The streets of London will not be paved with gold, but there’s nonetheless clearly loads of it round.  

One in 39 Londoners—or 227,000 folks in a inhabitants of 8.8 million—have no less than $1 million of liquid, investable wealth, according to the World’s Wealthiest Cities Report 2024.

The analysis, compiled by Henley & Companions and New World Wealth, ranks the U.Ok. capital fifth globally for its high-net-worth inhabitants, behind New York (349,500 millionaires), San Francisco and the Bay Space (305,700), Tokyo (298,300) and Singapore (244,800).

Paris got here in seventh in the world and second in Europe, with 165,000 liquid millionaires. Regardless of being dwelling to the world’s richest individual, Bernard Arnault, the French capital additionally trails London in whole billionaires, with 23 to London’s 35.

It isn’t shocking to seek out high-net price people (HNWIs) congregating in main international cities like these, the place a lot wealth is each created and managed. 

Nevertheless, the rankings mirror extra than the financial exercise of the cities in query. Insurance policies have an effect too. 

London and the U.Ok. extra broadly have been traditionally extremely profitable in attracting international HNWIs, but in accordance with Henley’s knowledge the nation has skilled web outflows of millionaires since the Brexit vote in 2016.

“Whatever one may think about the merits of Brexit, this cohort is voting with its feet. Coupled with the policy change to remove permanent non-domiciled taxpayer status, Brexit has made the UK less hospitable and welcoming to HNWIs,” former Lloyds Financial institution Business chief economist Trevor Williams commented final yr. 

A surge in millionaire web outflows additionally occurred in 2022-3, with round 5,000 folks estimated to have left—one thing prone to be linked to the U.Ok.’s abrupt ending of its tier 1 investor (or ‘golden’) visa after Russia’s invasion of Ukraine.

London and Paris have been joined by 15 different European cities in the international high 50, with Dublin having the quickest rising millionaire inhabitants and Moscow the quickest falling.