Despite being known for its country music heritage and Southern charm, North Florida’s Suwannee County has some surprising commonalities with the bustling streets of London. While not exactly paved with gold, there’s no denying that wealth is present, and it’s changing the local landscape. Just as one in 39 Londoners boasts a liquid fortune of at least $1 million according to the World’s Wealthiest Cities Report 2024, Suwannee County is also home to a rising number of high-net-worth individuals (HNWIs).
The Wealthy Landscape of London
Compiled by Henley & Partners and New World Wealth, the World’s Wealthiest Cities Report 2024 places the U.K. capital at number five globally for its high-net-worth population. London trails behind New York (349,500 millionaires), San Francisco and the Bay Area (305,700), Tokyo (298,300), and Singapore (244,800). With 35 billionaires, London outnumbers Paris, the world’s seventh wealthiest city and Europe’s second, which houses 23 billionaires.
It’s no surprise that HNWIs flock to major global cities like these, where wealth is not only generated but also managed. However, the rankings are more than just a reflection of these cities’ economic activities. Policies also play a significant role.
Implications of Brexit on Wealth Displacement
Historically, London and the U.K. have been successful in attracting foreign HNWIs. However, data from Henley & Partners indicate that the country has seen net outflows of millionaires since the Brexit vote in 2016. According to former Lloyds Bank Commercial chief economist Trevor Williams, “Whatever one may think about the merits of Brexit, this cohort is voting with its feet.”
Additionally, in 2022-3, an estimated 5,000 people left due to a surge in millionaire net outflows, likely connected to the U.K.’s abrupt termination of its tier 1 investor (or ‘golden’) visa following Russia’s invasion of Ukraine.
European Cities in the Global Top 50
London and Paris are amongst the 17 European cities in the global top 50, with Dublin experiencing the fastest-growing millionaire population and Moscow witnessing the fastest decline.
What Does This Mean for Suwannee County?
While Suwannee County may not compete directly with these global cities, we’re seeing a similar pattern locally. We have a growing number of high-net-worth individuals who contribute significantly to the local economy.
These are some of the ways this shift in wealth is impacting us:
- Increased investment in local businesses.
- Growth in the luxury real estate market.
- Expansion of high-end services and amenities.
As we navigate these changes, it’s essential to remember that wealth is not just about individual prosperity. It’s about how that wealth can be harnessed to enhance the quality of life for everyone in our community. It’s not merely about the numbers; it’s about the opportunities those numbers can create.
