London may still have the most billionaires in the world, but millionaires are becoming less keen on the UK’s capital city, according to data out this week.
Wealth research firm New World Wealth released its “Millionaire Migration” report on Wednesday, which charts the movements of millionaires around the globe.
Sydney topped the list with an inflow of approximately 4,000 millionaires in 2015, a 4% growth. There are now 95,400 millionaires living in the city.
Melbourne, also in Australia, came second with an inflow of 3,000 millionaires to make 66,800 living there.
The Middle East is also hugely popular with millionaires, as Tel Aviv in Israel, and Dubai came in at third and fourth respectively.
This chart shows to top seven global cities with the biggest millionaire inflow in 2015:
Many of Australia’s new millionaires came from China, according to the report, as well as the UK.
London only had an inflow of about 500 millionaires in 2015, mainly because about 2,500 left the city in the same period. Most of those stayed in the UK, heading to nearby commuter towns, or left for English-speaking countries like the US, and Canada, as well as Australia.
At the bottom end of the list, Paris had the biggest outflow of millionaires, with 7,000 leaving in 2015. This is likely due to the high income tax — salaries of over €150,000 (£119,000; $171,000) have a tax rate of 45%. Several notable millionaires, including actor Gerard Depardieu, have left the country in recent years, blaming high taxes.
Rome, Chicago and Athens also saw a net loss of millionaires in 2015.
The news comes as estate agent Savills said it expected the luxury London property market to stall in 2016 due to rising stamp duty and general economic uncertainty.