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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.

Pedestrians walk along Embankment backdropped by The London Eye, in London, on February 25, 2025.
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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.