London’s millionaires on the move: What’s driving their migration and where are they going

People have long chosen to make London their home, allured by its multicultural society, world-class education, stunning natural landscapes, and rich cultural heritage. However, a new report reveals that many of the city's wealthiest residents are now heading in the opposite direction, primarily to cities in the United States or Asia.

According to the annual World's Wealthiest Cities report by advisory firm Henley and Partners, released Wednesday, at least 11,300 dollar millionaires left London in 2024, driven by high taxes, lingering effects of the 2008 financial crisis and Brexit-related uncertainties. 

London now has 2,15,700 dollar millionaires, down from 2,27,000 in 2023.

‘Capital gains tax, estate duty rates in UK among the highest’

According to AFP, Andrew Amoils, Head of Research at New World Wealth, said the “growing dominance" of the United States and Asia in tech “caused several wealthy tech entrepreneurs in the UK to reconsider their base…Brexit has arguably had an exacerbating effect on this." 

He added capital gains tax and estate duty rates in the UK are "amongst the highest in the world, which deters wealthy business owners and retirees from living there".

He also cited the "dwindling importance" of the London Stock Exchange, which now holds 11th rank in the world by market capitalisation, and the ascendance of nearby financial hubs like Frankfurt and Dubai.

Tax advisors disclosed that some people were shifting to countries such as Portugal, Greece, Spain, the United Arab Emirates and Italy, where taxes are not high or people can pay a fixed annual fee to avoid them, The Times said.

Asia and America are rising when it comes to millionaire residents. 

San Francisco Bay area witnessed a whopping 98 per cent increase in the number of millionaire residents, while Singapore in Asia saw a 62 per cent rise in millionaires.

London’s millionaire population has fallen 12 per cent since 2014, while Moscow, the only other city in the top 50, has recorded a 25 per cent decline. 

Paris saw a 5 per cent increase in millionaire residents since 2014, with the San Francisco Bay area also rising by 98 per cent and Singapore with a 62 per cent millionaire growth. Notably, with 3,84,500 millionaires, New York City ranks on top.