As per the recent World's Wealthiest Cities Report published by advisory company Henley & Partners and data intelligence firm New World Wealth, around 11,300 millionaires left London in 2024. The report indicates that London now holds 215,700-dollar millionaires, having hosted 227,000 in 2023. The decline has left London behind Los Angeles with 220,600 millionaires, relegating London to number six on the list of the wealthiest cities in the world.While London's high-net-worth individuals have been decreasing, so have Moscow's. High-net-worth individuals are sensitive to such taxes and seek regions with less strict tax terms under which they can retain and grow their wealth. These taxes discourage high-net-worth individuals from staying in London, particularly when compared to other regions offering more favorable tax plans, including Dubai, Switzerland, and Singapore.

Source: The Times April 12, 2025 03:34 UTC