UK Millionaire exodus did not occur, study reveals
4 hours ago
- #media bias
- #wealth inequality
- #tax justice
- A widely reported millionaire exodus in 2024, influencing UK tax reforms, was debunked by the Tax Justice Network as non-existent.
- Media coverage, based on a Henley & Partners report, exaggerated claims of millionaire migration, which was actually near-0% of countries' millionaire populations.
- Henley & Partners, criticized for selling golden passports, faced accusations of influencing elections and aiding sanctioned individuals.
- The UK Labour government's tax reform climbdown was linked to unfounded fears of a millionaire exodus, despite evidence to the contrary.
- Methodological flaws in the Henley report included using social media work locations to track migration and a narrow definition of 'millionaires'.
- Media narratives disproportionately blamed tax policies and the Labour Party for the fictional exodus, ignoring broader contexts.
- Polling showed majority support among UK millionaires for fair taxation, contradicting the exodus narrative.
- The Tax Justice Network called for media and governments to scrutinize claims about tax-induced migrations more critically.