How many South Africans are set to get ‘ultra-wealthy’ under Ramaphosa in the next 5 years

Despite only five South Africans being named on Forbes’ annual billionaires list for 2018, the number of wealthy people in the country is set to rise in the coming years.

This is according to Ian Bremmer, head of Eurasia Group, a leading political risk consultancy who was speaking as part of Frank Knight’s latest wealth report.

Just as changes in corporation tax and capital gains tax have the largest impact on ultra-wealthy populations, so too can regime change, explained Bremmer.

“One such change, recently in South Africa, is likely to have an influence,” he said. “Investor and consumer confidence will rise in the wake of the election of Cyril Ramaphosa as head of the ANC.”

“Wealthy South Africans are likely to continue moving money abroad and acquiring dual citizenship, although they are now also more likely to stay resident in the country since they are supportive of the new ANC leader.”

Frank Knight forecast that South Africa is set to see a 20% growth in its ultra-wealthy population over the next five years, following a 14% rise in 2017.

The report defines ‘ultra-wealthy’ people as those that have a total net worth of over $50 million (R594 million).

With 500 people currently sitting at this mark in 2017, this number is expected to rise to 600 by 2022.

Read: These are the richest billionaires in South Africa in 2018