Millionaire “exodus” claim backtracked but media re-run story anyway – Tax Justice Network
Millionaire “exodus” claim backtracked but media re-run story anyway
by FlyWayOrDaHighway
Millionaire “exodus” claim backtracked but media re-run story anyway – Tax Justice Network
Millionaire “exodus” claim backtracked but media re-run story anyway
by FlyWayOrDaHighway
20 comments
**Henley & Partners backtrack on claim of a “millionaire exodus” after investigation reveales under 0.5% of millionaires are leaving the country, despite the claim’s heavy media coverage**
A non-existent millionaire exodus is being widely reported in the news again today, despite the authors of the claim backtracking on it following recent criticism by tax justice campaigners.
The media coverage is primarily based on a report published by Henley & Partners, a firm that sells golden passports to the superrich and advises governments on setting up such schemes. The European Court of Justice recently ruled one such scheme, that of Malta, to be unlawful.
Over 10,900 news pieces across print, broadcast and online news were published in 2024 covering Henley & Partner’s claims.
The Tax Justice Network’s review of the Henley report – co-published earlier this month with Patriotic Millionaires UK and Tax Justice UK – finds that the number of millionaires claimed by Henley & Partners to be leaving countries in “exodus” in 2024 represented near-0% of those countries’ millionaire populations.
Reviewing the new figures from Henley & Partners today reveals the same conclusions.
The “record-number” of 142,000 millionaires that the Henley report claims are leaving countries in 2025 once again represent just 0.2% of the global millionaire population (60 million).
More in the article (non-paywalled).
Tax Justice Network gets a ‘A’ for transparency from Open democracys ‘Who funds who’ transparency list, the highest you can get.
https://www.opendemocracy.net/en/who-funds-you/
And rated ‘Highly Transparent’ on https://www.transparify.org/
Wikipedia say its a ‘British advocacy group[2] consisting of a coalition of researchers and activists with a shared concern about tax avoidance, tax competition, and tax havens.[3]’
A respectable think tank.
It’s just annoying how so many ordinary people seem so desperate to parrot the bullshit in the comment sections, when it so clearly works against their interests
I’m not saying taxing the rich effectively is easy to do, but Christ, why are do so many people think we should give up at the first hurdle?
Given they pay relatively low levels of tax, would we miss them?
Is the penny finally dropping with people that the lion share of the media is not on the side of the majority of people.
Not this again. The definitions of “millionaire” are completely different and there is nothing in this article which dispels the figures reported by Henley.
Tax Justice Network has an angle. So, the data is being used to prove a point.
Wait for HMRC to tell us all how much tax they raised and from what sources.
We should attract billionaires and corporations like Ireland does, so the real test is how many we attracted not how many we scared away
Because it’s not meant to be true, it’s meant to induce certain emotions in society.
Its funny…. people on universal benefits would still be against a tax that would make their lives better and only affect people with more than £10 million.
Turkeys voting for Christmas.
Im sure its been said however we just need to tax the rich in literally any way and loosen the shackles of the rest of us (the people) for a bit. Put that money into services (NHS and actually having money to sort illegal immigration) and lowering taxes for those of us struggling.
Find out what actually happens with threats on if they will be empty or not then start negotiating taxes that are fair and just for the country and move from there. Stop catering to them just because you’re scared of change, something has to otherwise we will all suffer.
Here’s the problem with the rich (+£10M)…
In the past, wealthy people often reinvested in the areas where they lived. They would still make huge profits, but some of that money went into local infrastructure, culture, and services, which improved life for everyone.
Today, with globalisation and more flexible tax rules, it is easier for them to base their businesses or assets abroad while still living in the UK. This allows them to reduce their tax bills while benefiting from everything the UK offers. The result is wealth being taken out of local areas without much being put back.
The focus should be on taxing assets that cannot be moved, such as property, land, and certain investments, so that the communities they live in still see some return. So tax the shit out of them on stuff like this.
The recent data is based on PAYE submissions. Which can be instructive, but won’t give the whole picture as many rich people are not on PAYE.
Lets wait until the tax returns come in and are analysed before making any judgements. Otherwise, the conclusions being reached are little better than those based on a dodgy survey.
There needs to be a multi-faceted plan to handle the countries finances. Taxing wealth – and probably non-moveable wealth (ie LVT) – of “the rich” should be part of it, IMO, but it won’t solve everything in one fell swoop.
We also need to cut expenses …
– That the recent attempt to remove the winter fuel allowance from the richest pensioners was batted away is an absolute travesty.
– The triple lock also needs to go – it’s simply not affordable.
– I have no idea how you make the NHS cost less money but it has an insane budget
– Benefits need to be structured in such a way that people who can work are encouraged to work
Stopping the likes of Starbucks shifting all their profits to other tax regimes would help, too.
I have long argued it’s a load of bullshit. This is one of the best countries on earth to live, despite its flaws and current struggles. We have culture, experiences, architecture, great countryside, first world amenities, and all sorts of other things that will ensure rich people will always want to live here.
Not everyone wants to just up sticks and jet off to another country different to the one they’ve known for the sake of a bit of extra taxes. Some will, and fuck them. The great thing about capitalism is there’s always someone else out there to replace them and fill whatever void they leave behind.
I am always a amazed how poor people let well off people convince them that the well off people shouldn’t be tax.
Tax Justice include anyone with net assets of over £750k as a “millionaire”, including their house and pension.
Their analysis and reports are totally dicredited. No one is suggesting that the majority of Londoners are leaving. The attention is on the HNWIs with £1m+ liquid investable funds. They are comparing apples with oranges due to their political bias.
If the logic is that millionaires and up will flee if their taxes rise… why aren’t they all living in Somalia?
It has no functioning government and so has a very competitive tax rate of 0%.
Weirdly enough, millionaires and up like living near London with its influence, fine dining, shopping, theatres, etc, or further away with their country clubs and overall easy access to clean water, groceries, good roads and a stable low crime area.
Upping their tax rate by a few percent and to them a negligible cost isn’t going to suddenly negate all the things they enjoy here, and if you think it would that suggests you think very little of the UK.
>Whether it is the dip in demand for butlers, poor returns on the most expensive prime London property, financial worries at exclusive private members’ clubs or reports from wealth managers, the London of the super-rich is less comfortable than it was.
Interesting the FT is reporting the opposite, and more importantly, that all related metrics are also indicative of wealth leaving the UK.
I imagine there will continue to be a back and forth on this issue, but I suppose my question for those who think there is not a wealth exodus is what evidence supports that?
Because the Tax Justice sees a miollioanre as someone who has a million pounds in liabilities, which is to say if you own a mortgage on a million pound property then Tax Justice sees you as a millionaire.
Where as the Henley report is about liquid millionaires. At that is the crux of the problem.
An I the only one that doesn’t get this?
If the millionaires and billionaires don’t post their tax, who the fuck cares if they leave? What value do they bring?
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