London’s attractiveness as a destination for HNWs – Zoe Jacob pens letter to the Editor

Partner and Head of Immigration, Zoe Jacob pens a letter to the Editor of The Times reinforcing London’s deserved reputation as a premier destination for the world’s wealthy.

Zoe's Letter says: 

Dear Sir, I was interested to read your reporting on the decline of London’s attractiveness to the globally wealthy (London falls out of top five wealthiest cities as millionaires leave, 8th April 2025), as we have observed a more nuanced picture.

Whilst outbound migration has undoubtedly increased since Reeves’ non-dom tax changes, we have noted a simultaneous spike in levels of inbound migration due to a number of factors; including the relocation of American HNWIs following the change in presidency (as reported by the Time on 5 March 2024: Why uber-rich Americans are escaping to the UK) and the attractiveness of the new tax regime to those who foresee a liquidity event in their short-term horizon.

London itself also retains its unique attractiveness as a destination for HNWs: it offers a politically safe landscape, top-tier education and prestigious properties (Notting Hill and the Cotswolds being the current go-to locations for overseas purchasers). Los Angeles, the city that has pushed London down from fifth to sixth place in the survey you reference in your article, on the other hand has recently experienced devastating fires. As a consequence, for the first time we have seen climate change migration impacting the HNW space and pushing people towards our colder climes.

There are two sides to the coin, and whilst people have been starting afresh overseas, there is a continued demand for the lifestyle London has to offer. Perpetuating a 'doom and gloom narrative', without paying equal attention to the positives, risks undermining London's deserved reputation as a premier destination for the world's wealthy.