London has experienced a significant outflow of wealthy individuals, losing 11,300 dollar millionaires over the past year, mostly attributed to tax increases, Brexit uncertainty, and past economic challenges. With a total of around 215,700 millionaires remaining, the city ranks fifth for millionaires globally but has lost nearly 12% of its affluent population since 2014. The exodus has economic ramifications, as estimated losses could exceed £10 billion annually, highlighting a stark shift in the cityâs appeal amidst rising living costs and changing fiscal policies.
London has suffered a bigger exodus of the super-wealthy than any city in the world except for Moscow, losing 11,300 dollar millionaires in just 12 months.
The decline in London's wealthy population is attributed to multiple factors, including tax rises and economic uncertainty following Brexit, alongside the impact of the 2008 recession.
Despite the loss of wealthy residents, London remains the fourth most expensive city to live in, with property prices outstripping those in all but three other global cities.
Researchers found that the loss of millionaires will likely cost the UK more than 10 billion a year in economic growth, reflecting broader fiscal implications.
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