Data obtained by investment service Wealth Club revealed that the top 500,000 taxpayers contributed £93.8 billion in the 2023/24 tax year, equating to 33% of the total raised. An even smaller group of the top 100,000 individuals paid £54.9bn, representing almost a fifth of the total.

The figures have prompted warnings that the government should focus on creating a stable and attractive environment for wealth generators rather than risk driving them away. Alex Davies, founder of Wealth Club, noted that “a very small group of individuals is responsible for a disproportionately large share of the nation’s tax revenue”.

This debate follows the UK government’s abolition of the non-domicile resident scheme in April, which has prompted concerns about an exodus of high-net-worth individuals. Experts warn that the UK’s wealthiest residents are highly mobile and that tax increases could backfire by reducing overall revenue. Marc Acheson, a global wealth specialist, observed that other jurisdictions such as Italy, Switzerland, and Portugal are “competing aggressively” to attract those leaving the UK.

Ceri Vokes of law firm Withers Europe added that by driving the wealthy away, the country loses not just taxpayers but also “the jobs, investments and opportunities they create”. She told The Times: “You can’t milk a cow that’s already left the barn – yet that’s exactly what overtaxing the wealthy seeks to do”.

In response, the Treasury defended its policy, stating: “The UK’s tax system is progressive, meaning those with higher incomes contribute more, helping to support vital public services.”