THOUSANDS of millionaires fled London in the past year with some moving to the US or Asia driven out by high taxes and Brexit, according to a report published Wednesday (9).
The exodus continued a decade-long trend that has been attributed to tax increases, failure to recover from the 2008 financial crisis and Britain's acrimonious departure from the European Union.
Some 11,300 dollar millionaires exited London in 2024, found the annual World's Wealthiest Cities Report published by advisory firm Henley & Partners and data intelligence company New World Wealth.
London now has 215,700 dollar millionaires, down from 227,000 in 2023, the report found.
The British capital was pushed into sixth place last year by Los Angeles, which overtook it with 220,600 millionaires.
Andrew Amoils, head of research at New World Wealth, said the "growing dominance" of the US and Asia in tech had caused" several wealthy tech entrepreneurs in the UK to reconsider their base".
"Brexit has arguably had an exacerbating effect on this," he said.
He added that capitals gains tax and estate duty rates in the UK are "amongst the highest in the world, which deters wealthy business owners and retirees from living there".
Amoils also cited the "dwindling importance" of the London Stock Exchange, which now ranks 11th in the world by market capitalisation, and the ascendance of nearby financial hubs such as Frankfurt and Dubai.
The Times newspaper said tax advisers revealed some people were moving to countries such as Portugal, Spain, Greece, as well as the United Arab Emirates and Italy, where taxes are lower or people can pay a fixed annual fee to avoid them.
According to the study, London's millionaire population has slumped 12 per cent since 2014.
Moscow is the only other city in the top 50 which has fallen, suffering a 25 per cent decline due to Russia's invasion of Ukraine in 2022.
Paris has recorded a five per cent rise in millionaire residents since 2014, with the San Francisco Bay area also soaring by 98 per cent and Singapore enjoying a 62 per cent millionaire growth.
New York City has the most millionaires in the world with 384,500. Indian cities Mumbai and Delhi also feature in the top 50.
(AFP)
FILE PHOTO: A general view shows British Steel's Scunthorpe plant, in Scunthorpe, northern England, Britain, March 31, 2025. REUTERS/Dominic Lipinski
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. (Representational image: iStock)
FBU chief raises concern over rise in racist online posts by union members
THE FIRE Brigades Union (FBU) and other trade unions are increasingly concerned about a rise in racist and bigoted online comments by their own members and officials, according to Steve Wright, the FBU’s new general secretary, speaking to the Guardian.
Wright said internal inquiries have revealed dozens of cases involving members using racist slurs or stereotypes, often aimed at asylum seekers.
He said similar issues were reported in other unions, prompting a joint campaign to counter false narratives around immigration and race promoted by far-right groups online.
“People with far-right views are becoming more brazen in what they do on social media, and I’ve witnessed it with my own union around disciplinary cases and the rhetoric of some of our own members,” Wright said to the newspaper.
He added, “Some of our members and sometimes our reps have openly made comments which are racist and bigoted. In my time in the fire service, that has gone up.”
The FBU is planning to introduce new internal policies and wants the TUC to take action as well. A formal statement addressing far-right narratives will be launched at the union’s annual conference in Blackpool next month.
Wright cited the influence of social media and figures like Donald Trump and Nigel Farage as factors contributing to these incidents. “It feels like an itch that we’ve got to scratch,” he said.
The FBU barred a former official last year for allegedly endorsing racist content on X, including posts from Britain First and Tommy Robinson.
Wright also warned that the union could strike if the government moves to cut frontline fire services.