A new report shows that in the last 10 years, around 30,000 millionaires have left London.
And in just the past one year, over 11,000 millionaires moved out.
This is the biggest loss of rich people anywhere in the world, after Moscow.
This major shift is changing not only London but also the way money and power are moving around the world.
Once a shining beacon for the world’s wealthy, London is now witnessing an exodus of its richest residents. A new study paints a striking picture: over the past decade, the British capital has lost nearly 30,000 millionaires. Even more concerning for Londoners — more than 11,000 of them left just in the last 12 months.
This is the second-biggest flight of millionaires in the world, coming in right after Moscow.
It wasn’t always like this.
Back in the 1950s, families with money from all over Europe, Africa, and Asia moved to London.
They came for better opportunities, safety, and to be closer to the center of business and politics.
This continued for many years, especially during the 1990s and early 2000s.
By 2014, London was booming.
It had around 245,100 millionaires living in the city — more than most cities anywhere.
But by 2024, the number dropped to 215,700.
That’s a loss of 30,000 millionaires in 10 years.
And it’s speeding up.
In just the last 12 months, 11,300 millionaires left London, including 18 centimillionaires (those worth over $100 million) and two billionaires.
Since 2014, London has lost 12% of its richest people.
Interestingly, among the top 10 richest cities in the world, only London and Moscow have lost millionaires.
Moscow’s situation is even worse.
It lost 25% of its millionaires over the past 10 years — falling from 40,000 millionaires in 2014 to 30,000 in 2024.
The main reason is that there is political trouble, especially after Vladimir Putin’s war in Ukraine, which forced many rich Russians to leave.
In London, the reasons are different — but just as serious.
So, why are the super-rich fleeing London?
A mix of factors are to blame.
Economic uncertainty following Brexit
After Britain left the European Union in 2016, the economy became less stable. Many rich people were unsure if London would stay a good place for business.
The failure to fully recover from the 2008 global financial crisis.
The world’s economy crashed badly in 2008. London’s financial sector, which is very important for its economy, never fully bounced back.
Higher taxes under both Conservative and Labour governments.
Both the Conservative and Labour governments raised taxes on income, property, and wealth. This made London less attractive compared to places with lower taxes.
And a fall in the value of the British pound, which has eroded wealth.
The British pound has lost value over time. For millionaires, this meant their money was worth less compared to the US dollar or the euro.
And the smaller issue is also creating a major problem like
- The cost of living went up.
- Private schools became more expensive.
- New rules made it harder to hide money in offshore accounts or buy property easily.
But, where are the millionaires going?
As London and Moscow lose their elite, other cities are emerging as magnets for wealth.
Shenzhen and Hangzhou in China are seeing a surge, fueled by their rise as tech powerhouses.
Dubai is another big winner, thanks to its zero income and capital gains taxes and its reputation as a business-friendly hub.
Still, these rising cities have a long way to go to catch up with the top five destinations for the ultra-wealthy.
At number one sits New York City — still the king of global wealth.
The Big Apple is home to 384,500 millionaires.Next is San Francisco, the heart of Silicon Valley, with 342,400 millionaires.
Tokyo claims the third spot, with 292,300 millionaires.
Following closely is Singapore, home to 242,400 millionaires, and then Los Angeles, with 220,600 millionaires.
Despite the sharp decline, London still holds the sixth position.
But with the current trend, its place among the world’s wealthiest cities is looking more fragile by the day.
This big shift shows that the world is changing fast.
New cities in Asia and the Middle East are becoming the new favorite places for the world’s richest people.
They offer better business opportunities, lower taxes, and faster-growing economies.
Meanwhile, older cities like London and Paris are facing tough competition. They have to work harder to attract and keep wealthy people.
For London, the message is clear:
It needs to change with the times — or risk losing even more of its wealth and influence.
