London is no longer one of the top five wealthiest cities in the world after losing more millionaires than anywhere else, including Moscow. The Times has more.
An annual report on global wealth says the UK’s capital has lost 11,300 dollar millionaires over the past year, including 18 centimillionaires and two billionaires. A centimillionaire is someone who has at least $100 million, while a billionaire has more than $1,000 million.
The study, conducted for the advisory firm Henley & Partners by New World Wealth, defines wealth as ‘liquid investable’ assets, which means cash, bonds and shares but excludes property wealth.
The assessment was conducted before the recent stock market falls that followed the announcement of Donald Trump’s tariffs.
New World Wealth said that London, which now has 215,700 dollar millionaires, is one of only two cities in the top 50 — the other being Moscow — that has fewer rich people than 10 years ago. Even Paris has seen a rise in the number of millionaires, with a 5% increase over the period.
In total, London has lost 12% of its richest residents since 2014, with the decline being attributed to tax increases, Brexit and the fall in the value of the pound, while Moscow has lost 25%, mostly because of Vladimir Putin’s invasion of Ukraine in 2022.
However, in absolute terms, London has lost more millionaires than anywhere else, with about 30,000 heading for the exit over the past ten years, compared with 10,000 fleeing Moscow.
Last week the Times reported how the exodus of wealth from the UK had accelerated sharply in the first three months of the year before Labour’s abolition of the non-domiciled tax regime.
Worth reading in full.
Stop Press: Matthew Lynn has compiled a rundown of ‘How Labour killed London: in five charts’: “From a stagnating economy to rising crime, our capital city is in crisis.”
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