The latest Henley & Partners Wealth Migration report shows that South Africa continues to be a net loser of high net worth individuals (HNWIs).
The latest report for 2024 shows that approximately 250 dollar-millionaires left the country over the past year, Meanwhile, the overall millionaire population declined by 12% in the last decade.
According to the group’s data, around 134,000 global millionaires moved countries in 2024, with 142,000 expected to do the same in 2025.
The United Arab Emirates has been the biggest net gainer of millionaires over the past year, with 9,800 HNWIs settling in the country, bringing in about R63 billion of wealth with them.
On the opposite end of the spectrum, the United Kingdom has seen the largest outflow of millionaires, losing 16,500 of these HNWIs, which took nearly R92 billion out of the country.
Unfortunately for South Africa, it falls on the net outflow side of the equation, with the loss of 250 millionaires taking approximately $1.6 billion (R28 billion) out the door.
Tracking the number of millionaires in South Africa over the past decade, New World Wealth estimates that the HWNI population in the country has declined by 12%.
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