Introduction: A staggering 11,300 dollar millionaires abandoned London in 2024, driven by high taxes and the lingering effects of Brexit, according to the World’s Wealthiest Cities Report by Henley & Partners and New World Wealth, published on April 9, 2025. This exodus continues a decade-long trend, reshaping London’s status as a global wealth hub.
London’s Millionaire Decline
The report reveals that London’s millionaire population dropped from 227,000 in 2023 to 215,700 in 2024—a 12 percent decline since 2014. Once a top-tier city for the ultra-wealthy, London slipped to sixth place globally, overtaken by Los Angeles with 220,600 millionaires. New York City remains the world leader with 384,500 millionaires.
Why Are Millionaires Leaving?
Andrew Amoils, head of research at New World Wealth, pointed to multiple factors. “The growing dominance of the United States and Asia in tech” has lured wealthy UK tech entrepreneurs to relocate. He added, “Brexit has arguably had an exacerbating effect,” alongside the UK’s sky-high capital gains tax and estate duty rates, which rank among the world’s highest. The London Stock Exchange, now 11th globally by market capitalization, has also lost its luster, with hubs like Frankfurt and Dubai gaining ground.
Where Are They Going?
Tax advisers, cited by The Times, report millionaires flocking to tax-friendly destinations like Portugal, Spain, Greece, the United Arab Emirates, and Italy. Some opt for fixed-fee tax regimes, while others chase opportunities in the US and Asia’s booming tech scenes.
Global Trends in Wealth Migration
London isn’t alone in losing millionaires—Moscow saw a 25 percent drop since Russia’s 2022 invasion of Ukraine. Meanwhile, Paris gained 5 percent, Singapore surged by 62 percent, and the San Francisco Bay Area skyrocketed by 98 percent since 2014. The data highlights a shifting global wealth map, with London struggling to keep pace.
What’s Next for London?
With its millionaire population dwindling, London faces challenges in maintaining its financial prestige. Will tax reforms or a post-Brexit recovery stem the tide, or is this the new normal for the British capital? The 2024 exodus suggests deeper structural shifts at play.
Author: Planet-Today.com
Via AFP