{"id":119403,"date":"2016-04-10T19:30:10","date_gmt":"2016-04-10T17:30:10","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=119403"},"modified":"2016-04-10T22:28:40","modified_gmt":"2016-04-10T20:28:40","slug":"rich-white-millionaires-are-fleeing-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/119403\/rich-white-millionaires-are-fleeing-south-africa\/","title":{"rendered":"Rich white millionaires are fleeing South Africa"},"content":{"rendered":"

New data from New World Wealth, in association with MasterCard, shows that the number of black millionaires in South Africa has almost tripled in the last 8 years- while white millionaires have dropped significantly.<\/p>\n

NWW’s data shows that at the end of 2015, there were 38,500 millionaires in South Africa – down 18% from\u00a046,800 recorded at the end of 2014.<\/p>\n

There was a net-gain in millionaires from previously disadvantaged backgrounds of 2,600 HWNIs, while there was a net decrease in white millionaires of 10,900 individuals.<\/p>\n

About 45% of all high net worth individuals (HWNIs) in the country are from previously disadvantaged groups (including black, Indian and coloured South Africans), with white South Africans still making up the majority.<\/p>\n

The NWW data shows that since 2007, the number of previously disadvantaged millionaires has grown by 179%, increasing from just 6,200 individuals that year, to 17,300 individuals in 2015.<\/p>\n

This marks an increase of from\u00a014,700 previously disadvantaged millionaires recorded in 2014 (a gain of 2,600 millionaires).<\/p>\n

South African HWNIs – Racial distribution, 2014 – 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\nHWNIs 2014<\/th>\nHWNIs 2015<\/th>\nChange<\/th>\n<\/tr>\n
White<\/td>\n32 100<\/td>\n21 200<\/td>\n-34%<\/span><\/strong><\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n14 700<\/td>\n17 300<\/td>\n+18%<\/span><\/strong><\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n46 800<\/strong><\/td>\n38 500<\/strong><\/td>\n-18%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

South African HWNIs – Racial distribution, 2007 – 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\nHWNIs 2007<\/th>\nHWNIs 2015<\/th>\nChange<\/th>\n<\/tr>\n
White<\/td>\n36 600<\/td>\n21 200<\/td>\n-42%<\/span><\/strong><\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n6 200<\/td>\n17 300<\/td>\n+179%<\/span><\/strong><\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n42 800<\/strong><\/td>\n38 500<\/strong><\/td>\n-10%<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

South African HWNIs – Racial breakdown (%), 2007, 2014, 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\n% of HWNIs 2007<\/th>\n% of HWNIs 2014<\/th>\n% of HWNIs 2015<\/th>\n<\/tr>\n
White<\/td>\n86%<\/td>\n69%<\/td>\n55%<\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n14%<\/td>\n31%<\/td>\n45%<\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n100%<\/strong><\/td>\n100%<\/strong><\/td>\n100%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

– HWNIs refer to individuals with a net worth above US$1 million
\n– Previously disadvantaged individuals include black, Indian, coloured and Chinese South Africans.<\/small><\/p>\n

On the other end of the scales, white millionaire numbers have decreased in the country, slipping from 36,600 in 2007, to 21,200 in 2015 (a decrease of 42%). Year-on-year, there are 10,900 fewer white millionaires in the country (a drop of 34%).<\/p>\n

According to NWW, the reason for the sharp drop in white millionaires\u00a0is primarily due to emigration.\u00a0Major reasons for this include: turmoil in home country, security concerns and optimizing education of children.<\/p>\n

Between 2000 and 2014, approximately 8,000 HNWIs abandoned the country, New World Wealth said in a report last year. With the latest data, this\u00a0could mean as many as 19,000 of the country’s wealthiest individuals have bailed on the country in the past 15 years.<\/p>\n

“It is likely that the South African government will continue to push Black Economic Empowerment (BEE) policies until previously disadvantaged groups make up at least 80% of the country’s HWNIs,” the report said.<\/p>\n

“We expect this to happen by 2030.”<\/p>\n

More on South Africa<\/h3>\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

Where South Africa\u2019s richest people are moving to<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

New data from New World Wealth on South Africa’s richest population group shows that thousands of super-wealthy white people left the country in the past year.<\/p>\n","protected":false},"author":10,"featured_media":102841,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121,9880],"tags":[26,6440],"class_list":["post-119403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-wealth","tag-headline","tag-new-world-wealth"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/119403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=119403"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/119403\/revisions"}],"predecessor-version":[{"id":119719,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/119403\/revisions\/119719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/102841"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=119403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=119403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=119403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}