The Sun peddles the myth that millionaires are fleeing the UK and people are taking the absolute p*ss

The editor-at-large of the Sun and other right-wing propagandists are spreading the myth that millionaires are fleeing the UK and would do in greater numbers if we tax them more:

Let’s do a wealth tax eh https://t.co/F5gWl5bT93

— Harry Cole (@MrHarryCole) July 6, 2025

The Sun: glaring double standards

First off, people on social media noted the reality of the approach:

My favourite thing about this country is that ‘you can’t take money from millionaires, they might leave’ is considered a more valid and compelling argument than ‘you can’t take money from disabled people, they might die’.

— Erin Ekins (she/her) (@QueerlyAutistic) July 7, 2025

The political and media class certainly treat problems for rich people as above life or death matters for the rest of us. Chancellor Rachel Reeves also garnered way more sympathy from commentators for her tearful appearance in the Commons then the prospect of disabled people losing their means to survive.

And critically, the figure of 16,500 millionaires leaving the UK is literally 0.5% of the total millionaires (3,061,553) in the country. The figure itself also comes from Henley & Partners, a firm specialising in providing the means for the transnational capitalist class to relocate.

A key argument media commentators make is that millionaires leaving leads to a loss of investment. But there are literally no restrictions on foreign people investing in the UK stock market. So even from a free market perspective, the position makes little sense.

On social media, people scoffed at the very concept:

Honestly don’t give a shit if every single millionaire leaves the UK.

— Johanna Saunders 🕷🐇 (@JohannaSaunders) July 7, 2025

“Quite happy to pay back”

The thing is, polling shows that most millionaires are happy to pay back into a system that supports them. 68% of millionaires themselves support a wealth tax, according to polling by Survation. On LBC, Stephen Kinsella of Patriotic Millionaires said:

There’s a lot to be said about for having a fairer system of taxation and having those who have been more fortunate – most of whom made their money based on the fact that we have got infrastructure… free education, free university, a lot of us have benefited hugely from this country and are quite happy to pay back

This chimes with a report from Tax Justice Network, which found:

Research suggests that the majority of wealth holders have strong ties to their countries and a genuine desire to contribute as citizens. Factors such as family and social connections, access to education, and overall economic stability carry more weight than tax levels when it comes to their decision on whether to relocate

An issue with a huge proportion of the super rich in the country is unearned wealth. Over half of billionaire wealth in the UK comes from inheritance, property and finance, according to the Equality Trust. These all contribute to a rigged economy.

It’s clear we need to rebalance society. It’s worth ignoring the Sun propaganda about a millionaire exodus.

Featured image via screengrab