Ultra wealthy are looking to leave the U.K. thanks to tax hikes—but the CEO of $1 billion tax platform says it’s their ‘social responsibility’ to stay

Chancellor Rachel Reeves (Credit: Peter Cziborra - WPA Pool/Getty Images)

The ultrawealthy are leaving Britain in droves as a result of the Labour government’s tax rises. The nation’s business secretary admitted that he’s worried billionaires, entrepreneurs, and even doctors have left the country ahead of Rachel Reeves’ budget. 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 that some of its wealthy U.K.-based clients are eyeing an exit—but he doesn’t recommend it.