Culture Secretary Lisa Nandy blamed Brexit for London’s dramatic exodus of millionaires, as new data reveals the capital fell out of the world’s top five wealthiest cities, The Independent reported.
A Henley & Partners report shows London lost 11,300 dollar millionaires in 2024 alone, including 18 centimillionaires ($100m+ assets) and two billionaires, marking a 12% decline since 2014.
The study attributes the outflow to Brexit’s economic fallout, tax reforms targeting non-residents, and sterling’s depreciation. Notably, the UK now trails global hubs like New York (384,500 millionaires) and faces competition from Paris, which may overtake London as Europe’s wealthiest city by 2030.
Facing criticism over Labour’s abolition of non-resident tax perks, a move projected to cost £111bn in lost growth over a decade, Nandy insisted the government is “striking the right balance.” She highlighted the UK’s competitive edge: the lowest G7 corporation tax (19%) and pledged to secure an improved EU deal to ease trade barriers currently costing the economy 4% annually.
However, critics argue the non-dom crackdown has alienated wealthy residents who once viewed Britain as a tax-friendly haven. Meanwhile, Dubai, Paris, and Geneva are top choices for departing millionaires, with UAE cities actively recruiting through golden visas and replica British amenities (e.g., Harrow School branches).
Chancellor Rachel Reeves faces pressure to soften non-dom reforms after backlash, with some estates warning of “irreversible damage” to London’s financial ecosystem. With the exodus of 30,000 millionaires from 2014, Prime Minister Keir Starmer, who promised a “reset” of the EU, will find it much harder to revive London’s attractiveness without sacrificing tax revenues and public trust.
