South Africa faces a growing outflow of affluent individuals, as recent reports reveal a troubling trend.
Net Loss of High-Net-Worth Individuals
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In 2024, roughly 250 dollar-millionaires left South Africa, taking an estimated $1.6 billion (≈ R28 billion) of wealth with them.
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Over the past decade, the country’s millionaire population has declined by 12%, dropping from about 46,800 in 2014 to 37,400 in 2024.
Where Wealth Is Moving
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Globally, 134,000 millionaires relocated in 2024, with 142,000 expected in 2025.
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The United Arab Emirates led inflows, welcoming 9,800 wealthy individuals and attracting around $63 billion.
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The UK saw the largest emigration of millionaires—more than 16,500 left, taking a staggering $92 billion.
South Africa’s Unique Situation
Although the country loses high-net‑worth individuals, it also shows growth among rand-millionaires:
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Tax data for 2024 indicates 569,351 individuals in South Africa earned more than R1 million, up 16% from the prior year—representing 3.94% of registered taxpayers.
Trends and Implications
| Trend | Insight |
|---|---|
| Capital flight | Wealth outflow reflects concerns over economic stability and investor confidence. |
| Local vs foreign currency wealth | Rand-millionaire numbers are increasing, yet foreign-currency millionaires are departing. |
| Global millionaire migration | South Africa sits among net losers, indicating competitive disadvantages. |
What’s Driving the Exodus?
Experts suggest key reasons for the wealth exodus include:
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Political and economic uncertainty weakening investor sentiment.
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Tax pressures and regulatory concerns pushing wealthy individuals to seek friendlier jurisdictions.
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Better opportunities abroad, with nations like UAE offering tax benefits and business incentives.
What This Means for the Economy
The exit of wealthy individuals and their capital has direct impacts:
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Decreases in tax revenue and local investment.
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Potential slowdown in high-value domestic projects and job creation.
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A pressing need for policies that retain affluent residents and attract incoming investment.