SA’s super-rich likely to leave this year
Approximately 350 of South Africa’s super-rich are expected to leave the country this year, according to year-to-date research by Andrew Amoils, a wealth analyst at New World Wealth.
They are mainly heading to Portugal, Mauritius, the UK, Australia, the US, Switzerland, Israel, New Zealand, the UAE, Canada and Malta.
“Wealth”, as used in reports by New World Wealth, refers to the net assets of a person and includes all their assets (property, cash, equities, business interests) less any liabilities. High net-worth individuals (HNWIs) as those with wealth of US$1 million (about R16 million) or more. In 2021 there were 39 300-dollar millionaires in SA with a combined wealth of US$651 billion.
A report by Amanda Smit of Henley & Partners South Africa, states that the company has continued to receive a large number of enquiries and application in the first quarter of 2022 from people across the African continent - and including SA - seeking an alternative residence and/or citizenship.
The most popular residence program for African HNWIs is still the Portugal Golden Residence Permit Program. However, the Mauritius Residence by Investment Program, one of just two investment migration programs in Africa, is also attracting a great deal of interest.
A report by Amoils shows that globally, the top 10 destinations for net inflows of HNWIs in 2022 are projected to be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to “the three Ms”, namely Malta, Mauritius, and Monaco.
On the flip side, the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.
– Fin24
They are mainly heading to Portugal, Mauritius, the UK, Australia, the US, Switzerland, Israel, New Zealand, the UAE, Canada and Malta.
“Wealth”, as used in reports by New World Wealth, refers to the net assets of a person and includes all their assets (property, cash, equities, business interests) less any liabilities. High net-worth individuals (HNWIs) as those with wealth of US$1 million (about R16 million) or more. In 2021 there were 39 300-dollar millionaires in SA with a combined wealth of US$651 billion.
A report by Amanda Smit of Henley & Partners South Africa, states that the company has continued to receive a large number of enquiries and application in the first quarter of 2022 from people across the African continent - and including SA - seeking an alternative residence and/or citizenship.
The most popular residence program for African HNWIs is still the Portugal Golden Residence Permit Program. However, the Mauritius Residence by Investment Program, one of just two investment migration programs in Africa, is also attracting a great deal of interest.
A report by Amoils shows that globally, the top 10 destinations for net inflows of HNWIs in 2022 are projected to be the UAE, Australia, Singapore, Israel, Switzerland, the US, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to “the three Ms”, namely Malta, Mauritius, and Monaco.
On the flip side, the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.
– Fin24
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