New emigration hotspot for wealthy South Africans
Millionaire South Africans looking to emigrate may not have to travel far, with neighbouring Namibia expected to see a massive influx of dollar millionaires over the next two decades.
With the current challenging economic environment worsened by load shedding, many wealthy South Africans are weighing up their options.
According to New World Wealth, Namibia is set to be Africa’s next millionaire hotspot due to its abundant natural resources, low population density, good energy and transport infrastructure, and, most importantly, its good safety and security compared to its neighbours.
New World Wealth said that Namibia’s number of dollar millionaires is expected to rise from 2,150 individuals to over 10,000 by 2040.
The nation also has low taxes, with a relatively modest 37% income tax and no estate duty or capital gains tax – except for the sale of mining and petroleum licences/rights and the transfer of any share/interest in a company owning a mineral/petroleum licence.
It also has a well-developed banking system, with the Namibian dollar pegged against the rand, which means it has a relatively stable economy as the rand is Africa’s most heavily traded currency.
“The peg also creates a convenience factor for expats that move frequently between the two countries,” New World Wealth said.
According to the World Bank, one of Namibia’s greatest advantages is its low population density, with only three people per square kilometre.
Countries with a low population density tend to be far richer on a wealth per capita basis, which New World Wealth argues is a better indicator of the actual financial health of an economy.
Namibia is only behind South Africa and Mauritius on a wealth per capita basis.
In addition, sparse populations often allow wildlife to thrive, improving the quality of life for locals and increasing eco-tourism opportunities.
Interestingly, a fifth of Namibia is protected by national parks, making it one of the most ecologically friendly countries in the world.
Rich areas of Namibia
Namibia already has a host of affluent residential suburbs that appeal to wealthy buyers, such as Ludwigsdorf and Klein Windhoek (both in Windhoek), Vogelstrand (in Swakopmund) and Langstrand (near Walvis Bay).
New World Wealth added that there are a host of luxury lifestyle estates in the nations, such as the Finkenstein Estate, Am Weinberg Estate and the upcoming Presidents Links Estate.
Read: Retailers in South Africa under fire for high food prices – load shedding is no excuse
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