Blog • Published on:February 24, 2025 | Updated on:April 29, 2025 • 14 Min
London has a its unique feel, polished, energetic, and tied to wealth in a way few places are. It’s a city that’s always pulled in people who’ve made it big.
But what’s happening here in 2025? Why do millionaires choose London, live well, and build their lives, and why are some packing up and leaving? It’s a story of opportunity, a standout lifestyle, and some recent changes stirring the pot. Let’s get into it.
Here’s a quick look at London’s wealth numbers for 2025.
Currently, London is home to 227,000 millionaires, defined as individuals with at least £1 million in liquid assets or easily sellable investments. This marks a 3.8% increase from 2024, modest growth, but a clear indication that the city continues to attract and retain wealth.
Globally, it sits behind New York’s 349,500, Tokyo’s 298,300, Singapore 244,800, holding a firm spot among the world’s rich cities. After years of Brexit uncertainty, things have steadied. The pound’s value, hovering around $1.25, makes London a reasonable buy-in for foreigners eyeing property or business deals.
While it may not top the charts in millionaire numbers, London holds a distinct appeal. It isless frenetic than New York, more established than Dubai, and far more connected than quieter cities like Zurich.
The city blends finance, tech, and culture in a way that keeps it on the map for wealthy residents who want a base, not just a stopover.
The growth comes from a few places. Overseas investors are investing money into tech startups and financial ventures. Property in prime spots, like Kensington or Chelsea, has climbed 4% in value this year, showing faith in the market.
London’s ability to adapt, from its banking roots to its newer tech scene, keeps the millionaire tally ticking up, even if it’s not a dramatic surge.
London’s millionaire population is a mix of wealth creators and wealth inheritors, with individuals coming from diverse backgrounds and industries. The key groups include:
There are around 4,750 ultra-high-net-worth (UHNW) Londoners with $30 million or more. They’re buying £20 million flats in Knightsbridge, jetting off privately, or hosting dinners in homes with postcode prestige.
Most, about 3,200, fall between $30M and $50M. Around 1,000 lands between $50M and $100M, and a small batch, maybe a few hundred, cross into $100M territory.
London's UHNW individuals diversify their investments across various asset classes, focusing on stability, long-term growth, and prestige. Some of the key sectors attracting their capital include:
Discretion is key. London’s ultra-wealthy prefer a low-profile lifestyle, avoiding ostentatious displays of wealth. Rather than showcasing their fortunes on social media or mooring superyachts in high-visibility locations, they gravitate towards:
As of 2025, London is home to 36 billionaires, a slight decrease from 89 the previous year. This elite group comprises both longstanding affluent families and self-made magnates who have capitalized on contemporary industries.
London's billionaires have amassed their fortunes across a diverse range of sectors:
The distribution of wealth among London's billionaires is notably uneven:
London's billionaires lead lifestyles marked by luxury and influence:
Despite its high living costs, London continues to attract and retain millionaires from around the globe. Several key factors contribute to this enduring appeal:
1. Business Environment
2. Property Investments
3. Quality of Life
4. Tax Policies
London is experiencing a significant outflow of millionaires, with 10,800 high-net-worth individuals leaving the UK in 2024—a 157% increase from the previous year. This trend equates to one millionaire departing every 45 minutes, profoundly impacting the city's economic landscape.
Several key factors contribute to this exodus:
Wealthy individuals leaving the UK are relocating to countries offering more favourable tax regimes and economic stability, such as:
In response to the outflow, the UK government is considering measures to retain high-net-worth individuals, such as:
The departure of millionaires has significant economic consequences:
Addressing this trend requires a balanced approach, ensuring that tax policies are fair yet competitive and that the UK's economic environment remains conducive to retaining and attracting high-net-worth individuals.
In 2025, London's affluent individuals are strategically allocating their wealth across various sectors to ensure growth and stability. Key investment areas include:
1. Prime Real Estate
2. Technology Ventures
3. Sustainable Investments
4. Luxury Collectibles
Historically, the UK has attracted high-net-worth individuals through programs like the Tier 1 Investor Visa, which required a minimum investment of £2 million in UK assets, offering a pathway to residency and potential citizenship after five years. However, this visa route was closed to new applicants in February 2022.
For those who secured the Investor Visa before its closure, the journey to permanent residency remains viable. These investors often allocate funds to government bonds or UK businesses, balancing risk with reward.
In 2025, it's estimated that 60% of new ultra-wealthy residents followed this investment pathway, seeking benefits such as access to the UK's healthcare system, legal protections, and a globally respected passport.
Alternatively, individuals leverage family connections or employment opportunities to establish residency. The UK's non-domiciled ("non-dom") tax status has been a significant draw, allowing residents to exclude foreign earnings from UK taxation. However, this regime is set to be abolished in April 2025, prompting many to reassess their residency plans.
As the UK modifies its immigration and tax policies, high-net-worth individuals are exploring various avenues to secure residency, weighing the evolving benefits and obligations of life in the UK.
Looking ahead, projections suggest that London's millionaire population could reach approximately 250,000 by 2030. This anticipated growth aligns with the city's economic expansion, which is bolstered by strengthening trade ties with Asia and the United States.
However, upcoming tax reforms, particularly the planned abolition of the non-domiciled tax status in 2026, may influence the residency decisions of high-net-worth individuals.
Despite these challenges, London's unique blend of financial prowess, cultural richness, and global connectivity continues to make it a desirable destination for the affluent.
As of 2025, London is home to approximately 892,000 millionaires, reflecting a 3.8% increase from the previous year.
The UK government has announced the abolition of the non-domiciled (non-dom) tax status, effective from April 6, 2025. This change requires all UK residents to pay taxes on their global income, leading some high-net-worth individuals to reconsider their residency in the UK.
London's affluent individuals are diversifying their investments across prime real estate, technology ventures, sustainable projects, and luxury collectables, aiming for growth and stability in their portfolios.
The significant outflow of millionaires from London is primarily attributed to recent tax policy changes, including the abolition of the non-dom tax status and economic uncertainties. These factors have prompted many to seek more favourable tax regimes and stable environments abroad.
In response to the departure of high-net-worth individuals, the UK government is considering measures such as tax reforms and economic incentives to retain and attract wealthy residents, aiming to balance revenue generation with maintaining the country's appeal to affluent individuals.
HM Revenue & Customs. (2024, October 30). Reforming the taxation of non-UK domiciled individuals. GOV.UK. https://www.gov.uk/government/publications/reforming-the-taxation-of-non-uk-domiciled-individuals
Office for Budget Responsibility. (2024, November 15). Economic and fiscal outlook – November 2024. https://obr.uk/efo/economic-and-fiscal-outlook-november-2024/
The Times. (2025, February 21). City bankers lobby Rachel Reeves on non-dom reforms. https://www.thetimes.co.uk/article/city-bankers-lobby-rachel-reeves-non-dom-reforms-ltn30hs62
Financial Times. (2024, November 1). UK tax plan for wealthy foreigners risks turning London into 'bigger version of Bahamas'. https://www.ft.com/content/54ee23f4-c49d-4079-b8f0-8136c2f67521
Le Monde. (2024, August 9). In the UK, two centuries of tax exemption for wealthy foreigners are about to end. https://www.lemonde.fr/en/economy/article/2024/08/09/in-the-uk-two-centuries-of-tax-exemption-for-wealthy-foreigners-are-about-to-end_6712079_19.html
New World Wealth & Henley & Partners. (2024). World’s Wealthiest Cities Report 2024. Henley & Partners. https://www.henleyglobal.com/publications/wealthiest-cities-2024
Written By
Alice Emmanuel
Alice Emmanuel is an expert in residency and citizenship by investment, specializing in government compliance and program optimization. With over 8 years of experience, she has guided high-net-worth individuals through acquiring global mobility and new citizenships, particularly in Europe, the Caribbean, and the Middle East. Alice's in-depth knowledge of Middle Eastern residency programs makes her a trusted advisor for investors seeking security and diversification in the region.