{"id":836015,"date":"2025-08-26T14:00:00","date_gmt":"2025-08-26T12:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=836015"},"modified":"2025-08-26T14:00:47","modified_gmt":"2025-08-26T12:00:47","slug":"south-africa-kisses-over-2400-millionaires-goodbye","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/836015\/south-africa-kisses-over-2400-millionaires-goodbye\/","title":{"rendered":"South Africa kisses over 2,400 millionaires goodbye"},"content":{"rendered":"\n

The latest Africa Wealth Report for 2025<\/a> shows South Africa has lost thousands of millionaires over the last ten years.<\/p>\n\n\n\n

According to the report, Africa\u2019s millionaire population is projected to grow by 65% over the next decade. <\/p>\n\n\n\n

Today, the continent is home to 25 billionaires, 348 centi-millionaires (individuals with more than $100 million in investable assets), and 122,500 millionaires, defined as people with assets of over $1 million. <\/p>\n\n\n\n

\u201cThis is a remarkable transformation from the late 20th century, when there were only a few billionaires and many African economies were in long-term decline,\u201d the report noted.<\/p>\n\n\n\n

South Africa remains the largest wealth market on the continent, with 41,100 millionaires, including 112 centi-millionaires and eight billionaires. <\/p>\n\n\n\n

This accounts for 34% of Africa\u2019s millionaire population, or roughly equal to the wealth base of the next five wealthiest countries. <\/p>\n\n\n\n

Egypt comes in second with 14,800 millionaires, followed by Morocco with 7,500, Nigeria with 7,200, and Kenya with 6,800. <\/p>\n\n\n\n

Together, these five markets represent 63% of Africa\u2019s millionaires and 88% of its billionaires.<\/p>\n\n\n\n

However, the overall picture for South Africa is not as rosy as it first appears. Over the past decade, the country has seen a 6% decline in high-net-worth individuals (HNWIs), losing 2,466 US-dollar millionaires. <\/p>\n\n\n\n

By contrast, Mauritius has recorded the continent\u2019s strongest growth in wealthy individuals, with a 63% increase driven by political stability, tax efficiency, and a thriving residence-by-investment program. <\/p>\n\n\n\n

Rwanda has posted a 48% rise, Morocco 40%, while Nigeria\u2019s millionaire population has contracted sharply by 47%, alongside declines in Angola (36%) and Algeria (23%).<\/p>\n\n\n\n

The reasons behind South Africa\u2019s millionaire exodus are varied but follow a familiar pattern globally. <\/p>\n\n\n\n

Wealthy individuals tend to move to safe-haven countries, which are places with strong security, stability, and insulation from major economic and political crises. <\/p>\n\n\n\n

Popular destinations include Australia, Switzerland, Monaco, Singapore, the UAE, New Zealand, Malta, and Mauritius.<\/p>\n\n\n\n

For South African millionaires, key concerns include safety and security, rising levels of crime and violence, and the quality of education and healthcare. <\/p>\n\n\n

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Surprising twist in sentiment towards South Africa<\/h2>\n\n\n\n

Despite South Africa’s challenges, the report also highlighted the country’s resilience and enduring attractiveness for affluent individuals. <\/p>\n\n\n\n

While safety remains its Achilles heel, wealthy communities are often able to insulate themselves and still enjoy a high quality of life. <\/p>\n\n\n\n

The country\u2019s major metro areas boast modern infrastructure, world-class amenities, and a lifestyle that compares with top global cities. <\/p>\n\n\n\n

Cape Town, for example, was voted the \u201cBest City in the World\u201d for the seventh time in 11 years in the 2025 Telegraph Travel Awards.<\/p>\n\n\n\n

South Africa also enjoys a strategic advantage due to its central time zone, which enables real-time business engagement with markets across the Americas, Europe, the Middle East, and Asia. <\/p>\n\n\n\n

On the global stage, the country is not directly involved in major geopolitical conflicts, offering relative stability at a time when parts of the world are gripped by war and instability.<\/p>\n\n\n\n

The country\u2019s financial system is another pillar of strength. Despite volatile politics, it is underpinned by a strong constitution and robust regulatory framework. <\/p>\n\n\n\n

Its banking system is well-capitalised, globally connected, and widely respected. The Johannesburg Stock Exchange remains one of the largest and most sophisticated in emerging markets, with two-thirds of listed companies driven by international assets or revenues rather than purely domestic dynamics.<\/p>\n\n\n\n

Commenting on Africa\u2019s broader trajectory, Nontobeko Ndhlazi, Group Chief Financial Officer at WIPHOLD, said the continent\u2019s youthful population is a key advantage. <\/p>\n\n\n\n

\u201cThe full potential of this social dividend, where approximately half of Africa\u2019s youth are women, holds immense possibilities,\u201d she said. <\/p>\n\n\n\n

\u201cAfrican women, particularly those in rural areas, play a crucial role in the broader agricultural sector. Many have developed an inherent understanding of environmental sustainability, making them de facto environmental managers.\u201d<\/p>\n\n\n\n

For Jean Paul Fabri, Chief Economist at Henley & Partners, Africa\u2019s wealth boom is both a signal and a test. \u201cIt signals that despite challenges, wealth is being created and retained in key markets,\u201d he said. <\/p>\n\n\n\n

\u201cBut it also tests the continent\u2019s ability to turn private wealth growth into broad-based economic transformation.\u201d <\/p>\n\n\n\n

He added that for Africa, the goal is not merely to count millionaires but to build a wealth ecosystem where prosperity is self-reinforcing.<\/p>\n\n\n\n

\u201cThis is where opportunity expands, capital circulates locally, and the continent becomes not just a participant but a leader in the global wealth story.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest Africa Wealth Report for 2025 shows that South Africa has lost thousands of millionaires over the last ten years.<\/p>\n","protected":false},"author":92,"featured_media":815625,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[17935,10004,6440,853],"class_list":["post-836015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-africa-wealth-report","tag-henley-partners","tag-new-world-wealth","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836015","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\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=836015"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836015\/revisions"}],"predecessor-version":[{"id":836021,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836015\/revisions\/836021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/815625"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=836015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=836015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=836015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}