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.
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.”
Dr. Will Jones is Editor of the Daily Sceptic. He has a PhD in political philosophy, an MA in ethics, a BSc in mathematics and a diploma in theology. This article was first published HERE
2 comments:
I read that news about the millionaires leaving London for pasture new to avoid paying tax and thought, good idea.
However, on reflection at what point do you stop and start saying, maybe I have enough, maybe I have too much and should start to give some back.
London is the greatest city on Earth,
It always has been. If you want to enjoy it, pay a bit more and stay.
The wealth inequality is driving huge political and social change.
I’m all for wealth, stand on your own two feet and don’t be a burden on the state. Too much concentrated wealth is not good and leads to perverse outcomes for society.
Greed is good, is not a virtue to live by.
I wonder if gold ownership is included in the assessment. Many multi milionaires are very astute and in this age of money printing will have moved into gold, very difficult to quantify, especially if hidden in a Kensington basement..
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