Henley & Partners, with New World Wealth, has published its latest Wealth Migration Report for 2023, showing the net inflow or outflow of super-wealthy individuals across the globe.
- HNWIs are defined as individuals with a net worth of at least $1 million, excluding their primary residence.
- The report cites concerns over political instability, crime, and economic uncertainty as the primary reasons for wealthy South Africans leaving the country.
- The report also notes that South Africa has the highest wealth tax rate in the world, which is another factor driving wealthy individuals to seek opportunities in other countries.
- The most popular destinations for South African HNWIs include the United Kingdom, Australia, and the United States.
- The report suggests that the trend of wealthy South Africans leaving the country is likely to continue in the coming years, with many seeking more stable and secure environments in which to grow and protect their wealth.
- The departure of wealthy individuals from South Africa could have negative implications for the country’s economy, as it may lead to a reduction in investment and a loss of skills and expertise.
- Here is the Henley & Partners Wealth Migration Report for 2023.