Hundreds of millionaires fled London previously yr with some transferring to the United States or Asia pushed out by excessive taxes and Brexit, in line with a report printed on Wednesday.
The exodus continued a decade-long pattern that has been attributed to tax will increase, failure to get better from the 2008 monetary disaster and Britain’s acrimonious departure from the European Union.
London down in sixth place
Some 11 300 greenback millionaires exited London in 2024, discovered the annual World’s Wealthiest Cities Report printed by advisory agency Henley & Companions and knowledge intelligence firm New World Wealth.
London now has 215 700 greenback millionaires, down from 227 000 in 2023, the report discovered.
The British capital was pushed into sixth place final yr by Los Angeles, which overtook it with 220 600 millionaires.
Andrew Amoils, head of analysis at New World Wealth, mentioned the “rising dominance” of the USA and Asia in tech had brought about” a number of rich tech entrepreneurs within the UK to rethink their base”.
“Brexit has arguably had an exacerbating impact on this,” he mentioned, in feedback emailed to AFP.
He added that capitals beneficial properties tax and property responsibility charges within the UK are “amongst the best on this planet, which deters rich enterprise house owners and retirees from residing there”.
Amoils additionally cited the “dwindling significance” of the London Inventory Trade, which now ranks eleventh on this planet by market capitalisation, and the ascendance of close by monetary hubs resembling Frankfurt and Dubai.
Taxes are decrease
The Instances newspaper mentioned tax advisers revealed some individuals have been transferring to international locations resembling Portugal, Spain, Greece, in addition to the United Arab Emirates and Italy, the place taxes are decrease or individuals will pay a hard and fast annual price to keep away from them.
Based on the examine, London’s millionaire inhabitants has slumped 12 % since 2014.
Moscow is the one different metropolis within the prime 50 which has fallen, struggling a 25 % decline as a consequence of Russia’s invasion of Ukraine in 2022.
Paris has recorded a 5 % rise in millionaire residents since 2014, with the San Francisco Bay space additionally hovering by 98 % and Singapore having fun with a 62 % millionaire development.
New York Metropolis has probably the most millionaires on this planet with 384 500.
In case you have been a greenback millionaire, the place on this planet would you reside?
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By Garrin Lambley © Agence France-Presse
