What’s the first thing you would do if you became a dollar millionaire? Buy a new home, splurge on a luxury car or perhaps make some investments? Well, for 8 000 South Africans who became high net worth individuals (HNWIs) between 2000 and 2014, packing up and leaving the country was at the top of their list.
The latest data from New World Wealth shows that South Africa has one of the highest HNWI outflows in the world, ranked at number seven. In Africa, Egypt is just behind with 7 000, while China tops the global list with 91 000 dollar millionaires who emigrated within the same period.
According to a Business Tech report, South Africa had 46 800 HNWIs last year. For the most part, the South Africans on the move have made their way to countries such as Australia, the UK, Cyprus, Mauritius, the US and Canada. Major reasons for the mass exodus included the nation’s current turmoil, security concerns and the opportunity to optimise their children’s education.
