Who Owns Britain? UK wealth facts, with sources — independent — verify everything

Would a wealth tax cause millionaires to leave the UK?

Research by the Tax Justice Network and LSE found that only about 0.01% of the richest households moved following wealth tax reforms in Norway, Sweden, and Denmark, and a high-profile report claiming a billionaire exodus was retracted after its data was shown to be fake.

0.01%
of wealthiest households who relocated after Scandinavian wealth taxes — Tax Justice Network / LSE

The most common argument against any wealth tax is that the rich will simply leave, taking their jobs and capital with them. This claim has been tested empirically in Scandinavia, where Norway, Sweden, and Denmark have all implemented significant wealth taxes. Research by the Tax Justice Network examining these reforms found that only approximately 0.01% of the wealthiest households actually relocated in response. The predicted exodus did not happen.

LSE research published under the title The Myth of Millionaire Tax Flight: How Place Still Matters for the Rich explains why. Wealthy individuals have deep roots: established businesses, family networks, professional relationships, property portfolios, and cultural ties. Moving country is a major disruption that imposes real costs in exchange for tax savings that, while large in absolute terms, rarely outweigh the disruption for most wealthy people.

The credibility of the capital-flight argument took a further blow when a widely cited report predicting a millionaire exodus from the UK was dropped by its author and its data publicly challenged. The Tax Justice Network reported in 2024 that the study, which had been used by opponents of wealth taxes in political debates, had its numbers retracted after accusations of fabricated data. The author was dropped and the figures were withdrawn.

Furthermore, a significant share of UK elite wealth is held in physical assets that cannot relocate: prime London real estate, UK commercial property, and domestic infrastructure. Even if an individual moves their legal residency, the properties remain in the UK and can still be taxed. Modern wealth tax proposals also include exit taxes on those who attempt to renounce residency for purely fiscal reasons, as is already standard practice in the United States, Canada, France, and Germany.

“I'm saying can we just stop this situation where working people pay 50% and billionaires pay 0%”— Gary Stevenson, Channel 4 News interview

Common questions

What happened to the millionaire exodus report?
A study predicting mass wealth migration was cited heavily in political debates against wealth taxes. The Tax Justice Network reported in 2024 that its author was dropped and the data retracted after accusations that the figures were fabricated.
Did any wealthy people leave Scandinavia because of wealth taxes?
A very small number did. Research found approximately 0.01% of the wealthiest households relocated. The overwhelming majority stayed, and the countries in question continued to have functioning economies with high productivity and social cohesion.
What stops someone from moving to avoid a UK wealth tax?
Exit taxes, already used by the US, Canada, France, and Germany, charge a deemed disposal or levy on wealth at the point of leaving. Most wealth tax proposals include such a mechanism. Physical assets, such as UK property, remain taxable regardless of where the owner lives.

Sources — check them yourself