London fell out of Wealth-X's top 10 ranking for the first time dating back to 2004.
The US dominated the ranking, with seven cities in the top 10 including the top spot — New York.
London is no longer a top-10 hub for very high net worth (VHNW) individuals.
In fact, the city's share of VHNW individuals dropped by 16% in 2020, according to a Wealth-X's second edition of the Very High Net Worth Handbook, which classifies VHNWs as having net worth between $5 million and $30 million.
London was knocked out of eighth place to 12th — the first time that London has been out of the top 10 since Wealth-X records dating back to 2004.