London:
Millionaires are fleeing from London – not a handful of or dozens, but by thousands. In 2024 alone, more than 11,000 millionaires fled to London for pastures. Most of them settled in Asia or America. However, this has been happening for a few years, which is worrisome, is that the frequency and scale of the exhaust have increased rapidly.
Data collected every year by the money advisory firms shows that some more major reasons behind the migration are ever increasing, failure to overcome the 2008 financial crisis completely, and Brexit – Britain’s decision to separate itself from the rest of Europe.
‘London is falling’
London was once home to the world’s highest dollar millionaires, but since 2014, the city faced a sharp decline. In the last decade, London has lost 12 percent of its wealthiest inhabitants. London is now out of the ‘Top 5 wealthiest’ list.
According to the reports of the world’s wealthiest cities, more than 11,300 millionaires have left London between January and December last year and December. A data intelligence firm New World Wealth Seconds that is searching.
But the situation is not yet serious for square miles, as the British capital is popularly called. The city still has 215,700 millionaires – although a year ago, the number was 227,000. For the first time in several decades, London could not make it in the ‘Top 5 wealthiest’ list. Los Angeles took his place at number five.
In fact, London lost the most millionaires (11,300) compared to any other European city. In 10,000, Moscow was in second place, despite being in the Russia war.
Due to migration
Business opportunities, especially in the IT region, were also one of the affected causes of London. Andrew Amoil, head of research at New World Wealth, said, “The growing dominance” of Asia and America inspired many technical entrepreneurs and millionaires to rethink on their base. ,
While writing to the news agency AFP, he claimed that “Brexit had certainly had an impact on it”. He also said that Taxes are the highest in the world in London. “Capital profit tax and property duty rates are the highest in Britain in the British globally. This, he said, he said, high net-beauty individuals, rich entrepreneurs, and retired people to live in London, or for that case, anywhere in the UK.
Another indicator, he said, he said, the “decreasing importance” of the London Stock Exchange, which is no longer among the top 10 stock exchanges in the world in terms of market capitalization. Financial hubs in Asia, Dubai, and close houses in Europe, such as frankfurt are greatly demanded, said.
Asia and America – one million – dollar choice
In the case of millionaire residents, Asia and America are moving forward. In the last decade, San Francisco Bay Area saw a 98 percent increase in the number of millionaire residents, while Singapore in Asia recorded a 62 percent increase in millionaires.
Seven of the top 10 cities with a maximum number of millionaire residents were in America or Asia. New York City, Bay Area, Los Angeles and Chicago were American cities on the ‘Top 10’ list, while Tokyo, Singapore and Hong Kong were three from Asia on that list.
Cities like Dubai, Tokyo, Los Angeles registered an increase in dollar millionaires. New York City continued the top position with 384,500 millionaires.