The streets of London may not be paved with gold, but there is certainly plenty of it.
One in 39 Londoners – or 227,000 people in a population of 8.8 million – has at least $1 million in liquid investable wealth. according to To World’s Richest Cities Report 2024.
Research by Henley & Partners and New World Wealth ranks the UK capital as the 5th most affluent city in the world, behind New York (349,500 millionaires), San Francisco and the Bay Area (305,700), and Tokyo (298,300). ). and Singapore (244,800).
Paris ranked seventh in the world and second in Europe with 165,000 liquid millionaires. Despite being home to the world’s richest man, Bernard Arnault, the French capital also trails London in the total number of billionaires: 23 versus London’s 35.
It’s no surprise that high net worth individuals (HNWI) congregate in major cities around the world like this, where so much wealth is created and managed.
However, the ratings reflect not only the economic activity of the cities in question. Politics also have an impact.
London and the UK as a whole have historically been very successful in attracting foreign wealthy people, but there has been a net exodus of millionaires from the country since the 2016 Brexit vote, according to Henley’s data.
“Whatever one thinks about the merits of Brexit, this cohort is voting with their feet. Coupled with the policy change to end permanent non-domiciled taxpayer status, Brexit has made the UK less welcoming and hospitable to high net worth individuals,” said Trevor Williams, former chief economist at Lloyds Bank Commercial. commented last year.
A surge in net outflows of millionaires also occurred in 2022-23, with an estimated 5,000 people leaving – likely linked to the UK’s sudden end to the Tier 1 (or “golden”) investor visa following Russia’s invasion of Ukraine.
London and Paris are joined by 15 more European cities in the global top 50, with Dublin experiencing the fastest growth in millionaire population and Moscow the fastest decline.