London was always amongst the favourite cities in the world to settle down for the super rich. However, that's not the case now. According to a new report, millionaires are fleeing London in thousands for better opportunities. This has forced UK out of the top five richest cities in the world.

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The exodus is largely happening to Asia and America. Though, the migration is nothing new as it has been happening for a while, the pace at which it is taking place is worrisome.

Reason behind the exodus

Rising taxes, failure to fully recover from the 2008 financial crisis, Britain's decision to separate itself from Brexit (rest of Europe) and the falling value of the pound has prompted millionaires living in the city to take this decision. It also comes amid Britain’s 200-year-old “non-dom" tax regime taking effect. A debate over the implementation of a wealth tax in the UK is also being attributed for London losing out on the super rich.

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According to a report by New World Wealth published for advisory firm Henley and Partners, 11,300 dollar millionaires out of the 215,700 dollar millionaires already residing in London have left the city over the past 12 months. This includes 18 centimillionaires — an individual with a net worth of $100 million or more (£78 million) — and two billionaires. 

Is the situation grim?

Though the migration has been rapid, the city still has 215,700 millionaires. For the first time in decades, London failed to make it to the list of 'Top 5 Wealthiest' cities, Los Angeles grabbed the number five spot.

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Notably, the number of millionaires that left London was higher compared to any other European city. While Moscow was the second country to lose maximum number of millionaires.

Exodus to Asia and America

Asia and America have been the favourite destinations now for millionaires to settle down. There has been a 98 per cent rise in the number of millionaire residing in San Francisco Bay area, while Singapore in Asia has recorded a rise of 62 per cent.

New York City, The Bay Area, Los Angeles, and Chicago were in the list of 'top 10' cities where the super rich made a move, while  Hong Kong, Tokyo and Singapore featured in the list from Asia