{"id":1133,"date":"2025-07-02T04:37:57","date_gmt":"2025-07-02T04:37:57","guid":{"rendered":"https:\/\/eandelmagazine.com\/eandelmagazine\/?p=1133"},"modified":"2025-07-02T04:37:57","modified_gmt":"2025-07-02T04:37:57","slug":"south-africas-richest-are-heading-for-the-door-taking-billions-of-rands-with-them","status":"publish","type":"post","link":"https:\/\/eandelmagazine.com\/eandelmagazine\/south-africas-richest-are-heading-for-the-door-taking-billions-of-rands-with-them\/","title":{"rendered":"South Africa\u2019s richest are heading for the door, taking billions of Rands with them"},"content":{"rendered":"

The latest Henley & Partners Wealth Migration report shows that South Africa continues to be a net loser of high net worth individuals (HNWIs).<\/p>\n

The latest report for 2024 shows that approximately 250 dollar-millionaires left the country over the past year, Meanwhile, the overall millionaire population declined by 12% in the last decade.<\/p>\n

According to the group\u2019s data, around 134,000 global millionaires moved countries in 2024, with 142,000 expected to do the same in 2025.<\/p>\n

The United Arab Emirates has been the biggest net gainer of millionaires over the past year, with 9,800 HNWIs settling in the country, bringing in about R63 billion of wealth with them.<\/p>\n

On the opposite end of the spectrum, the United Kingdom has seen the largest outflow of millionaires, losing 16,500 of these HNWIs, which took nearly R92 billion out of the country.<\/p>\n

Unfortunately for South Africa, it falls on the net outflow side of the equation, with the loss of 250 millionaires\u00a0taking approximately $1.6 billion (R28 billion) out the door.<\/strong><\/p>\n

Tracking the number of millionaires in South Africa over the past decade, New World Wealth estimates that the HWNI population in the country has declined by 12%.<\/p>\n

In 2014, the group recorded approximately 46,800 millionaires living in South Africa. In 2024, there were only 37,400 dollar millionaires, pointing to a loss of over 9,000 HWNIs over the period.<\/p>\n

While South Africa may be losing HNWIs with dollar millionaire status, the country is still home to a growing base of rand-millionaires.<\/p>\n

The 2024 tax statistics from SARS showed that 569,351 South Africans earn over R1 million per annum.<\/p>\n

This is a 78,675 or 16% increase in the number of millionaires who pay tax from the 490,676 reported in the previous financial year.<\/p>\n

This latest figure represents 3.94% of the country\u2019s 14.45 million registered taxpayers, an increase of 0.5 percentage points from the 3.45% of taxpayers in the previous financial year.<\/p>\n

 <\/p>\n

Millionaire migration 2024<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Country<\/strong><\/td>\n2024 Millionaire change<\/strong><\/td>\nEstimated wealth<\/strong><\/td>\n2014-2024 change<\/strong><\/td>\n<\/tr>\n<\/thead>\n
United Arab Emirates<\/td>\n+9,800<\/td>\n$63.0 billion<\/td>\n+98%<\/td>\n<\/tr>\n
United States<\/td>\n+7,500<\/td>\n$43.7 billion<\/td>\n+78%<\/td>\n<\/tr>\n
Italy<\/td>\n+3,600<\/td>\n$20.0 billion<\/td>\n+20%<\/td>\n<\/tr>\n
Switzerland<\/td>\n+3,000<\/td>\n$16.8 billion<\/td>\n+28%<\/td>\n<\/tr>\n
Saudi Arabia<\/td>\n+2,400<\/td>\n$18.4 billion<\/td>\n+55%<\/td>\n<\/tr>\n
Singapore<\/td>\n+1,600<\/td>\n$8.9 billion<\/td>\n+62%<\/td>\n<\/tr>\n
Portugal<\/td>\n+1,400<\/td>\n$8.1 billion<\/td>\n+38%<\/td>\n<\/tr>\n
Greece<\/td>\n+1,200<\/td>\n$7.7 billion<\/td>\n+24%<\/td>\n<\/tr>\n
Canada<\/td>\n+1,000<\/td>\n$5.7 billion<\/td>\n+26%<\/td>\n<\/tr>\n
Australia<\/td>\n+1,000<\/td>\n$5.6 billion<\/td>\n+30%<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
South Africa<\/strong><\/td>\n-250<\/strong><\/td>\n$1.6 billion<\/strong><\/td>\n-12%<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Israel<\/td>\n-350<\/td>\n$2.5 billion<\/td>\n+35%<\/td>\n<\/tr>\n
Germany<\/td>\n-400<\/td>\n$2.2 billion<\/td>\n+10%<\/td>\n<\/tr>\n
Spain<\/td>\n-500<\/td>\n$3.1 billion<\/td>\n+3%<\/td>\n<\/tr>\n
France<\/td>\n-800<\/td>\n$4.4 billion<\/td>\n+7%<\/td>\n<\/tr>\n
Brazil<\/td>\n-1,200<\/td>\n$8.4 billion<\/td>\n-18%<\/td>\n<\/tr>\n
Russia<\/td>\n-1,500<\/td>\n$14.7 billion<\/td>\n-25%<\/td>\n<\/tr>\n
South Korea<\/td>\n-2,400<\/td>\n$15.2 billion<\/td>\n+17%<\/td>\n<\/tr>\n
India<\/td>\n-3,500<\/td>\n$26.2 billion<\/td>\n+72%<\/td>\n<\/tr>\n
China<\/td>\n-7,800<\/td>\n$55.9 billion<\/td>\n+74%<\/td>\n<\/tr>\n
United Kingdom<\/td>\n-16,500<\/td>\n$91.8 billion<\/td>\n-9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Why people are leaving the UK<\/strong><\/p>\n

While South Africa has seen the super wealthy flood out of the country, the impact of capital flight has been hardest felt in the UK.<\/p>\n

According to Henley & Partners, despite ranking as the fifth most popular destination for HNWIs, the UK has lost its shine for the rich in a post-Brexit world.<\/p>\n

The exit from an interlinked European market has made it less attractive and less flexible for wealth builders, the group said.<\/p>\n

In addition, the country has not rolled back financial regulations\u2014linked to Brexit\u2014as promised.<\/p>\n

Instead, the UK government has shut down investor programmes, removing entry points for millionaires, while also placing a larger tax burden on those who remain.<\/p>\n

\u201cUnlike many jurisdictions that offer more favorable tax treatment to new residents, the UK operates a residence-based tax system,\u201d Henley & Partners said.<\/p>\n

This means that high-net-worth individuals are taxed on global incomes and gains.<\/p>\n

After 10 years of residence, this extends further to include all worldwide assets, even those acquired before moving to the UK, rather than just the wealth generated while living there.<\/p>\n

Many UK millionaires have flagged this as a reason to call it quits. This includes South African businesswoman Magda Wierzyka, who recently flagged the tax law as a major push factor.<\/p>\n

 <\/p>\n

Source: BusinessTech<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The latest Henley & Partners Wealth Migration report shows that South Africa continues to 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