Millionaire and wealth tax advocate Gary Stevenson has announced he is quitting his YouTube channel, citing health concerns and burnout. Stevenson, who amassed a significant following with 1.6 million subscribers, stated in a video titled 'It's time to say goodbye' that he has been 'knackered' and needed to step back for his well-being.
Stevenson, a former City trader who describes himself as an economist, rose to prominence through his YouTube content and his best-selling memoir "Trading Game," detailing his success at Citibank. He has been a vocal proponent of a 2 percent wealth tax on assets exceeding £10 million.
The decision to step away from his platform comes weeks after his Channel 4 documentary, "How to Get Filthy Rich with Gary Stevenson," faced criticism. The documentary, which explored his arguments on wealth taxation by interviewing tax experts and wealthy individuals, was met with skepticism. Prominent tax expert Dan Neidle reportedly called Stevenson's proposals 'populist claptrap' and noted a lack of preparedness to address the potential impact on foreign direct investment. Reviews of the documentary were largely unfavorable, with The Guardian reportedly giving it two out of five stars and calling it an 'embarrassment.'
Stevenson has claimed a personal net worth of around £5 million. However, his assertions about his past professional achievements have also been questioned. Multiple former colleagues have reportedly expressed doubts to the Financial Times about his claim of being 'Citibank’s most profitable trader, in the whole world,' noting that such a comprehensive ranking across all divisions was unlikely to have been produced by the bank.
Stevenson's advocacy for a wealth tax, which he believes could raise approximately £24 billion for the UK Treasury, has faced historical challenges. Wealth taxes have been abolished in countries like France, Sweden, and Germany due to perceived ineffectiveness in revenue generation.
The campaigner, who was born in east London and identifies as working-class, studied mathematics and economics at the London School of Economics before joining Citibank. His departure from YouTube also occurs in the context of broader discussions around taxation among public figures, such as the recent open letter signed by over 100 millionaires, including Gary Lineker, urging increased taxes for the wealthiest.