By Agboola Aluko | GLiDE NEWS | April 10, 2025
L ondon is witnessing a dramatic shift in its economic elite, as thousands of millionaires flee the city in search of more favourable financial climates. In the past year alone, over 11,000 dollar millionaires have exited the UK capital, marking a steep decline in London’s high-net-worth population and signalling deeper concerns about the city’s economic future.
According to a newly released global wealth report, London’s millionaire population dropped to 215,700 in 2024—down from 227,000 the previous year. The loss of 11,300 millionaires pushes London down the global rankings of wealthy cities, with Los Angeles overtaking it to claim sixth place, now boasting 220,600 millionaires.
This trend is not new, but it is accelerating. Since 2014, London has seen a 12% decline in its millionaire count. Analysts cite several long-term and immediate factors driving the migration—including persistently high taxes, post-Brexit uncertainty, and a waning financial sector.
“The UK is becoming less attractive to the world’s wealthy,” said one senior wealth analyst. “High capital gains taxes, steep estate duties, and diminishing financial opportunities in London are prompting entrepreneurs and retirees to look elsewhere.”
Cities such as Frankfurt and Dubai are reportedly gaining ground as alternative financial centres, while the London Stock Exchange has slipped to 11th globally in market capitalisation—a sign of its waning international influence.
Wealth migration patterns reveal a strong shift towards the United States and Asia, especially in technology-driven regions. Many of the UK’s top tech entrepreneurs are now relocating to thriving hubs abroad. Meanwhile, countries like Portugal, Spain, Greece, the UAE, and Italy are attracting wealthy individuals with more lenient tax policies, including flat-fee annual payments and other incentives.
While London declines, other global cities are surging ahead. New York remains the world's wealth capital with 384,500 millionaires, while the San Francisco Bay Area has seen an astonishing 98% increase in millionaire residents since 2014. Singapore also recorded a 62% rise, and Paris, long viewed as a high-tax environment, has managed to grow its millionaire population by 5%.
Only Moscow has experienced a steeper decline than London, with a 25% drop largely attributed to the geopolitical fallout from Russia’s 2022 invasion of Ukraine.
The exodus from London raises serious questions about the city's ability to retain its global economic status amid rising competition and shifting global wealth dynamics.
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