London falls out of top five wealthiest cities in the world as millionaires flee capital
9 April 2025, 07:27 | Updated: 9 April 2025, 13:34
London has fallen out of the top five wealthiest cities in the world after haemorrhaging millionaires in the wake of the UK's economic outlook and tax policy.
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The alarming figures show the UK has lost a higher proportion of millionaires than anywhere in the world other than Moscow - a country facing severe international financial restrictions following the war in Ukraine.
The figures, revealed in an annual report on global wealth, show's the capital has lost 11,300 dollar millionaires over the past year.
The number includes 18 centimillionaires - an individual with a net worth of $100 million or more - and two billionaires.
Conducted by financial advisors Henley & Partners, the study defines wealth as “liquid investable” assets - in basic terms, this refers to cash, bonds and shares.
Notably, this figure does not include wealth in the form of property assets.
London, which has 215,700 dollar millionaires at present, has fallen from grace as a global destination for the rich and famous.
The analysis revealed it is one of only two cities in the top 50 to boast fewer millionaires than it did ten years ago.
It comes as 'Britain's richest plumber', millionaire Pimlico Plumbers founder Charlie Mullins, announced his plans to leave the country in the wake of Labour's National Insurance hikes.
Mullins, who sold his business in 2021, insisted his family would "go mad" if they had to pay increased inheritance tax on the apartment - in the same block as a home owned by Tom Jones and other assets.
The 71-year-old, who sold his firm for £145million, said he will invest his money into property in Spain ad Dubai
In response, Downing Street hit back at Mullins over his attempt to avoid Labour tax rises.
Mullins, a Reform backer, revealed he was threatened with being stripped of his OBE after he criticised London Mayor Sadiq Khan on social media.
The millionaire revealed was approached by the Honours Forfeiture Committee who accused him of ‘bringing the honours system into disrepute’ last September over comments he made in 2022.
Asked if Mr Mullins' actions were "patriotic", a No10 spokeswoman said: "The PM believes that the UK is the best place to do business and invest in and the focus of the government is in insuring we are supporting businesses and providing them with the stability and longevity to do business here."
She added: "The Prime Minister has been clear that growing the economy is the central and first mission of this government.
"But at the same time it is also right you have to first fix the foundations of our economy and that is why we are being straight with the public and restoring public finances."
