Findings from New World Wealth show that almost 1,000 South African millionaires\u00a0left\u00a0the country in 2015.<\/p>\n
According to the South Africa 2016 Wealth Report, South African millionaire numbers declined from 46,800 at the end of 2014, to 38,500 at the end of 2015.<\/p>\n
The group defines millionaires as dollar millionaires – high net worth individuals with net assets valued at $1 million or more.<\/p>\n
This decline in millionaires was mainly due to poor economic conditions in the country \u2013 where the rand deprecated by 25% against the US$ and the JSE was down 22% in US$ terms during the year – causing HWNIs to lose value in dollar terms.<\/p>\n
However, a significant number of HNWIs also left the country, New World Wealth said.<\/p>\n
According to the group’s estimations, about 950 millionaires (11% of all millionaires lost) left the country in 2015 – leaving for places such as the UK, Australia, the USA and Canada. Mauritius and Israel were also destination countries.<\/p>\n
Between 2000 and 2014, approximately 8,000 HNWIs left the country – a number now closer to 9,000 by the end of 2015.<\/p>\n
A survey conducted among emigrants revealed that financial concerns were the main reason to leave – but social issues also played a big part.<\/p>\n
Here are the primary reasons millionaires are leaving:<\/p>\n
Weak rand bites the rich as South Africans flee the country<\/a><\/strong><\/p>\n Why more South Africans are leaving the country<\/a><\/strong><\/p>\n How many whites have left South Africa in the last 5 years<\/a><\/strong><\/p>\n