London: London, once known as the city’s richest people, is now losing millionaires on a large scale. The journey, which has been going on for the last few years, has now gained momentum, and will leave more than 11,300 millionaires London alone in 2024. This trend of migration towards countries like Asia and America is also affecting the British economy.
According to a report by the international counseling firm Henley & Partners, a large number of rich people have been leaving London since 2014. According to New World Wealth data, London has lost 12% of its rich citizens in the last 10 years. Due to this situation, London is now out of the list of ‘top 5 richest cities in the world’.
The main reasons for migration of millionaires
According to experts, there are many important reasons behind the migration of rich people from London.
1) Increasing burden of taxes.
Capital profit taxes and property taxes are very high in Britain. Rich individuals and industrialists have to pay more tax than other countries. As a result, they are moving towards high tax exemption places.
2) adverse effects of braxit
Britain decided to leave the European Union (EU) in 2016. This resulted in adverse effects on trade, investment and employment opportunities. Due to this, business and technology entrepreneurs started turning to other countries.
3) Due to decline in job opportunities
Especially in the technology sector, many millionaires have chosen to migrate to the US and Asia. There is a lot of investment in the technology sector in places like San Francisco, Singapore and Dubai.
4) Decreased importance of London Stock Exchange
The London Stock Exchange is no longer among the world’s top 10 stock exchanges. On the other hand, the stock markets of Asia and America are proving to be more effective. Therefore, big investors find other markets more attractive than London.
London’s position in danger, Los Angeles took place
London still has 215,700 millionaires, compared to 227,000 last year. This means that there has been a significant decline in the number of rich persons. For the first time in decades, London has been out of the list of ‘top 5 richest cities in the world’. Instead, Los Angeles in the United States has moved up to fifth position in this list. Interestingly, no other city in Europe has lost as many millionaires as London. Despite Russia’s involvement in the war, Moscow has created 10,000 new millionaires, while London is losing its assets.
Asia and America are new centers for millionaires
Many millionaires leaving London have chosen to move to cities in the US and Asia. The number of millionaires in the San Francisco Gulf region has increased by 98%. The number of millionaires in Singapore has increased by 62%. A large number of rich people are settling in cities like Dubai, Tokyo and Los Angeles. Today, New York is the world’s richest city with 384,500 millionaires.
Danger bell for London
Migration of millionaires from London has created a major challenge for the British economy. London has had to lose thousands of rich citizens due to increasing tax, influence of braxit, lack of employment opportunities and the decline of London Stock Exchange. In contrast, there is a huge increase in the number of new rich people in the cities of America and Asia. If London did not simplify tax policies and did not promote technology and trade sector, then it may lose more rich people in the future.
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