London Faces Millionaire Exodus Amid Tax Hikes, Economic Uncertainty

London has experienced a significant outflow of millionaires, losing 11,300 in the past year alone, making it one of only two cities in the top 50 where the number of wealthy individuals has decreased over the past decade, alongside Moscow. The decline, attributed to tax increases, economic uncertainty, and the depreciation of the pound, has resulted in a 12% drop in London's millionaire population since 2014, leaving it with 215,700 millionaires. Over the last decade, approximately 30,000 millionaires have left London, in stark contrast to the 10,000 who departed from Moscow, which saw a 25% reduction due primarily to geopolitical factors. The recent abolition of the non-dom tax regime, which previously allowed wealthy foreigners to shelter their assets from UK taxes, has further spurred the exodus. Despite this downturn, London remains the city with the highest number of millionaires globally, while cities like Shenzhen and Dubai have seen significant growth in their millionaire populations. Experts warn that ongoing tax policies could lead to even greater losses of affluent residents in the future.