London’s Wealth Exodus: Capital Falls from Top Five Richest Cities as Millionaires Depart

[Social Media]

 

London has slipped out of the ranks of the world’s five wealthiest cities, suffering a dramatic loss of high-net-worth residents over the past year. According to a new report by New World Wealth, commissioned by Henley & Partners, the UK capital has lost 11,300 dollar millionaires in just twelve months — a higher percentage drop than any other city apart from Moscow. Among those leaving were 18 centimillionaires, individuals worth at least $100 million, and two billionaires.

 

The report defines wealth as “liquid investable” assets such as cash, bonds, and equities, deliberately excluding property. Before the recent downturn in global markets, driven by economic uncertainty following Donald Trump’s tariff announcement, London already stood out as one of only two cities in the global top 50 — along with Moscow — to have seen a net decline in wealthy residents over the past decade. While cities like Paris recorded a five per cent rise in millionaires, London has seen its ultra-wealthy population shrink by 12 per cent since 2014.

 

 

The causes behind London’s decline are multifaceted. Tax hikes, Brexit, and a weakened pound have all contributed to the exodus. But perhaps the most significant recent change has been the abolition of the UK’s centuries-old non-domiciled tax status. The Times reported last week that the flight of wealth intensified in the first quarter of the year, in anticipation of the change. From Monday, the non-dom regime has been replaced with a less generous residence-based system, meaning that foreign nationals who have lived in the UK for more than four years are now liable for income and capital gains tax on their global earnings. Should they remain in the country long enough, they will also face one of the world’s highest inheritance tax rates, set at 40 per cent.

 

 

Wealth advisers suggest that affluent individuals are relocating to more tax-friendly jurisdictions, such as Portugal, the UAE, Greece, Spain, Italy, and the Caribbean island of St Kitts and Nevis. Italy, for instance, offers foreigners the opportunity to shield their global wealth from local taxes for an annual fee of €200,000. “Capital gains tax and estate duty rates [IHT] in the UK are amongst the highest in the world, which deters wealthy business owners and retirees from living there,” said Andrew Amoils, head of research at New World Wealth. “It’s worth noting that most of the companies on the FTSE 100 were started by centimillionaires, so the loss of these individuals has a massive impact on an economy.”

 

He also pointed to long-term structural problems in the UK economy, including its inability to recover fully from the 2008 financial crisis and a failure to foster growth in technology and innovation. “The growing dominance of America and Asia in the global hi-tech space has caused wealthy tech entrepreneurs in the UK to reconsider their base location. Brexit has arguably had an exacerbating effect on this,” Amoils said. Another factor is the “dwindling importance” of the London Stock Exchange, which has fallen to 11th place globally by market capitalisation. “The past two decades have been particularly poor, with a large number of company de-listings and relatively few new IPOs,” he added. “The continued ascendance of nearby financial hubs such as Dubai, Paris, Geneva, Frankfurt and Amsterdam has eroded London’s status as Europe’s top financial centre.”

 

In absolute numbers, London has lost around 30,000 millionaires over the past decade, more than any other city. Moscow, by comparison, has seen 10,000 millionaires leave, primarily due to the fallout from Vladimir Putin’s 2022 invasion of Ukraine.

 

While London has now been overtaken by Los Angeles, American cities dominate the wealth rankings, with 11 in the global top 50. New York remains the wealthiest city on Earth, home to 384,500 dollar millionaires, followed by the San Francisco Bay Area, Tokyo, and Singapore. Manchester is the only other British city to make the top 50, ranking 46th with 23,400 millionaires.

 

Henley & Partners CEO Juerg Steffen highlighted a global trend: “A clear pattern is emerging in 2025: cities that blend investment freedom with lifestyle dividends are winning the competition for mobile capital. These urban centres share common DNA — robust legal frameworks, sophisticated financial infrastructure and, perhaps most critically, investment migration programmes that welcome global talent and capital. Seven of the top ten wealthiest cities are in countries with residence-by-investment programmes, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs.”

 

Despite the drop in its millionaire population, London still holds its place as one of the world’s most expensive cities. Its property prices per square metre trail only Monaco, Hong Kong, and New York, underlining its continued allure, albeit increasingly for those who can afford the cost without the tax advantages that once defined it.

 

Based on a report by The Times  2025-04-10

 

 

[KhunLA]

Socialism ...

... Soon or later, you run out of other people's money ❤️

 

 

[Gsxrnz]

Or maybe the super wealthy are realising that when it comes to standing on a street corner and getting your phone nicked or getting stabbed, they are in the same pool as the proles. 

[sammieuk1]

Come here and you can all be millionaires, Rodney'🤔
 

[JimHuaHin]

Bangkok not in the top 10?

 

With what Trump is doing to the USA, maybe some of the British wealthy will move there.

[Drumbuie]

Good. The influx of oligarchs has ruined London, especially the ones who bought properties as investments and didn't actually live in them. Friends tell me of restaurants closing because there aren't enough actual residents to keep them open, people moving because the oligarch next door's digging three extra basement floors to add a garage, swimming pool and  cinema and the structural damage is spreading .. and house prices are completely unaffordable for 99% of Britons. 

[Snackbar]

UK’s family silver is long gone

[Chomper Higgot]

Bye.

[Presnock]

1 hour ago, JimHuaHin said:

Bangkok not in the top 10?

 

With what Trump is doing to the USA, maybe some of the British wealthy will move there.

Yeah, especially since he wants the tariffs to succeed so that he can get the Congress to pass a tax break for the very rich!  typical paying back those funds that the billionaires gave to his campaign chest during this run for president!  If this doesn't wake up the Magaites, then nothing will until they are gone for good.  MHO anyway.

[JonnyF]

Labour driving out the wealthy they so despise. 

[sungod]

1 hour ago, Drumbuie said:

Good. The influx of oligarchs has ruined London, especially the ones who bought properties as investments and didn't actually live in them. Friends tell me of restaurants closing because there aren't enough actual residents to keep them open, people moving because the oligarch next door's digging three extra basement floors to add a garage, swimming pool and  cinema and the structural damage is spreading .. and house prices are completely unaffordable for 99% of Britons. 

 

My friends are moving out due to the influx of illegal immigrants and asylum seekers who get everything on a plate.

[JonnyF]

1 hour ago, Chomper Higgot said:

Bye.

 

Yes, every country knows the key to success is to drive out the wealthy/successful and import those without a pot to waz in.  

[thaibeachlovers]

18 hours ago, JonnyF said:

Labour driving out the wealthy they so despise. 

Labourites are not the only ones that despise the wealthy. Ask someone barely surviving in a run down council flat if they want the wealthy to stay.

[thaibeachlovers]

18 hours ago, JonnyF said:

 

Yes, every country knows the key to success is to drive out the wealthy/successful and import those without a pot to waz in.  

You mean those that lost their jobs because the wealthy exported the jobs to China so they could exploit the peasants to get richer?