London was once ranked among the five richest cities in the world, but it has now slipped to sixth place. The city is home to 215,700 millionaires, 352 centi-millionaires (individuals with wealth exceeding $100 million), and 33 billionaires. Among London’s well-known billionaires are Royal Caribbean heiress Peter Pribin Wilhelmsson and investor Len Blavatnik.
However, London has experienced a 12% decline in its millionaire population over the past decade. As a result, by early 2025, it dropped out of the top five wealthiest cities globally. According to the Henley & Partners 2025 report, London now ranks sixth, with 215,700 millionaires.
Ranking Shift
Los Angeles has replaced London in the top five, joining leading cities such as New York City, Tokyo, and Singapore.
As of 2025, the top five wealthiest cities are:
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New York City
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Tokyo
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San Francisco Bay Area
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Singapore
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Los Angeles
Despite its drop in ranking, London remains one of the world’s leading global wealth hubs.
Decline in Millionaires
London and Moscow are the only two cities among the top 50 to record a decline in wealthy residents over the past decade. Many high-net-worth individuals have relocated from London to nearby regions such as Surrey or to international hubs like Dubai and Monaco, often attracted by favorable tax incentives and lifestyle benefits.
Additionally, some British millionaires are moving to Portugal, drawn by its comparatively affordable luxury lifestyle.
Most Expensive Cities (Top 10)
In terms of the world’s most expensive cities for high-net-worth residents, the top ten rankings are:
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Hong Kong
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Singapore
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Zurich
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Geneva
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Basel
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Bern
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New York City
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London
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Nassau
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Los Angeles
London’s Financial Strength
The City of London remains home to major exchanges, banks, brokers, investment managers, pension funds, hedge funds, private equity firms, insurance companies, and reinsurance markets. London continues to play a central role in international finance, serving as a global meeting point for foreign participants in financial markets.
While New York leads in economic size and financial sector strength, London excels in innovation, resilience, and European influence. Meanwhile, Paris stands as Europe’s second wealthiest city after London.
The Paris metropolitan region (Île-de-France) has a GDP exceeding $1 trillion, making it the largest single urban economy in the European Union. In fact, the Paris region alone contributes nearly 30% of France’s total GDP.
Cultural and Creative Capital
London has long been a magnet for creative minds. From William Shakespeare to Jimi Hendrix and J. K. Rowling, many of the world’s greatest artistic figures have been inspired by the city.
Today, London continues to attract top talent in music, visual arts, acting, comedy, and contemporary literature.
Looking Ahead
There are many factors that make London one of the world’s greatest cities—its diversity, individuality, innovation, and talent. Over the next decade, London is expected to continue evolving into an even more prosperous, beautiful, and greener metropolis.
Despite changes in rankings, London remains a global powerhouse—economically, culturally, and financially.
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