Why Millionaires Are Abandoning London And Heading to Greece

London is losing its rich — and fast. According to a new global wealth report by Henley & Partners and New World Wealth, the UK capital has lost 11,300 dollar millionaires, 18 centimillionaires, and two billionaires in just the past year. That’s the steepest decline of any global city except Moscow.

Since 2014, London’s millionaire count has dropped by 12%, totaling a loss of around 30,000 wealthy residents over the past decade. And the exodus is expected to continue, with experts warning that Britain could lose up to 20% of its millionaire population under the current Labour government. Among the driving forces: increased income taxes, capital gains tax hikes, and the phasing out of the non-dom regime, which previously allowed foreigners to avoid UK tax on overseas income.

So where are the millionaires going? Countries like Greece, Portugal, Spain, and the UAE are luring them in with attractive tax regimes and Golden Visa programs. Greece, in particular, is gaining momentum with its combination of lower taxes, investment opportunities, and a sun-soaked lifestyle that contrasts sharply with the UK’s tightening fiscal climate.

Despite the downturn, London still ranks among the wealthiest cities globally with 215,700 millionaires. But the rise of cities like Singapore (+62%), San Francisco (+98%), and Sydney (+28%) over the past decade signals a broader shift in the geography of global wealth.

As London’s appeal fades, the super-rich are seeking safer financial ground — and southern Europe is looking increasingly golden.