Ultra wealthy are looking to leave the U.K. thanks to tax hikes-but the CEO of $1 billion tax platform says it's their 'social responsibility' to stay | Fortune

"The ultra-wealthy are leaving Britain in their droves as a result of the Labour government's tax rises. The nation's business secretary admitted that he's worried billionaires, entrepreneurs, and even doctors have left the country ahead of Rachel Reeves' Budget. But it's not just an abstract concern-it's already happening. The CEO of Taxfix, the Berlin-based tax app valued at more than $1 billion, Martin Ott, exclusively told Fortune that some of its wealthy U.K.-based clients are eyeing an exit-but he doesn't recommend it. "Yes, there are certain customers, at a certain income bracket, that are moving to save money abroad," Ott, a former Meta exec, said. "I always encourage people to stay where you are.""

"In 2025, more millionaires have left the U.K. than in any other nation. According to the Henley Private Wealth Migration Report 2025, about 16,500 millionaires uprooted this year, totaling about $91.8 billion. This translates to a 9% reduction in the UK's millionaire population over the last decade, in part thanks to fallout from Brexit, political uncertainty, and tax changes."

""Saving taxes is one thing, but at the same time, you also have a social responsibility to make sure you invest in a country," he explained. In his eyes, wealth creates an obligation to keep the ecosystem healthy for the next wave of builders, operators, and job seekers. Ott says that's why many of his friends and peers-people who could easily decamp to Dubai or Montenegro -are deliberately staying put. "They're saying, we're not moving... We really want to make sure we also give back and build cool stuff that makes it worthwhile staying.""

A surge of ultra-wealthy departures from Britain is linked to Labour government's tax rises and political uncertainty, with the business secretary expressing concern ahead of Rachel Reeves' Budget. Taxfix CEO Martin Ott reports that some wealthy U.K.-based clients are considering relocation but he advises against it and urges staying. The Henley Private Wealth Migration Report 2025 records about 16,500 millionaires leaving the U.K. in 2025, moving roughly $91.8 billion and reducing the millionaire population by about 9% over the last decade. Ott argues wealthy individuals have a social responsibility to invest locally to preserve the entrepreneurial ecosystem, and many are choosing to remain and give back.

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