London has witnessed the departure of more super-wealthy residents than any city in the world, apart from Moscow, according to a new global wealth report.
The capital lost 11,300 dollar millionaires over the past year alone, including 18 centimillionaires and two billionaires, highlighting a troubling trend for the city once regarded as a magnet for global wealth.
The report, compiled by New World Wealth for migration consultancy Henley & Partners, defines wealth in terms of liquid investable assets such as cash, bonds, and shares.
It does not account for property values. London’s dwindling number of rich residents marks a 12% fall since 2014, while Moscow, reeling from Western sanctions and political instability, has lost 25% of its wealthy citizens.
However, in sheer numbers, London has suffered the most significant exodus, with around 30,000 millionaires leaving the city over the past decade, triple the number who have left Moscow.
The UK capital, which still counts 215,700 millionaires, remains among the world’s most expensive cities, trailing only Hong Kong, New York, and Monaco in property prices per square metre.
Tax hikes and policy shifts prompt millionaire migration
Analysts attribute London’s loss of affluent residents to a combination of rising taxes, prolonged economic uncertainty, and policy reforms targeting wealthy individuals.
The recent crackdown on non-domiciled taxpayers by Chancellor Rachel Reeves has accelerated the flight of capital.
Critics argue these measures could cost the UK economy over £10 billion annually, amounting to £111 billion in lost growth over the next decade, according to estimates by the Adam Smith Institute.
Andrew Amoils, Head of Research at New World Wealth, said the UK’s relatively high capital gains and inheritance taxes deter business owners and retirees alike.
“It’s worth noting that most of the companies on the FTSE 100 were started by centimillionaires,” Amoils remarked.
“The loss of these individuals has a massive impact on an economy.”
Furthermore, Britain’s diminishing appeal is compounded by the increasing global dominance of American and Asian tech sectors, prompting wealthy entrepreneurs to relocate to cities offering more growth potential and lower tax burdens.
Cities like Paris and Dubai are attracting these mobile fortunes, drawn by more favourable regulatory environments and attractive investment migration programmes.
Brexit and London’s fading financial influence deepen the crisis
The fallout from Brexit remains a defining factor in London’s declining status.
Culture Secretary Lisa Nandy acknowledged this, telling Sky News that the report underscores the need for a better deal with the European Union to support British business.
“The report points to a variety of factors, most specifically Brexit,” she said. “We are committed to ensuring a far better deal with the EU to support British enterprise.”
Compounding matters, the London Stock Exchange, once the largest in the world by market capitalisation, has slipped to 11th place globally.
The past two decades have been marked by a wave of company de-listings and a scarcity of new IPOs, weakening London’s position as Europe’s premier financial hub.
Henley & Partners chief executive Juerg Steffen highlighted a broader global trend, noting that cities combining “investment freedom with lifestyle dividends” are outpacing traditional financial centres.
“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,” Steffen observed.
While London continues to rank among the elite cities of the world, the sustained departure of its wealthiest residents raises urgent questions about its future economic resilience.
With rival hubs such as Dubai, Paris, Geneva, and Frankfurt on the rise, London faces a formidable challenge to reclaim its former standing as a global haven for the rich.
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