UK millionaires leaving are urged to stay by Taxfix CEO

UK millionaires leaving for lower-tax countries have become a growing concern as Britain weighs more taxes on wealth. Martin Ott, chief executive of the Berlin-based tax app Taxfix, told Fortune that some of the company’s wealthy U.K.-based customers are considering moving abroad, though he is advising against it.

Ott said certain higher-income customers are relocating to cut their tax bills. He told Fortune he encourages people to remain where they are, arguing that wealthy founders and earners have a role in supporting the country that helped them build their careers.

Taxfix, which Fortune described as valued at more than $1 billion, is based in Berlin. Ott is a former Meta executive.

Why are UK millionaires leaving?

Fortune reported that tax increases under the Labour government and inflation have been cited in the decline in Britain’s millionaire population. The concerns have sharpened as Prime Minister Andy Burnham considers a 2% tax on wealth above £10 million, or about $13.3 million, according to Fortune.

Britain’s business secretary said last November that he was worried billionaires, entrepreneurs and doctors were leaving the country because of Rachel Reeves’ budget, Fortune reported. The debate is now focused on whether more wealthy residents will move if the U.K. adds further taxes on large fortunes.

The Henley Private Wealth Migration Report 2025, cited by Fortune, said more millionaires left the U.K. in 2025 than any other country. About 16,500 millionaires moved out last year, taking an estimated $91.8 billion with them, according to the report.

Henley’s report also said the U.K.’s millionaire population has fallen 9% over the past decade. It linked that decline in part to Brexit, political uncertainty and tax changes.

What does Ott say wealthy residents should do?

Ott told Fortune that leaving to reduce taxes is a narrow view of the issue. He said people with wealth also have a responsibility to invest in their country and help preserve the business environment that supported them.

In Ott’s view, the departure of founders and high earners can damage the startup and jobs ecosystem left behind. He said some peers who could move to places such as Dubai or Montenegro are choosing to stay because they want to build companies and contribute locally.

Ott also warned against a “brain drain,” telling Fortune that he wants entrepreneurs to stay, start companies and help create conditions that attract other founders. His argument is that the system is stronger when people with capital and experience continue building inside it.

How does Ott view the current pressure?

Ott compared the present debate with his early fintech experience in London during the financial crisis. He told Fortune that his company then held hundreds of millions of customers’ money in bank accounts and faced daily uncertainty over whether banks would survive.

He said that period taught him how to work through a crisis, manage his own health and support employees during difficult conditions. Ott told Fortune the larger lesson was to take a longer view because downturns pass and new opportunities can follow.

This story draws on original reporting from Fortune.