Nandy blames Brexit for the capital's millionaire exodus

London no longer in world’s top five wealthiest cities

- MILLIE COOKE

Brexit is to blame for the exodus of millionaires plaguing London, the culture secretary Lisa Nandy has claimed, vowing to get “a far better deal with the European Union that makes sure that we can continue to support British business”.

It comes after a report found that London is no longer one of the top five wealthiest cities in the world after losing a higher proportion of millionaires than anywhere other than Moscow.

The study, conducted by New World Wealth for advisory firm Henley and Partners, said the UK’s capital has lost 11,300 dollar millionaires over the past year, including 18 centimillionaires – someone who has more than $100m – and two billionaires.

Critics have blamed Labour’s overhauling of the non-dom tax regime, which allowed international millionaires to live in the country while paying lower taxes.

Asked about the findings, Ms Nandy primarily blamed Brexit for the issues and said the Labour government is “taking the right approach” and “striking the right balance” when it comes to taxing wealth and supporting business.