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London falls out of top five wealthiest cities as millionaires leave - THE TIMES
The UK capital has lost 11,300 dollar millionaires over the past year, a higher proportion than anywhere other than Moscow
BY Andrew Ellson, Consumer Affairs Correspondent
London is no longer one of the top five wealthiest cities in the world after losing a higher proportion of millionaires than anywhere other than Moscow.
An annual report on global wealth says the UK’s capital has lost 11,300 dollar millionaires over the past year, including 18 centimillionaires and two billionaires. A centimillionaire is someone who has at least $100 million, while a billionaire has more than $1,000 million.
The study, conducted for the advisory firm Henley & Partners by New World Wealth, defines wealth as “liquid investable” assets, which means cash, bonds and shares but excludes property wealth.
The assessment was conducted before the recent stock market falls that followed the announcement of Donald Trump’s tariffs.
