Who wants to be a millionaire? Well, maybe not at London property prices.

According to a new report by London agents Beauchamp Estates and New York firm Leslie J Garfield, UK millionaires are now looking to buy in New York, because London is too pricey.

There has been a 7% rise in London-based high-net worth individuals looking to buy prime residential property in New York.

There has also been a rise of up to 10% in London-based buyers looking for luxury homes in Miami and Los Angeles.

The agents say in a new wealth report that top-notch homes are twice as expensive in London than New York on a cost per square ft basis.

For example, a large home in Knightsbridge typically costs £2,195 per sq ft, compared with £1,196 per sq ft on the Upper East Side in Manhattan.

However, Manhattan has larger properties than London, and so overall average prices are higher.

UK buyers looking for a home in Manhattan typically look to spend up to £3.95m on a luxury apartment, while New York based buyers looking for a home in London typically spend up to £4.1m.

There are over 120,000 British expats living in New York, and over 197,000 American expats living in the UK – most in London or the home counties.

Both cities offer similarly luxurious lifestyles with 76 Michelin starred restaurants in Manhattan and 65 in London.

London has more museums (173 to New York’s 131), and more art galleries (857 to 721), but one main difference is that London is double the size of New York City at 305 sq miles.

A second main difference is that buyers of prime property in London have to fork out an eye-watering 12% in Stamp Duty Land Tax.

In New York, the pain appears to be spread more evenly, with sellers taking the pain of a “real estate transfer tax” computed at the rate of nearly two dollars for each $500 of the purchase price.

However, buyers do pay a mansion tax of 2% of the price when more than $1m is paid.