{UAH} Where South Africa’s richest people are moving to

Where South Africa's richest people are moving to

By Staff WriterJuly 9, 20154 Comments

 

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New data from New World Wealth shows where wealthy South Africans are spreading their roots as they leave local shores.

According to the research firm, South Africa has one of the highest cases of high net worth individual (HNWI) outflows in the world.

HNWIs refer to dollar millionaires – people with net assets of US$1 million or more excluding their primary residences.

Between 2000 and 2014, approximately 8,000 HNWIs have abandoned the country.

South African HNWIs tended to move to Australia, the UK, Cyprus, Mauritius, the USA and Canada, NWW said.

Countries ranked by outflows, 2000 – 2014

Country	Net outflow of HNWIs	No. of HNWIs, 2014
China	91 000	608 500
India	61 000	226 800
France	42 000	323 400
Italy	23 000	198 300
Russia	20 000	117 600
Indonesia	12 000	48 500
South Africa	8 000	46 800
Egypt	7 000	20 200

"Along with the rise in second citizenship applications, the number of people changing domicile (or immigrating) has increased dramatically since the turn of the century," NWW said.

"Major reasons for this include: turmoil in home country, security concerns and optimizing education of children."

By far, the UK was the largest beneficiary of HNWI movement over the past 14 years, with 125,000 individuals entering the country between 2000 and 2014.

The USA was the next biggest, with 52,000 people moving to the country.

Countries ranked by inflows, 2000 – 2014

Country	Net outflow of HNWIs	No. of HNWIs, 2014
UK	125 000	840 000
USA	52 000	4 105 000
Singapore	46 000	223 800
Australia	35 000	248 100
Hong Kong	29 000	211 700
UAE	18 000	72 100
Canada	17 000	340 500
Turkey	12 000	100 200

The United States leads the world in terms of the number of HNWIs in the country.

In 2014, the States had over 4.1 million dollar millionaires, followed by Japan (1.25 million) and the UK (840,000).

South Africa had 46,800 HNWIs in 2014, NWW said.

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Gwokto La'Kitgum

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