London has fallen out of the world’s top five wealthiest cities for the first time, after losing more millionaires in the past decade than any other global centre, as reported by The Times…
According to the latest report by Henley & Partners, conducted in partnership with New World Wealth, the UK capital now counts 215,700 dollar millionaires—down 12% since 2014—placing it sixth behind Los Angeles.
Over the past year alone, London lost 11,300 millionaires, including two billionaires and 18 centimillionaires (those with over $100 million), making it the second-worst performer globally after Moscow, which was hit by sanctions following Russia’s invasion of Ukraine. Analysts attribute London’s decline to a combination of high tax rates, Brexit-related uncertainty, a weakening pound, and the recent abolition of the non-domiciled tax regime, which had previously encouraged wealthy foreigners to base themselves in the UK.
Tax advisers report a growing trend of high-net-worth individuals relocating to countries such as Portugal, Italy, and the UAE, where favourable residence-based tax schemes and investment migration programmes offer better incentives. The weakening appeal of London is compounded by challenges including a lack of IPO activity, the relative decline of the London Stock Exchange, and the growing dominance of American and Asian tech hubs.
Despite the decline, London remains the fourth most expensive city in the world for real estate, behind Monaco, New York, and Hong Kong.
Top ten wealthiest cities by number of dollar millionaires
(Source: New World Wealth for Henley & Partners)
- New York – 384,500 (+45%)
- San Francisco Bay Area – 342,400 (+98%)
- Tokyo – 292,300 (+4%)
- Singapore – 242,400 (+62%)
- Los Angeles – 220,600 (+35%)
- London – 215,700 (−12%)
- Paris – 160,100 (+5%)
- Hong Kong – 154,900 (+3%)
- Sydney – 152,900 (+28%)
- Chicago – 127,100 (+24%)
Photo by Benjamin Davies
