Millionaire trader-turned-campaigner Gary Stevenson's proposal for a 2% annual wealth tax on individuals with assets exceeding £10 million has been labeled "absolute populist claptrap" and "disastrous" by experts featured in a new Channel 4 documentary.
In "How to Get Filthy Rich with Gary Stevenson," scheduled to air at 9 p.m., Stevenson presents his plan, which he claims could generate up to £24 billion annually for the Treasury. However, critics warn that such a policy could lead to a significant capital outflow, with one billionaire stating he would leave Britain if the tax were implemented. Critics suggest that up to £100 billion could be moved out of the country, potentially harming economic growth, investment, and job creation.
Stevenson, who made his fortune in the City after growing up in Ilford, east London, argues that wealth is becoming increasingly concentrated in the hands of a few. The documentary highlights statistics indicating that the richest 56 individuals in the UK own as much wealth as 27 million people, while the average billionaire's wealth grew by £231 million last year. In contrast, real wages have reportedly been stagnant for nearly two decades, and average student debt in England has risen dramatically.
During his exploration of wealth concentration, Stevenson interviewed various figures, including tax avoidance expert Andrew Henderson, founder of Nomad Capitalists. Henderson questioned Stevenson's focus on inequality, stating, "The world is going to be unequal." He suggested that Stevenson's stance stems from an "obsession with solving inequality" and a feeling of entitlement to the wealth of others.
Billionaire entrepreneur Bassim Haidar echoed concerns about capital flight, telling Stevenson that he would "exit" Britain even if it meant selling his businesses at a loss. "Wealth is mobile, so I'll walk away," Haidar stated.
Stevenson countered these arguments by suggesting that many wealthy individuals' assets, such as property, businesses, and infrastructure, are fundamentally tied to the UK, making a complete exodus impractical. He also engaged with Francis Fulford, an heir to a large Devon estate, who argued that Stevenson's proposals would "destroy" the centuries-old management of his land and legacy. Stevenson questioned Fulford's perspective by asking, "What about everybody else's great-grandsons? What are they going to own?"
Leading tax expert Dan Neidle, founder of the Tax Policy Associates think tank, dismissed Stevenson's wealth tax idea as "absolute populist claptrap." Neidle pointed out the significant logistical challenges, estimating that a year of planning would be required to implement such a tax, with no revenue likely before 2029. He accused Stevenson of being unable to separate emotional reactions to inequality from rational economic assessment, particularly regarding foreign investment.
Stevenson also discussed the impact of wealth-focused messaging with online finance guru Samuel Leeds. Stevenson expressed concern that messages implying easy wealth accumulation could negatively affect the mental health of young people. Leeds, however, argued that focusing on personal control and achievable financial goals, rather than rapid wealth, could be more beneficial.
Stevenson concluded the documentary by reflecting on historical changes in wealth distribution and taxation, suggesting that increased taxation of the wealthy in the past led to greater financial security for ordinary people. He expressed his commitment to fighting for policies that he believes will improve the country's future for upcoming generations.
Reports suggest Stevenson's policy ideas have garnered interest from the team of Andy Burnham, a former Greater Manchester Mayor, who is rumored to be a potential future prime minister.