Overview
- 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.