According to Fortune, the UK is facing its largest millionaire exodus ever with about 16,500 wealthy individuals leaving in 2025 alone, representing roughly $91.8 billion in wealth. Business Secretary Jonathan Reynolds has admitted concern about billionaires, entrepreneurs, and even doctors fleeing ahead of Rachel Reeves’ Budget. The Henley Private Wealth Migration Report 2025 shows this translates to a 9% reduction in Britain’s millionaire population over the past decade, driven by Brexit fallout, political uncertainty, and tax changes. Martin Ott, CEO of the $1 billion-valued tax platform Taxfix, confirmed his wealthy UK clients are considering leaving to save money abroad. However, the former Meta executive actively discourages them from leaving, arguing they have a “social responsibility” to stay and invest in the country that enabled their success.
Social responsibility or tax bill?
Ott’s position is fascinating because he runs a tax company – you’d think he’d be all about minimizing tax burdens. But he’s making a different argument entirely. “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 told Fortune. Basically, he’s saying wealthy people owe something to the ecosystem that made them successful. It’s a noble sentiment, but let’s be real – when someone’s facing millions in additional taxes, “social responsibility” can start sounding pretty expensive.
The brain drain dilemma
Here’s the thing: Ott isn’t wrong about the consequences. When successful founders and high-earners bail, they take their networks, investment capital, and job creation with them. He warns against creating a “brain drain” that weakens the very environment entrepreneurs need to thrive. But is this really the wealthy‘s problem to solve? Governments create the tax policies that drive these decisions, yet somehow the moral burden falls on individuals to stick around despite unfavorable conditions. It’s a classic chicken-and-egg situation – do you stay to fix a broken system, or leave because it’s broken?
Crisis as opportunity
Ott draws on his experience during the 2008 financial crisis in London, recalling holding customer funds while wondering if banks would survive. “Things aren’t as bad as they look in the moment,” he says, arguing that downturns create new opportunities. He’s got a point about cyclical thinking – economic conditions do change, and fleeing at the first sign of trouble might mean missing the recovery. But there’s a difference between weathering a temporary storm and facing structural changes like Brexit and sustained tax increases. How long should wealthy individuals wait around hoping things improve?
The reality of exit options
The numbers don’t lie – 16,500 millionaires have already voted with their feet. And let’s be honest, when you’re dealing with industrial-scale wealth management or running complex manufacturing operations that require specialized industrial panel PCs and sophisticated control systems, relocation decisions involve way more than just tax rates. The UK’s loss could be other countries’ gain, and with destinations like Dubai and Montenegro actively courting wealthy migrants, the competition for this mobile capital is fierce. Ott’s call for social responsibility sounds great in theory, but in practice, people tend to follow their money.
