Where South Africa’s richest people are moving to

New data from New World Wealth shows where wealthy South Africans are spreading their roots as they leave local shores.

According to the research firm, South Africa has one of the highest cases of high net worth individual (HNWI) outflows in the world.

HNWIs refer to dollar millionaires – people with net assets of US$1 million or more excluding their primary residences.

Between 2000 and 2014, approximately 8,000 HNWIs have abandoned the country.

South African HNWIs tended to move to Australia, the UK, Cyprus, Mauritius, the USA and Canada, NWW said.

Countries ranked by outflows, 2000 – 2014

Country Net outflow of HNWIs No. of HNWIs, 2014
China 91 000 608 500
India 61 000 226 800
France 42 000 323 400
Italy 23 000 198 300
Russia 20 000 117 600
Indonesia 12 000 48 500
South Africa 8 000 46 800
Egypt 7 000 20 200

“Along with the rise in second citizenship applications, the number of people changing domicile (or immigrating) has increased dramatically since the turn of the century,” NWW said.

“Major reasons for this include: turmoil in home country, security concerns and optimizing education of children.”

By far, the UK was the largest beneficiary of HNWI movement over the past 14 years, with 125,000 individuals entering the country between 2000 and 2014.

The USA was the next biggest, with 52,000 people moving to the country.

Countries ranked by inflows, 2000 – 2014

Country Net outflow of HNWIs No. of HNWIs, 2014
UK 125 000 840 000
USA 52 000 4 105 000
Singapore 46 000 223 800
Australia 35 000 248 100
Hong Kong 29 000 211 700
UAE 18 000 72 100
Canada 17 000 340 500
Turkey 12 000 100 200

The United States leads the world in terms of the number of HNWIs in the country.

In 2014, the States had over 4.1 million dollar millionaires, followed by Japan (1.25 million) and the UK (840,000).

South Africa had 46,800 HNWIs in 2014, NWW said.

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Where South Africa’s richest people are moving to