London Falls to Sixth in Global Wealth Rankings as Millionaire Exodus Accelerates

Over 11,000 millionaires left London in 2024, driven by high taxes, Brexit, and a shift toward tech-driven financial hubs in Asia and America.

London's millionaire population declined from 227,000 in 2023 to 215,700 in 2024, according to the latest data.
The city has dropped out of the top five wealthiest cities globally, now ranking sixth, overtaken by Los Angeles.
High capital gains and estate taxes, coupled with Brexit and slow post-2008 recovery, are key factors driving the exodus of high net-worth individuals.
Tech entrepreneurs are relocating to the U.S. and Asia, drawn by the dominance of tech-driven economies and business opportunities abroad.
Emerging financial hubs like Dubai, Frankfurt, and Los Angeles are increasingly attracting wealthy individuals, further diminishing London's financial clout.