London is officially one of the world’s richest cities

We all know London can be pretty spenny, even if the capital boasts plenty of stuff that makes the city more affordable like free museums, green spaces, activities and places you can grab a great bite on a budget.

But not everyone in the city needs those free bits and bobs. London’s prices aren’t a problem for the super-rich, plenty of whom call the city home. And that’s been recently confirmed in the 2024 edition of the annual World’s Wealthiest Cities Report by wealth migration firm Henley & Partners, where London (unsurprisingly) made the ranks. 

A whopping 227,000 millionaires live in the UK capital, along with 370 centi-millionaires (people worth over $100 million) and 35 billionaires, making it the fifth wealthiest city in the world. 

Leading the way was New York City, which is apparently home to 349,500 millionaires and 60 billionaires, and San Francisco, which is home to 305,700 millionaires and 68 billionaires. You can read more about the global top 10 on Time Out right here. 

According to the report, London was its number one wealthiest city in the world for many years. However, its millionaire growth has actually declined by about 10 percent in the period between 2013 and 2023, whereas San Francisco’s has skyrocketed by a whopping 82 percent, and LA’s by 45 percent (which is hot on its heels in spot number six). 

London as a millionaire’s playground

There’s some crazily indulgent stuff on offer across London at the moment, from this ridiculously pricey cocktail to the UK’s most expensive coffee. But on a much bigger scale, London is dotted with millionaire-standard properties too, and the most expensive flat in Britain has just gone on the market. 

Did you see that these are the most expensive tube stations to rent an office at?

Plus: Take a first look at London’s fanciest new cinema. 

Stay in the loop: sign up to our free Time Out London newsletter for the best of the city, straight to your inbox.