Wealth level studies conducted by Spectrem Group find that non-millionaires want the lowest tax-rates while surprisingly the wealthiest households would be willing to pay a higher tax rate.
Almost thirty percent (27%) feel they should pay a tax rate of 11% to 15%, while the same amount (21% each) feel they should pay 8% to 10% and 16% to 20%.
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26% of non-Millionaires feel they should pay a tax rate of 8% to 10%.
Seventy percent of high net worth investors chose tax increases as one of their primary concerns. Millionaires with a net worth of up to US$5 million showed a higher concern this year than last (74% vs. 71%) over tax increases.
The higher the tax rate, the larger the differences. Two-in-ten high net worth investors surveyed said they should pay a tax rate of between 21% and 25%. While less than 15% (13%) of Millionaires agreed. High net worth respondents were more than twice as willing as Millionaires with less than US$5 million net worth to say they thought they should pay a tax rate between 26% and 30% (13% vs. 5%).
Ultra high net worth households with a net worth between US$5 million and US$24.9 million (not including primary residence) are likelier than their less wealthy counterparts to say they should be paying higher tax rates.
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By GlobalDataThe highest percentage of those surveyed (25%) said they felt they should be paying between 16% and 20%, compared with 21% of Millionaires with a net worth between US$1 million and US$4.9 million willing to pay that much, and 13% of non-Millionaires with a net worth of at least US$100,000.
