A single in 39 Londoners—or 227,000 men and women in a inhabitants of 8.8 million—have at the very least $1 million of liquid, investable wealth, in accordance to the World’s Wealthiest Towns Report 2024.

The research, compiled by Henley & Companions and New Entire world Wealth, ranks the U.K. cash 5th globally for its significant-internet-worth inhabitants, at the rear of New York (349,500 millionaires), San Francisco and the Bay Spot (305,700), Tokyo (298,300) and Singapore (244,800).

Paris came in seventh in the earth and 2nd in Europe, with 165,000 liquid millionaires. Regardless of becoming dwelling to the world’s richest individual, Bernard Arnault, the French funds also trails London in complete billionaires, with 23 to London’s 35.

It is not stunning to find superior-web worth people today (HNWIs) congregating in main international metropolitan areas like these, the place so much wealth is the two designed and managed. 

However, the rankings reflect additional than the financial exercise of the metropolitan areas in problem. Insurance policies have an effects far too. 

London and the U.K. additional broadly had been traditionally highly profitable in attracting foreign HNWIs, but in accordance to Henley’s knowledge the country has professional internet outflows of millionaires considering that the Brexit vote in 2016.

“Whatever 1 may perhaps think about the deserves of Brexit, this cohort is voting with its feet. Coupled with the plan modify to eliminate long lasting non-domiciled taxpayer standing, Brexit has built the United kingdom considerably less hospitable and welcoming to HNWIs,” former Lloyds Bank Professional chief economist Trevor Williams commented last 12 months. 

A surge in millionaire web outflows also transpired in 2022-3, with all around 5,000 persons believed to have left—something most likely to be linked to the U.K.’s abrupt ending of its tier 1 investor (or ‘golden’) visa immediately after Russia’s invasion of Ukraine.

London and Paris were being joined by 15 other European towns in the world-wide top 50, with Dublin acquiring the speediest expanding millionaire inhabitants and Moscow the swiftest falling.