Why as a British millionaire, I believe rich people like me need to pay more

I’ve had enough of the myths and excuses surrounding wealth in this country. This weekend’s Sunday Times Rich List will show that just 350 families now control a staggering £772bn – wealth so vast it could fund the annual UK spend on health three times over.

We’re constantly told that the wealthiest among us are job creators and economic drivers. But let’s be honest: the idea that our wealth naturally trickles down to benefit everyone else is just not true. While the fortunes of the wealthiest in society grow, essential public services have been left to crumble, and millions of hardworking Brits are struggling to make ends meet with one in 10 unable to save anything at all.

The truth is, concentrated wealth doesn’t help build a thriving society – it only serves those at the top.

We often hear that taxing the super-rich would harm innovation, drive entrepreneurs away, or stifle ambition. But the evidence simply doesn’t support this fearmongering. Take this year’s rich list “40 Under 40” category, where the entry-level wealth has almost doubled to £100m. Clearly, young people are still building great companies, creating jobs, and achieving success. The entrepreneurial spirit in Britain isn’t being crushed by modest steps like closing the non-dom loophole or the minor increases to capital gains tax rates.

British entrepreneurs have always thrived and – in industries of the future – they are thriving now. I know, I invest in them every day. This success proves what we’ve always known: fair taxation doesn’t stifle ambition or innovation. Those who want to build businesses and create jobs will continue to do so, regardless of whether people like me are asked to contribute a bit more.

The real issue isn’t taxing success, it’s allowing extreme wealth to accumulate without being reinvested in society, thanks to a tax system that’s stacked in favour of the super-rich. People who earn their income from stocks, shares, and other assets often pay significantly less tax than those who work. It is my belief that tax rates on these forms of income should be equalised with income tax.

It’s time for the government to wake up and treat this year’s rich list as a glaring warning. Instead of pandering to the richest few in society, we should help them see why they are part, not apart from society and not be shy about asking them to contribute more. I’m not alone in saying this – I’m part of a growing network of British multi-millionaires who believe it’s time for the richest to pay their fair share. As members of Patriotic Millionaires UK, we’re using our voices to advocate for a wealth tax because we know that hoarding extreme wealth while public services collapse is both unjust and unsustainable and bad for businesses. We’d be proud to pay a modest 2 per cent tax on our wealth over £10m because we believe in reinvesting in Britain – rebuilding our NHS, caring for our pensioners, funding education, and supporting families who are being pushed to the brink.

The real backbone of Britain is not its billionaires, but its nurses, teachers, small business owners, and hardworking families. We owe them more than lip service – we owe them action.