London Losing Millionaires Fast: Why the UK Capital Is No Longer a Top Choice for the Ultra-Rich

Over 11,000 Millionaires Left London in 2024 Alone Here’s Why

London, once hailed as the ultimate playground for the ultra-rich, is witnessing an exodus of millionaires like never before. According to recent reports by global consultancy Henley & Partners and data firm New World Wealth, more than 11,300 millionaires left London in the year 2024. Over the past decade, the UK capital has lost 12% of its high-net-worth individuals (HNWIs)—a trend that’s steadily pulling it out of the global elite wealth rankings.

What’s Driving Millionaires Away from London?

Experts say the reasons behind this mass departure are multifaceted:

• Tax Hikes: The UK now levies some of the highest property and capital gains taxes in the world, prompting wealthy individuals and retired professionals to seek tax-friendly jurisdictions.

• Brexit Fallout: Britain’s departure from the European Union continues to affect its economic landscape, reducing business opportunities, especially in the tech and financial sectors.

• Economic Lag Since 2008: The UK economy has failed to fully recover from the 2008 global financial crisis, further disincentivizing investment and long-term settlement.

• Decline of London Stock Exchange: Once a global financial powerhouse, the London Stock Exchange has dropped out of the world’s top 10, signaling reduced investor interest.

Where Are These Millionaires Going?

According to Andrew Amoils, Research Head at New World Wealth, the shift in global tech dominance toward Asia and the U.S. is pushing entrepreneurs and tech investors to relocate. Cities like Dubai, Singapore, Frankfurt, and San Francisco Bay Area are rapidly rising as new havens for wealth creation.

• San Francisco Bay Area has seen a 98% increase in millionaires over the past decade.

• Singapore has witnessed a 62% surge, while Dubai continues to attract international wealth with its tax-friendly and innovation-driven environment.

London No Longer in Top 5 Wealthiest Cities

For the first time in years, London is no longer among the world’s top five wealthiest cities. It has been overtaken by Los Angeles, which now holds the fifth position. Meanwhile, New York City remains No.1 with 384,500 millionaires, followed by cities in the U.S. and Asia.

Top Cities for Millionaires in 2025:

New York

Tokyo

San Francisco Bay Area

Singapore

Los Angeles

London (slipping out of the top 5)

What Lies Ahead for London?

Despite the loss, London still houses around 215,700 millionaires, maintaining its status as a major economic hub. However, with global competition intensifying, especially from fast-growing Asian and American cities, the UK’s financial capital will need significant reforms to reclaim its top-tier position.

As tax regimes, tech opportunities, and global connectivity reshape the preferences of the world’s wealthiest, London’s ability to adapt will determine whether it regains its lost glory—or continues to fall behind.