London is witnessing a massive exodus of wealthy individuals, second only to Moscow, according to a new global wealth report. In the past year alone, the UK capital has lost 11,300 dollar millionaires, including 18 centimillionaires and two billionaires. Once among the top five richest cities in the world, London has now fallen off that list.

Experts attribute the decline to several factors -  rising taxes, post-Brexit economic instability, and the fall in the value of the pound. A major contributor is the UK's revised "non-dom" tax policy, which has discouraged wealthy residents who previously enjoyed tax breaks.

Additionally, economic policies from both Conservative and Labour governments have made London less appealing to high-net-worth individuals. The fallout from Brexit also continues to affect businesses, especially in sectors like entertainment and tourism.

As the UK grapples with these challenges, policymakers are under pressure to restore confidence and retain global wealth.