LONDON, April 10 – London has lost more than 11,000 millionaires in 2024 alone, according to a new report by advisory firm Henley & Partners, continuing a decade-long trend that has seen the British capital fall out of the world’s top five wealthiest cities.
The report, supported by data intelligence firm New World Wealth, shows that the number of high-net-worth individuals (HNWIs) residing in London dropped by over 5% in a year — from 227,000 in 2023 to 215,700 in 2024. Since 2014, the city has shed 12% of its millionaire population, the highest net outflow among major European cities.
Analysts attribute the exodus to a combination of rising taxes, geopolitical uncertainty following Brexit, and London’s diminishing status as a global financial hub. “Capital gains tax and estate duties in the UK are among the highest globally,” said Andrew Amoils, head of research at New World Wealth. “This discourages wealthy individuals, entrepreneurs, and retirees from choosing the UK as their home.”
Amoils also cited the waning importance of the London Stock Exchange and growing dominance of Asian and American financial centres as reasons behind the shift. “Brexit has arguably exacerbated the issue,” he said. While London still ranks among the world’s major cities for millionaire residents, it now trails behind cities such as New York, Tokyo, San Francisco, and Singapore. Los Angeles recently replaced London in the fifth spot on the global list.
Across the Atlantic and in Asia, cities are seeing a surge in wealth. The San Francisco Bay Area reported a 98% increase in millionaire residents over the past decade, while Singapore recorded a 62% rise. In total, seven of the top 10 cities for millionaires are now located in either the United States or Asia. New York remains the global leader, home to over 384,000 millionaires.
