South African billionaire and Sygnia CEO Magda Wierzycka has revealed she may return to Mzansi, citing controversial tax changes proposed by the United Kingdom government that threaten the financial security of high-net-worth individuals.
Wierzycka, 56, one of South Africa’s wealthiest women with an estimated net worth of $250 million (R4.5 billion), has warned that new UK tax policies targeting non-domiciled residents could impact her estate planning and investment strategies – possibly prompting her relocation back to her home country.
“In my situation, let’s assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,” Wierzycka said in an interview with Sky News.
UK Tax Changes Shake Investor Confidence
The UK government’s proposed reforms include subjecting foreign-owned assets to inheritance tax, even when held in trusts or offshore structures.
These measures are part of a broader strategy to end favourable tax treatment for wealthy individuals who do not formally claim permanent residency in the UK – known as “non-doms.”
Wierzycka, who relocated to London several years ago amid rising safety concerns and her public anti-corruption stance in South Africa, said the changes drastically affect how she manages her global wealth.
The tax implications, she says, are severe enough to make continued residence in the UK “unviable”, especially with South Africa’s foreign exchange controls adding a layer of complexity.
“South Africa has restrictions on the free movement of cash out of the country,” she explained.
“So it’s a situation where my children might not be able to settle the [UK inheritance tax] bill.”
Impact on Business Strategy
Wierzycka, also known for her vocal criticism of state capture during the Zuma years, hinted that the tax policy shift would also redirect investment strategies for her firm, Sygnia Asset Management.
“I was in the midst of raising a fourth fund to invest solely into the UK,” she told Sky News.
“The message to my investors is: we’ll be deploying the capital around the world. We are not coming to the UK.”
The remarks mark a significant policy shift for Sygnia, which had previously prioritised UK-based investment opportunities.
A Possible Return to South Africa
Although Wierzycka had previously vowed never to return to South Africa due to security risks and political instability, she now acknowledges that the evolving UK tax landscape may leave her with few alternatives.
A potential return would likely reignite debates about South Africa’s tax system, capital controls, and security climate, as the country continues to navigate its own economic and political transition following a coalition government formed after the ANC lost its majority in 2024.
No formal timeline has been announced for Wierzycka’s potential move, but the situation underscores growing concerns among global investors over rising tax nationalism in the UK and beyond.
Who is Magda Wierzycka?
Wierzycka, who was born in Poland, emigrated to South Africa when she was 13.
She attended Pretoria High School for Girls.
She then attended the University of Cape Town where she graduated with a Bachelor of Business Science and a Postgraduate diploma in actuarial science in 1993.
She has two sons with husband Simon Peile.
Would you move countries for tax purposes?
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