South Africa continues to experience a significant outflow of wealth, as the country saw 250 high-net-worth individuals (HNWIs) – those with assets exceeding $1 million (R17.88 million) – emigrate in 2024, according to the latest Henley & Partners Wealth Migration Report.
The departure of these individuals has resulted in an estimated R28 billion in wealth leaving the country.
This forms part of a broader trend, with South Africa’s millionaire population shrinking by 12% over the past decade.
In 2014, there were approximately 46 800 dollar-millionaires in the country.
That figure dropped to 37 400 in 2024, marking a net loss of over 9 000 HNWIs.
Global numbers
Globally, 134 000 millionaires migrated in 2024, with that number expected to rise to 142 000 in 2025.
The United Arab Emirates (UAE) led the list of top destinations, gaining 9 800 millionaires and roughly R63 billion in new wealth.
In contrast, the United Kingdom experienced the greatest outflow, losing 16 500 millionaires, with R92 billion in wealth departing the country.
Despite the trend of dollar-millionaires exiting South Africa, the country has seen growth in rand-based millionaires.
Data from the South African Revenue Service (SARS) shows that 569 351 individuals earned over R1 million annually in 2024 – a 16% increase from the previous year.
These individuals now make up 3.94% of the 14.45 million registered taxpayers, up from 3.45%.
Key push factors
Henley & Partners note that economic uncertainty, political instability, and crime remain key push factors behind South Africa’s ongoing wealth migration.
However, the growth in the number of local tax-paying millionaires suggests that while global investors may be leaving, South Africans continue to build wealth locally – albeit in rands, not dollars.
As pressure mounts to retain skilled professionals and investors, economists suggest that policy certainty, improved security, and economic reform will be essential to reverse the exodus and rebuild long-term investor confidence.
Are you one of the South African rand – or dollar – millionaires?
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