Paris has overtaken London for the first time in a global league table of the world’s ultra-rich as pro-business president Emmanuel Macron’s tax breaks and a stronger economy lured them in greater numbers to the French capital.

Under Mr Macron’s predecessor, all the talk was of the rich leaving Paris and France to escape Socialist François Hollande’s 75 per cent tax on millionaires, which prompted then Prime Minister David Cameron to pledge to roll out the “red carpet” to high earners.

But the tide has turned, according to a survey by Wealth-X on where the 256,000 “ultra high net worth” (UHNW) people worldwide worth at least $30 million (£23m) choose to live.

The annual study saw the Paris beat London for the first time since it was first conducted six years ago to take the European crown as the world’s fifth city with the most ultra-rich.