The report highlighted that South Africa was home to 37,400 US dollar millionaires<\/strong> (including 102 centis and five billionaires) at the end of 2023 \u2013 a 20% decline from 2013.<\/p>\n\n\n\n This means South Africa has lost approximately 9,350 US-dollar millionaires<\/strong> over the past ten years.<\/p>\n\n\n\n However, looking to the decade ahead, when it comes to private wealth growth projections, South Africa is expected to see a 60% increase in wealth per capita by 2033.<\/p>\n\n\n\n India leads the BRICS pack with a forecast 110% increase, while Saudi Arabia is runner-up, with its wealth per capita expected to expand by over 105% in the next ten years.<\/p>\n\n\n\n This is followed by the UAE (95%), China (85%), Ethiopia (75%), and Egypt (55%), which are all forecasted to enjoy wealth growth of over 50% in the next decade.<\/p>\n\n\n\n Reasons for the losses <\/strong><\/p>\n\n\n\n According to New World Wealth, while the exit of HNWIs is driven by various factors \u2013 social, political and economic \u2013 the rich generally look to move to a “safe haven country”.<\/p>\n\n\n\n A \u201csafe haven country\u201d is a country with good safety and security that is shielded from the world\u2019s economic and political problems, said New World Wealth.<\/p>\n\n\n\n According to the group, approximately 120,000 of the world\u2019s millionaires migrated to a new country in 2023.<\/p>\n\n\n\n Popular destinations for them included Australia, Switzerland, Monaco, Singapore, the UAE, New Zealand, Malta, and Mauritius.<\/p>\n\n\n\n In South Africa over the course of 2023, key concerns over personal security and safety, including rising rates of crime and violence, as well as worries about education and healthcare, peaked \u2013 which are foundational considerations for high net-worth families.<\/p>\n\n\n\n The government has escalated talk of hiking taxes to fund some of its more doomed policies, such as the National Health Insurance: the health department has made it crystal clear <\/strong><\/a>that the government will turn to payroll taxes and other employment taxes \u2013 while also getting rid of medical aid tax credits \u2013 to fund the NHI.<\/p>\n\n\n\n Meanwhile, think tanks have started getting louder on calls to introduce wealth taxes<\/strong><\/a> to fund more social grants.<\/p>\n\n\n\n National Treasury announced in November that R15 billion more will be raised in taxes in 2024.<\/p>\n\n\n\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-30-143845.png\")
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