In a surprising reversal of traditional wealth flows, affluent New Yorkers are considering London as a sanctuary from their city's incoming hard-left mayor and proposed tax increases. The election of Zohran Mamdani has triggered concerns among high earners, with London estate agents reporting a significant surge in enquiries from across the Atlantic.
The American Exodus Begins
Fresh data reveals that the UK has become the top global destination for American expatriates, with digital entertainment platform JB confirming Britain leads even Mexico despite the latter sharing a nearly-2,000 mile border with the US. Current statistics show 56,000 Americans moved to the UK in 2025, bringing the total number of US citizens living in Britain to approximately 244,000.
While students traditionally dominate American emigration to Britain, with average annual net incomes sitting at just £28,975, the landscape appears to be shifting. According to reports in The Times, telephones at premier London estate agencies are "already ringing" as wealthy New York residents explore escape routes from Mamdani's proposed financial reforms.
Mamdani's Tax Shake-up Sends Ripples
Zohran Mamdani secured victory last week following a campaign centred on taxing New York's millionaires to fund an ambitious public spending programme. His proposals include:
- A two percent levy on incomes exceeding $1 million
- Free childcare and bus services
- Municipally funded grocery stores
The potential wealth tax has created considerable anxiety among the city's highest earners. Becky Fatemi, an executive partner at Sotheby's International Realty, confirmed to The Times that enquiries for premium London properties have increased by 28 percent since the election results.
Fatemi noted that while many wealthy Londoners look towards the UAE, "American clients don't want to live in the Middle East – they want to live in Notting Hill and South Kensington."
From One Tax Regime to Another?
The political motivations behind American emigration to Britain aren't entirely new. Following Donald Trump's election victory last year, several high-profile celebrities including Ellen DeGeneres and Tom Ford relocated to the UK, representing a reaction against the rightward shift in American politics.
DeGeneres purchased – and quickly sold for £22.5 million – a property in the Cotswolds, while Ford acquired an £80 million residence in Chelsea.
However, Americans seeking refuge from Mamdani's tax policies might encounter similar financial challenges in Britain. With the Autumn Budget approaching in two weeks, Chancellor Rachel Reeves could potentially introduce a mansion tax. Furthermore, the Labour government hasn't ruled out implementing its own comprehensive wealth tax.
London's appeal extends beyond tax considerations, with the city recently gaining recognition as a global divorce capital. Stephen Foster, head of divorce and family at Stewarts, remarked: "England has been a magnet for some time. It's the best city in the world to be a divorce lawyer, because you get all these international cases."
As political landscapes shift on both sides of the Atlantic, London continues to position itself as a preferred destination for wealthy Americans, whether they're escaping tax policies, political disagreements, or seeking favourable legal environments.
