Time for a wealth tax”, say the rich.

Newsletter issue – August 2025

The 2025 Sunday Times Rich List reveals that a small group of 350 families control £772 billion in wealth – enough to fund the UK's annual healthcare budget three times over.

The group Patriotic Millionaires is urging the UK government to introduce a wealth tax to address inequality and invest in public services like the NHS. Julia Davies, a member of the group, argues that concerns over billionaires leaving the UK are misplaced and that focus should shift to real issues like healthcare.

Here's a structured overview of how a UK wealth tax could be designed, based on expert proposals and international models:

There could be a proposed threshold of £10 million in net assets with a suggested annual rate of 2% on wealth above the threshold. Alternative models include tiered rates, for example: 1% on £1–10 million, 2% on £10–50 million, 3%+ on £50 million+, or a one-off tax like a temporary levy.

Both Spain and Switzerland have successfully introduced wealth taxes and have not seen a mass exodus of the super-rich. In Switzerland, the wealth tax generates up to 4.5% of total tax revenue.