Millionaires Abandoning London: Wealth Exodus Puts Capital’s Status at Risk

London has witnessed a notable exodus of millionaires, with fresh data revealing a sharper decline in its wealthy population than any other major city worldwide—except for Moscow.

According to the latest global wealth report compiled by Henley & Partners in partnership with New World Wealth, London is one of just two cities among the world’s top 50 wealth hubs to register a drop in the number of affluent residents over the past decade.

The capital lost 11,300 dollar millionaires in the past year alone. Alongside them, 18 centimillionaires—those with at least $100 million in investable assets—and two billionaires also exited. The report defines wealth in terms of liquid assets such as cash, stocks, and bonds, excluding property holdings.

Economic factors including fluctuating currency values, increasing taxes, and broader political uncertainty, are thought to be behind this trend.

Since 2014, London has seen a 12% decline in its millionaire population, which now stands at 215,700 individuals. Despite the downturn, London remains home to more millionaires than any other city globally.

Rising Taxation and Policy Shifts Drive the Wealthy Abroad

Over the past ten years, approximately 30,000 millionaires have departed from London. In contrast, Moscow has seen an outflow of about 10,000 high-net-worth individuals. Experts have cautioned that the UK could see up to 20% of its millionaire population vanish if the current economic climate persists.

Concerns have intensified under the present Labour government, with fears surrounding potential tax increases, including changes to capital gains tax and a freeze on inheritance tax thresholds. Adding to these worries is the recent reform of the long-standing “non-dom” tax regime.

“The new system stipulates that individuals will have to pay UK tax on their worldwide income and gains after four years of residence. In addition, their global assets may be liable for UK inheritance tax—one of the highest such taxes in the world,” notes the report.

As a result, many of the UK’s wealthiest are looking abroad for more accommodating financial climates. Countries such as Greece, Portugal, Spain, and the UAE are increasingly popular among the elite, thanks to more favourable tax incentives or lower overall taxation.

London’s Position Under Threat

With such a sustained departure of high-net-worth individuals, London’s stature as a global wealth hub is under considerable threat. Although it still holds the top position for the number of millionaires, its downward trajectory contrasts sharply with cities experiencing a surge in affluence.

Top Ten Cities by Number of Dollar Millionaires and Decade-Long Change:

As wealth migrates to more tax-efficient territories, the UK must grapple with the economic implications of a shrinking affluent base—one that traditionally contributes significantly to investment, philanthropy, and local enterprise.