The "millionaire exodus" is built on data produced by a firm that profits from wealthy migration. The capital flight threat is mostly overstated. And the real crisis — the one actually crushing wages, suppressing mobility, and hollowing out economic participation — isn't about tax rates at all. It's about rent. Adam Smith knew this in 1776. We keep forgetting it.
The image circulates with clockwork regularity: a stern-faced politician, a plummeting stock chart, bold letters screaming EXCLUSIVE. “16,500 millionaires left the UK in 2025,” the caption declares, followed by the inevitable sneer — Tax the rich, they said. Hmmm. It is designed to end a conversation before it begins. And it gets traction, partly because the number sounds authoritative. As we’ll show, it largely isn’t. But more importantly, it’s misdirection — a proxy war about tax rates that distracts from a more fundamental question the original thinkers of capitalism already answered.
That question isn’t whether wealthy people leave when you tax them. It’s whether the wealth being extracted from ordinary people is productive at all — or whether a large chunk of it is simply rent, a toll extracted for access to things nobody built. On that question, the evidence is clear, the economics are settled, and the politics are where we keep getting stuck.