Millionaires are increasingly moving out of London as new figures show the proportion of super rich dropped more than anywhere else except Moscow.
An annual report on global wealth indicates London is one of only two cities in the top 50 that has fewer rich people than 10 years ago.
The decline has been attributed to tax increases, economic uncertainty and the fall in the value of the pound.
In total, 11,300 dollar millionaires were lost in London over the past year, including 18 centimillionaires - someone with at least $100million - and two billionaires.
The study was conducted for the advisory firm Henley & Partners by New World Wealth and defines wealth as 'liquid investable' assets, which translates to cash, bonds and shares but excludes property wealth, The Times reports.
It was undertaken before the recent stock market falls that came after the announcement of Donald Trump's tariffs.
With its new total of 215,700 dollar millionaires, London is only matched by Moscow in being a city in the top 50 with fewer rich people than 10 years ago.
Overall, London has lost 12 per cent of its richest residents since 2014 - in absolute terms, however, it has more millionaires than anywhere else.