we have the wealth to do this. The evidence shows that most millionaires are proud to pay and here to stay. The chancellor needs to raise taxes on the super-rich – not just because they overwhelmingly support it, but because our country needs it.
South Wales Argus
29-05-2025
- Business
- South Wales Argus
Welsh Government pressure on Chancellor to tackle poverty
First Minister Eluned Morgan MS, Jane Hutt MS, and Mark Drakeford MS, are pushing for changes to social security policy, particularly advocating for the end of the two-child benefit rule. The calls come as the UK Spending Review nears its conclusion, with the Ministerial Group's work becoming increasingly crucial. The government warns that, without action, child poverty is set to rise by 100,000 children annually throughout the UK parliamentary term. The Welsh Government is also working with the Patriotic Millionaires, a group proposing alternative ways to raise significant funds to combat poverty without increasing taxes on working families. Successive Welsh Governments have implemented various measures to alleviate poverty, which they claim leave more money in the pockets of Welsh citizens. These measures include an inclusive childcare scheme for three and four-year-olds, help with school-related costs, expanding the Flying Start programme for children in disadvantaged areas, and a student support scheme. The Welsh Government says it has used its devolved powers to oversee the rollout of free school meals for all primary school children, increases to the Education Maintenance Allowance, and the Claim What's Yours initiative in a bid to tackle child poverty. The Welsh Benefits Charter, which has been adopted by 22 local authorities to increase the uptake of Welsh benefits, is another tool the government is using in the fight against child poverty. The Welsh Government continues to utilise its devolved powers to address child poverty and is calling on the Chancellor to consider various revenue-raising options to ensure funds are directed towards improving children's lives. The government remains committed to supporting children and families, especially those in disadvantaged areas, as the UK Spending Review draws to a close.
The Independent
16-05-2025
- Business
- The Independent
Time for a wealth tax, say Patriotic Millionaires as Rich List shows £772bn in the hands of just 350 families
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.'
CBC
12-05-2025
- Politics
- CBC
Some Canadian millionaires are lobbying for a tax change: they want to pay more
CBC's Anis Heydari reports on Patriotic Millionaires Canada, an activist group made up of wealthy Canadians who want the government to ramp up taxation on the rich.
