There will be a boom in the number of millionaires and billionaires coming out of South Africa over the next decade, a new report by Henley & Partners and New World Wealth shows.<\/p>\n
The report, which tracks private wealth and investment migration trends worldwide, shows high net worth individuals (HNWIs) South Africa\u2019s growth is predicted to grow 40%<\/strong> over the next decade. HNWIs include individuals with a wealth of $1 million (R16.08 million) or more.<\/p>\n The group’s data shows South Africa is currently home 39,300 HNWIs and 2,080 multi-millionaires – those with net wealth of $10 million or more. Five dollar billionaires call the country home.<\/p>\n According to the NWW projections, the country could have over 55,000 HNWIs by 2032<\/strong>.<\/p>\n Amanda Smit, managing partner at Henley & Partners South Africa, said emerging economies in Africa, Latin America, and elsewhere in the ‘Global South’ are rapidly catching up with the traditional high-income markets when it comes to the generation of private wealth.<\/p>\n “As our latest report predicts, the number of HNWIs in the top 15 leading economies in Africa are forecast to grow anywhere between 40% and 80% over the next decade compared to just 20% in the US and 10% in France, Germany, Italy, and the UK.”<\/p>\n Mauritius has the highest forecast HNWI growth on the continent for the next decade, at 80%. Other highlights are Uganda, with HNWI growth of 60% predicted, and Kenya and Morocco, which are each expected to see HNWI growth of 50% by 2031. South Africa\u2019s growth is predicted to be 40%, and Nigeria\u2019s 30%.<\/p>\n Despite this growth, the firms still expect millionaires in South Africa to look at their options outside of the country as well as investment opportunities.<\/p>\n “It is no secret that one of the major reasons behind high-net-worth investors seeking alternative investment destinations stems from political and economic uncertainty. Policy uncertainty, rand volatility, a stagnant economy, and unreliable power supply currently make the case for investing in South Africa a difficult one,” said Giles Maynard, senior financial advisor and regional manager at Carrick Wealth.<\/p>\n “South Africans continue to favour Portugal the most, but the Mauritius Residence by Investment Program is also attracting a great deal of interest. The Indian Ocean island offers a similar lifestyle and climate to South Africa, along with a dynamic economy, attractive tax regime, and competitive business landscape not too far from home,” Smit said.<\/p>\n
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