millionaires

Millionaires including former footballer Gary Lineker and music producer Brian Eno have written to new prime minister Andy Burnham asking to be taxed more.

In an open letter, 120 well-off Britons told Burnham: “We can afford it. We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”

Organised by Patriotic Millionaires, the letter said it would lead to a more equal society, and urged a “devolution of wealth and power from the very richest”.

People can already quietly give money or stocks voluntarily to the Treasury using its donation facility.

The group supports a 2% tax on wealth over £10m.

“Millionaires are a patriotic bunch,” the letter states. “We love this country and we want it to succeed.

“But success requires investment and a primary source of untouched capital investment is sitting with us, in untaxed potential.”

The renewed call for higher tax on the wealthy follows a similar campaigns in previous years.

Burnham did not rule out a wealth tax when asked about it by Lineker a few days before he became prime minister.

He suggested he may have “to ask for a little more” tax at some point.

The latest call from Patriotic Millionaires said there is a “need to embrace a new kind of devolution of wealth and power, from the very richest in order to reinvest back into our greatest asset in every region”.

It added that in its own poll, the majority of millionaires wanted a higher tax on themselves.

“There are a few people left with outdated economic thinking and few others desperate to hold onto every penny they can… Those that can’t see past the end of their own self interest have no place in designing a Britain for the future,” the letter said.

Other signatories include film director Richard Curtis who directed Notting Hill and Ian Gregg, the former managing director of bakery chain Greggs, who is the son of the firm’s founder.

A stuggling family was given a much needed lifeline from a millionaire couple

A struggling family couldn’t hide their emotions after a wealthy couple gave them a fresh start.

They felt like they’d “won the lottery” after the wealthy pair cleared their £6,000 worth of debt and handed the father a chance to pursue his dream of breaking into property development.

The emotional moment happened during an episode of Rich House, Poor House, which originally aired in 2024. At the time, viewers were joined by Kev and Emma Wing, along with their twins Mollie and Peyton, who live in a two-bedroom rented house in Derbyshire.

Seeing how the top 1% live, they swapped lives for a week with world champion football freestyler Liv Cooke and her partner Gal Ozery, who split their time between a lavish manor house in Lower Bagthorpe, Nottinghamshire, and Los Angeles.

The two families couldn’t be more different as the Wings live on a mere £78.25 a week after bills and with money short, meanwhile enjoyed Liv and Gal enjoy the high life with a generous £2,000 budget at their fingertips.

During the swap, the Wings, who are a football-mad family, splashed nearly £1,000 on souvenirs at their beloved Derby County shop and Kev got behind the wheel of a £195,000 Lamborghini.

And his aspiring Lioness daughters received coaching from Ryan Hopper, who works with professional players including Bruno Fernandes and Diogo Dalot.

While Liv and Gal enjoy wealth far beyond the Wings’ wildest dreams, they lack the one thing Liv yearns for most – children. Liv said: “Having a child and making our family unit is the only thing we’re missing.”

Things then took a turn when the couple were left stunned to discover that the Wings had no savings whatsoever and were £6,000 in the red.

Liv, who amassed her wealth through property development, and Gal, who heads up a company supplying private jets and luxury watches to ultra-wealthy clients, were keen to help the family so they decided to offer them a much needed lifeline.

Liv told the couple: “We’ve seen the sacrifices that you two have made for the girls and you’ve got a beautiful life. We’ve decided that we’d like to pay off that debt for you and give you that chance.”

Kev and Emma broke down in tears as Gal continued: “We hope that this makes you feel like every day when you get up, you’re excited for the day and you’re ready to build.”

Emma whipped away her tears as she replied: “I’ve got nothing to say other than thank you so much.” The generosity didn’t stop there as the millionaire pair wanted to help Kev pursue his dreams of getting on the property ladder.

Liv turned to Kev and said: “If you do want to pursue your interest in property, I’d be more than happy to train you up… we can do it slow, we can do it alongside your job so there’s no risk there but if we can get you in that market, getting on the ladder, I think that would be the real life-changing thing.”

Visibly moved said: “It does feel now like we’ve won the lottery.” His favourite part of the lifestyle swap was spending time with his family, adding: “It’s like Christmas every day.”

You can catch up on Rich House, Poor House on Channel 5.

SpaceX’s long-anticipated IPO is hours away from reshaping the fortunes of thousands of employees.

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The listing, set for this Friday, is expected to mint millionaires not only among senior engineers and executives, but also among blue-collar workers, including cooks and welders, who received equity as part of their compensation packages.

The windfall is heavily concentrated around Brownsville, Texas, one of the poorest cities in the US, where SpaceX employs more than 3,000 people at its Starbase facility.

What makes this IPO unusual, even by Silicon Valley standards, is how far down the organisational chart the equity grants appear to have reached.

Some estimates cited by media reports put the total number of newly minted millionaires across the entire company at around 4,000. However, the figures could not be independently verified.

Michael Limas, a financial planner based in Brownsville, told Bloomberg that several of the company’s non-technical workers received stock options as part of their pay.

“SpaceX has been very friendly with options at various levels, from top to bottom. It’s something that’s unique to this area,” Limas stated.

One example cited by the investment research platform Moby illustrates the scale rather starkly. A welder’s initial equity grant of $10,000 (€8,650) is now reportedly valued at close to $880,000 (€762,000) ahead of the listing.

These individual figures reflect a broader picture of generous equity compensation that has been reported consistently across multiple outlets.

The IPO itself features a staggered lockup structure rather than the standard 180-day cliff that most companies employ.

According to the prospectus, it includes multiple early release windows, among them a performance-linked mechanism that would activate if the stock trades 30% above its IPO price on five out of ten consecutive trading days. That would allow some employees to access their new wealth within weeks of the debut.

Brownsville braces for the ripple effects

SpaceX’s impact on the region has already been striking, and the financial gains generated by the IPO are likely to amplify it.

Brownsville has long ranked among the most economically deprived cities in the US, with a median family income roughly a third below the national average, according to government data.

SpaceX arrived about a decade ago, establishing its Starbase launch facility on the Gulf of Mexico shore around 40 kilometres from the city centre.

The transformation since then has reportedly been marked by an influx of professionals from California and elsewhere. Rising housing costs have followed, as they often do when wealth becomes concentrated in a particular area.

According to several realtors and economists, the median housing prices in the broader Brownsville-Harlingen metro area have risen roughly 25% since 2020, from around $185,000 (€160,000) to $233,000 (€201,000).

Long-time residents, many of them on modest incomes, are feeling the pressure.

For many employees, the transition from holding shares they could not easily sell to having access to cash brings its own complications.

According to Bloomberg, wealth managers in the region describe a climate of considerable anxiety among staff, given the sense that this may be their single opportunity to build generational wealth and that getting the timing and tax planning wrong could be costly.

More than 100 SpaceX employees in the region reportedly pooled together to negotiate wealth-management terms collectively with the advisory firm Choreo, a move that helped them secure lower management fees by bringing between $1 billion (€865mn) and $5 billion (€4.33bn) in potential assets to the table.

Brownsville’s mayor, John Cowen, a sixth-generation resident of the area, has sought to frame the transformation in positive terms, arguing to US media that it is great for the city to be known as a place for investment.

Beyond SpaceX itself, other industrial projects have followed in the company’s wake, including building a liquefied natural gas export terminal near the Port of Brownsville.

Back in March, US President Donald Trump also announced the construction of a $300 billion (€260bn) oil refinery at the port, which could reportedly bring 500 full-time jobs.

Whether the IPO ultimately delivers on its promise, and how equitably its benefits filter through a city that has known far more hardship than prosperity, remains to be seen.