London’s position as a magnet for the world’s wealthy may be under pressure, but its grip on their fortunes remains firm.
New data from With Intelligence shows that despite a wave of billionaires leaving the UK for lower-tax destinations like Monaco, Switzerland, and the UAE, London continues to rank among the top global hubs for family offices. Of the 259 single-family offices (SFOs) registered in the UK — together overseeing more than $344 billion — nearly 80% are staying put.
This includes some of Britain’s most prominent names. Lakshmi Mittal is moving to the UAE, the Livingstone brothers to Monaco, and shipping magnate John Fredriksen to Dubai — yet their respective family offices (LK Advisers, London & Regional, and Seatankers Management) remain anchored in London. Only one of the 52 UK family offices tied to non-doms, NNS Advisers, is confirmed to be relocating — heading to Abu Dhabi with $2.5–5 billion in assets.
The resilience highlights London’s enduring advantage: a deep pool of investment managers, lawyers, tax experts, and bankers that make up Europe’s most sophisticated wealth ecosystem. The UK holds 36% of Europe’s asset management market, far ahead of its neighbours, which keeps private capital sticky even as individuals move abroad.
Still, Britain faces record millionaire outflows — projected at 16,500 this year, more than any other country — driven by higher taxes, post-Brexit uncertainty, and tighter immigration rules. Analysts warn that future policy changes, including a possible wealth tax under Rachel Reeves, could test London’s hold on global fortunes.
For now, however, the paradox holds: London may be losing residents, but it remains the place where the ultra-rich choose to have their money managed.
