London has lost 11,300 millionaires over the past year, a new report reveals. The annual study found the UK capital is no longer one of the top five wealthiest cities in the world.

The 11,300 dollar millionaires who have fled include 18 centimillionaires, worth at least $100 million, and two billionaires, who have more than $1,000 million. London now has 215,700 dollar millionaires, according to the report conducted for the advisory firm Henley & Partners by New World Wealth.

London and Moscow are the only two cities that have fewer rich people than 10 years ago.

The British capital has lost 12% of its richest residents since 2014 with the decline blamed on tax hikes, Brexit and the fall in the value of the pound.

Andrew Amoils, head of research at New World Wealth, told The Times: “Capital gains tax and estate duty rates in the UK are amongst the highest in the world, which deters wealthy business owners and retirees from living there.

“It’s worth noting that most of the companies on the FTSE 100 were started by centimillionaires, so the loss of these individuals has a massive impact on an economy."

The study defines wealth as “liquid investable” assets, which means cash, bonds and shares but excludes property.

It comes after reports that the exodus of wealth from Britain has jumped since Labour's non-dom tax raid.

From earlier this month, a crackdown came into force on the super wealthy whose permanent home is outside the UK for tax purposes.

It comes as Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves have insisted economic growth is the Government's "number one" priority.