News

Wealthy South Africans are leaving the country in droves

A recent report has revealed that around 3,000 High Nett worth Individuals (HNWI) have left South Africa for greener pastures.

A HNWI is a person who has a wealth of around R1-million (or R14-million).

Most have migrated to  the UK, Australia, the US, Switzerland or Portugal over the last decade however over the last year the numbers of people leaving our shores have increased dramatically due to the unstable economic climate.

Last year there were 43 600 individuals classified as HNWI but the report reveals the number has decreased to 39 200.

The failing State-Owned Entities (SOEs) and apparent state capture have added to the eroding of the rand value and those who are able to do so are choosing to leave for better opportunities or financial stability.

The most alarming is the rate of skilled professions who are leaving SA shores but according to the head of technical marketing at PPS, Motshabi Nomvete, the only way of stabilise the situation and encouraging the youth to remain is for the government to create a mutually beneficial and viable platform.