What happened London has dropped out of the world's top five wealthiest cities after seeing the second largest fall in millionaire numbers, behind only Moscow.
Who said what According to an annual study conducted for the advisory firm Henley & Partners by New World Wealth, the UK's capital has lost 11,300 dollar millionaires over the past year, including 18 centimillionaires (people who have more than $100 million) and two billionaires.
London's dip in rich residents has been attributed to "tax increases, Brexit and the fall in the value of the pound", while Moscow's is "mostly because of Vladimir Putin's invasion of Ukraine in 2022", said The Times.
What next? As to where the wealthy are going, according to tax advisers they are relocating to countries such as Portugal, St Kitts and Nevis, Spain, Greece, the United Arab Emirates and Italy, where taxes are lower or can be avoided altogether. According to the study, the world's five wealthiest cities with the most dollar millionaires are now New York, San Francisco, Tokyo, Singapore and Los Angeles. |