Once a global magnet for the ultra-rich, London is losing its millionaire residents at a record pace due to high taxes, post-Brexit uncertainty, and Asia-America’s rising dominance in wealth and tech.
London, April 11 – Once a global haven for the wealthy, London is rapidly losing its millionaire population, with over 11,300 high-net-worth individuals (HNWIs) leaving the city in 2024 alone. According to the World’s Wealthiest Cities Report by Henley and Partners, London is no longer among the world’s top five richest cities — a status it held firmly just a decade ago.
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The British capital now houses 215,700 millionaires, down from 227,000 the previous year, marking a 12% drop in the past decade. Wealth intelligence firm New World Wealth confirms the trend, placing London’s millionaire exodus ahead of all European cities — even Moscow, which came second with 10,000 exits despite ongoing conflict in Russia.
The Great Wealth Flight: What’s Driving It?
Experts say the reasons are multi-fold:
- High taxes – especially Capital Gains Tax and estate duties, which rank among the world’s highest.
- Lingering economic aftershocks from the 2008 financial crisis.
- Brexit, which continues to drive uncertainty and reduce London’s appeal as a stable economic hub.
- Decline of the London Stock Exchange, now absent from the global top 10 by market capitalization.
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“The growing dominance of Asia and America in tech and finance is pushing entrepreneurs to rethink where they live and invest,” said Andrew Amoils, Head of Research at New World Wealth.
Asia & America: The New Millionaire Magnets
While London’s wealth base is eroding, Asia and America are rising rapidly as the preferred destinations for the ultra-rich.
- San Francisco Bay Area saw a 98% surge in millionaires over the last decade
- Singapore recorded a 62% rise
- Dubai, Tokyo, Los Angeles, and New York are all reporting strong gains
New York City remains the wealthiest city globally, with 384,500 millionaires. Other top-ranking cities include Los Angeles, Chicago, Tokyo, Singapore, and Hong Kong.
In total, 7 out of the top 10 wealthiest cities are now located in either Asia or the United States — reflecting a significant shift in global wealth dynamics.
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London millionaires, wealthy migration, Henley and Partners report, New World Wealth, Brexit economic impact, high UK taxes, Asia millionaire boom, US wealth centers, global wealth trends, London stock exchange decline