Rich Folks Are Fleeing London and Lagos, Wealth Report Shows

  • New taxes, Brexit are factors in first big outflow from London
  • Cities seeing inflows include Auckland, Dubai, Montreal

Photographer: Matthew Lloyd/Bloomberg

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Wealthy Londoners are leaving the city as new taxes make it expensive to inherit and invest, and as Brexit prompts rich Europeans living in the U.K. capital to return home.

This puts the British financial hub in the same category as Lagos and Istanbul, which are also seeing net outflows of rich people, according to the Global Wealth Migration Review published this month. About 5,000 high net-worth individuals left the U.K. during 2017 and only about 1,000 arrived, the report shows.