Millionaires are leaving the U.K. in droves thanks to tax hikes—but the CEO of $1 billion tax platform says it’s their ‘social responsibility’ to stay

The number of British millionaires has dropped to its lowest level in nearly two decades—and high taxes under the Labour government and persistent inflation are being blamed. Last November, the nation’s business secretary admitted he was worried that billionaires, entrepreneurs, and even doctors left the country because of Rachel Reeves’ budget. Now, the same exodus fears are circulating again, as the U.K.’s new prime minister, Andy Burnham, ponders a 2% tax on wealth over £10 million ($13.3 million).

But it’s not just an abstract concern—it’s already happening.

Martin Ott, the CEO of Taxfix, the Berlin-based tax app valued at more than $1 billion, exclusively told Fortune some of its wealthy U.K.-based clients have been 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.”

‘You have a social responsibility to invest in your country’ 

In 2025, more millionaires have left the U.K. than in any other nation. According to the Henley Private........

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