London has suffered a bigger exodus of the super-wealthy than any city in the world except for Moscow, new data shows.
An annual report on global wealth revealed the capital lost 11,300 dollar millionaires in just 12 months.
If that is true, is it really a troubling issue?
Patriotic Millionaires
Not according to the Patriotic Millionaires UK, a nonpartisan network of British millionaires from multiple industries and backgrounds from across the UK. It delivers a single mission – to leverage the voice of wealth to build a better Britain by changing the system to end extreme wealth and make those with it make their fair and proper contribution.
Patriotic Millionaires member Stephen Kinsella said: “In the UK there are about 3,000,000 millionaires. Even if 10,000 had left, that’s 0.3% of millionaires.
“What we’re more concerned about is the 30% of doctors who are thinking of relocating outside the UK in the next year. One way or another we need to balance our books. We need to find the money for that. Our proposal is a modest one.”
The Patriotic Millionaires UK group has proposed an annual 2% wealth tax on net assets exceeding £10m. This measure would target approximately 20,000 people, or about 0.04% of the UK population. And is estimated to generate up to £24 billion per year.
In recent years, the UK’s super-rich have accumulated even more wealth, while public services have been decimated and inequality has soared. Increasing numbers of people are being pushed into poverty, at the sharpest end of an ongoing cost–of-living crisis.
Is this why doctors are leaving?
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