London’s millionaire exodus is becoming harder to ignore. The city, once a magnet for global wealth, is now seeing thousands of its richest residents depart.
Recent data shows that in just one year, around 11,300 dollar millionaires left London. That includes 18 centimillionaires and two billionaires. Since 2014, the city’s wealthy population has dropped by 12%, pushing it out of the world’s top five richest cities.
Main Drivers Behind London’s Millionaire Exodus
Several key factors have triggered this shift in where the wealthy choose to live and invest.
Brexit’s Role in the Millionaire Migration from London
The aftermath of Brexit has introduced new trade barriers and financial uncertainties. Many wealthy individuals feel that the UK is less stable and less connected than before.
This political shift is a major contributor to London’s millionaire exodus, as investors look for safer and more globally integrated alternatives.
Tax Changes Fueling the Wealthy Exodus from London
The UK has ended the “non-dom” tax rule, which allowed wealthy foreign residents to avoid paying tax on income earned abroad. Now, these individuals must pay full UK tax on global income and assets.
For many, this change removes a major reason for living in London and has driven some of them to relocate.
Economic Slowdown Accelerates the High-Net-Worth Departure
The London Stock Exchange is underperforming. The British pound remains volatile. Compared to cities like New York or Singapore, London’s financial outlook looks less appealing.
As a result, wealthy people are shifting their money—and lives—elsewhere.
Global Trends: London’s Millionaire Exodus Compared
Though London’s millionaire exodus is serious, it’s not the worst worldwide. Moscow has seen an even sharper drop due to sanctions and instability.
Meanwhile, other global cities are gaining ground. New York, Singapore, and San Francisco are attracting millionaires with stronger economies, lower taxes, and growing industries.
Political Response to the Millionaire Migration
UK leaders are beginning to take notice. There are early discussions about adjusting tax policy and rebuilding investor confidence.
Some proposals include targeted tax breaks and better incentives for international businesses. However, it’s unclear whether these steps will be enough to slow the outflow of wealth.
Why London’s Millionaire Exodus Affects Everyone
London’s millionaire exodus doesn’t just affect the rich. It could also mean fewer investments in local businesses, fewer luxury real estate deals, and fewer high-paying jobs.
Cities benefit from wealthy residents spending and investing locally. Their departure can ripple through many layers of the economy.
Can London Reverse the Trend of Millionaire Migration?
To reverse this trend, the UK must rebuild confidence in its economy and tax system. That means being competitive on the world stage and offering stability to investors.
London still has a strong global brand, but it will need fresh strategies to keep and attract wealthy residents moving forward.
