Daily SumUp

UK capital loses more rich residents than anywhere else on Earth, second only to Moscow – as Labour’s high taxes and falling pound blamed for exodus.

London is no longer one of the five wealthiest cities on the planet, after suffering a dramatic exodus of millionaires that has seen tens of thousands of the super-rich abandon the capital over the past decade.

According to the latest World’s Wealthiest Cities Report 2025, published by international wealth advisors Henley & Partners in collaboration with New World Wealth, London has lost a staggering 11,300 dollar millionaires in the past year alone, including 18 centi-millionaires and two billionaires.

The city now ranks sixth globally, overtaken by Los Angeles, which has surged ahead thanks to a growing population of ultra-wealthy residents and a more favourable tax environment.