{"id":12323,"date":"2026-07-29T15:26:16","date_gmt":"2026-07-29T15:26:16","guid":{"rendered":"https:\/\/stock999.top\/?p=12323"},"modified":"2026-07-29T15:26:16","modified_gmt":"2026-07-29T15:26:16","slug":"millionaires-leaving-uk-ceo-of-1-billion-tax-firm-says-its-their-social-responsibility-to-stay","status":"publish","type":"post","link":"https:\/\/stock999.top\/?p=12323","title":{"rendered":"Millionaires leaving UK: CEO of $1 billion tax firm says it\u2019s their \u2018social responsibility\u2019 to stay"},"content":{"rendered":"

<\/p>\n

The number of British millionaires has dropped to its lowest level in nearly two decades\u2014and high taxes under the Labour government and persistent inflation are being blamed. Last November, the nation\u2019s business secretary admitted he was worried that billionaires, entrepreneurs, and even doctors left the country because of Rachel Reeves\u2019 budget. Now, the same exodus fears are circulating again, as the U.K.\u2019s new prime minister, Andy Burnham, ponders a 2% tax on wealth over \u00a310 million ($13.3 million). <\/p>\n

But it\u2019s not just an abstract concern\u2014it\u2019s already happening. <\/p>\n

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\u2014but he doesn\u2019t recommend it.\u00a0<\/p>\n

\u201cYes, there are certain customers, at a certain income bracket, that are moving to save money abroad,\u201d Ott, a former Meta exec, said. \u201cI always encourage people to stay where you are.\u201d<\/p>\n

\u2018You have a social responsibility to invest in your country\u2019\u00a0<\/p>\n

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 last year, totaling about $91.8 billion. This translates to a 9% reduction in the U.K.\u2019s millionaire population over the last decade, in part thanks to fallout from Brexit, political uncertainty, and tax changes.\u00a0<\/p>\n

But Ott argues that leaving now is shortsighted. If the country\u2019s top founders and high earners leave, it will weaken the very ecosystem they once thrived in.\u00a0<\/p>\n

\u201cSaving taxes is one thing, but at the same time, you also have a social responsibility to make sure you invest in a country,\u201d he explained.<\/p>\n

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\u2019s why many of his friends and peers\u2014people who could easily decamp to Dubai or Montenegro\u2014are deliberately staying put.\u00a0<\/p>\n

\u201cThey\u2019re saying, we\u2019re not moving\u2026We really want to make sure we also give back and build cool stuff that makes it worthwhile staying.\u201d<\/p>\n

To him, the more responsible choice is to weather the cycle, build through it, and strengthen the system from inside:\u00a0\u201cYou don\u2019t want a brain drain\u2026I can only just encourage everyone to stay, build great new businesses, create an environment where entrepreneurs want to start something.\u201d<\/p>\n

Plus, pressure creates diamonds<\/p>\n

Looking back on his early fintech days in London during the financial crisis, Ott recalled holding hundreds of millions of customers\u2019 money in bank accounts, not knowing if the banks would survive the next day\u2014and he said it taught him a lesson that still matters now.<\/p>\n

\u201cThere was also that feeling that the world is going down. Do we need to move somewhere else? No, everything goes in phases,\u201d Ott said. He credits the dark period with teaching him \u201cwhat it means to go through crisis,\u201d including how to manage his own personal health and how to be a better manager to others when the chips are down.\u00a0But more importantly, it highlighted that downturns aren\u2019t forever.<\/p>\n

\u201cTaking a more balanced, long-term view\u2014that\u2019s what I learned,\u201d he added. \u201cThings aren\u2019t as bad as they look in the moment.<\/p>\n

\u201cAnd then new opportunities are born, and you can deal with crisis, because it\u2019s constant, you\u2019ll always have stuff that\u2019s getting thrown your way.\u201d<\/p>\n

A version of this story originally published on\u00a0Fortune.com\u00a0on\u00a0November 25, 2025.<\/p>\n

Read more on wealth from Fortune\u2019s Orianna Rosa Royle:<\/p>\n

#Millionaires #leaving #CEO #billion #tax #firm #social #responsibility #stay<\/p>\n","protected":false},"excerpt":{"rendered":"

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