Why are thousands of millionaires leaving London?
Millionaires are leaving london in large numbers. This number is not in hundreds but has now reached thousands. In the year 2024 itself, more than 11,000 millionaires left london to live in countries like Asia or America. This has been happening for the last few years, but now it has accelerated. According to the information collected every year by property advisory companies, there are some major reasons behind this such as rising taxes, not yet fully recovering from the economic recession of 2008 and Britain's separation from the european Union.
Know what came out in the report
London was once considered the home of the richest people in the world, but after 2014, there has been a decline in the number of rich people. In the last 10 years, london has lost 12% of its rich people. Now London has also dropped out of the list of 'Top 5 richest cities in the world'.
According to a report by consulting firm Henley & Partners, more than 11,300 millionaires left london between january and december last year. Data collection company New World Wealth has also confirmed this.
Los Angeles benefited
Although the situation in london has deteriorated to some extent, the situation is not completely bad. London, often called the 'Square Mile', still has 2,15,700 millionaires living in it, whereas a year ago this number was 2,27,000. For the first time in many years, london could not make it to the list of 'Top 5 richest cities in the world'. This time Los Angeles has come at number five.
The truth is that london has lost more millionaires than any other city in Europe. About 11,300 millionaires have left the city. Despite russia being involved in the war, moscow remained at second place in this list, from where 10,000 millionaires left.
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