There is an ongoing exodus from South Africa of Skilled Workers, Educated people and basically anybody who can, particularly the Wealthy business-owning upper classes.
Economic Factors: High net worth individuals (HNWIs) are relocating to countries with more favorable economic conditions, such as lower tax rates, better business opportunities, or stronger currencies. Economic instability, high taxes, or restrictive business regulations in South Africa are prompting many millionaires to leave.
Political and Social Stability: Political instability, social unrest, or concerns about personal safety are also reasons for wealthy individuals to seek alternative countries to reside in. as South Africa experiences political upheaval, increasing crime rates, or social tensions, it creates an environment that prompts some individuals, including millionaires, to look for more stable and secure options elsewhere.
Business and Investment Climate: A conducive business environment is crucial for entrepreneurs and investors. As the regulatory framework, bureaucracy, or corruption levels in South Africa are unfavorable and hindering business growth, millionaires explore opportunities in more business-friendly destinations.
Quality of Life: The overall quality of life, including factors such as healthcare, education, infrastructure, and cultural amenities, are impacting millionaires’ decisions to leave South Africa. As these aspects are considered inadequate and not up to their expectations, individuals with the means to do so are choosing to relocate to places that offer a higher standard of living.
Review the following, to get some perspective on this subject.
