Overview

• London lost 11,300 millionaires in the past year, including 18 centimillionaires and 2 billionaires, marking a 12% decline in its wealthiest residents since 2014.
• The abolition of the non-domiciled tax regime, effective this week, is a major factor prompting wealthy individuals to relocate to countries with more favorable tax policies.
• Brexit has been identified by officials, including Culture Secretary Lisa Nandy, as a key driver of the exodus, citing its economic and trade implications.
• The departure of prominent figures like steel tycoon Lakshmi Mittal underscores concerns about the broader economic impact on the UK, including job losses and reduced investment.
• Competing financial hubs like New York, Dubai, and Paris are attracting mobile capital, further diminishing London’s status as a global wealth center.