A significant number of affluent individuals are departing the United Kingdom due to the tax increases implemented by The Labour administration. The country's secretary of business acknowledged his apprehension that individuals with billions, business founders, and even medical professionals have exited the nation prior to Rachel Reeves’ Budget. However, this isn't merely a theoretical worry; it's a reality that's already unfolding.
TL;DR
- Affluent individuals are leaving the UK due to tax increases, including business founders and medical professionals.
- The UK has seen more millionaires depart than any other country in 2025, with 16,500 relocating.
- Taxfix CEO Martin Ott advises against leaving, emphasizing societal obligation and the potential for new opportunities.
- Ott believes staying and building businesses internally is a more prudent approach than relocating for tax savings.
Martin Ott, the chief executive of Taxfix, a Berlin-based tax application with a valuation exceeding $1 billion, informed Coins2Day in an exclusive statement that certain affluent clients residing in the U.K. Are contemplating departure, though he advises against such a move.
“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 bear a societal obligation to contribute financially to your nation.
In 2025, the U.K. Has seen more millionaires depart than any other country. Data from Henley Private Wealth Migration Report 2025 indicates that approximately 16,500 wealthy individuals relocated this year, representing a total of roughly $91.8 billion. This signifies a 9% decrease in the U.K.'s millionaire demographic over the past ten years, influenced by factors such as the consequences of Brexit, political instability, and alterations to taxation.
Ott contends that departing at this juncture is imprudent. Should the nation's leading entrepreneurs and affluent individuals depart, it would undermine the very environment where they previously flourished.
“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.
From his perspective, affluence imposes a duty to maintain the environment in good condition for the subsequent generation of entrepreneurs, managers, and employees. Ott states this is the reason many of his associates and colleagues—individuals who could readily relocate to Dubai or Montenegro—are intentionally remaining in place.
“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.”
He believes the more prudent course of action involves enduring the cycle, developing during it, and reinforcing the system internally: “You don’t want a brain drain… I can only just encourage everyone to stay, build great new businesses, create an environment where entrepreneurs want to start something.”
Moreover, adversity forges resilience
Reflecting on his initial FinTech ventures in London amidst the financial crisis, Ott remembered safeguarding vast sums of customer funds in bank accounts, uncertain if those institutions would endure, a situation he stated imparted a lasting lesson.
“There was also that feeling that the world is going down. Do we need to move somewhere else? No, everything goes in phases,” Ott said. He credits the dark period with teaching him “what it means to go through crisis,” including how to manage his own personal health and how to be a better manager to others when the chips are down. But more importantly, it highlighted that downturns aren’t forever.
“Taking a more balanced, long-term view—that’s what I learned,” he added. “Things aren’t as bad as they look in the moment.”
“And then new opportunities are born, and you can deal with crisis, because it’s constant, you’ll always have stuff that’s getting thrown your way.”