THERE will be a boom in the number of millionaires and billionaires coming out of South Africa over the next decade, a new report by Henley & Partners and New World Wealth shows.
The report, which tracks private wealth and investment migration trends worldwide, shows high net worth individuals (HNWIs) South Africa’s growth is predicted to grow 40% over the next decade. HNWIs include individuals with a wealth of $1 million (R16.08 million) or more.
The group’s data shows South Africa is currently home 39,300 HNWIs and 2,080 multi-millionaires – those with net wealth of $10 million or more. Five dollar billionaires call the country home.
According to the NWW projections, the country could have over 55,000 HNWIs by 2032.
Amanda Smit, managing partner at Henley & Partners South Africa, said emerging economies in Africa, Latin America, and elsewhere in the ‘Global South’ are rapidly catching up with the
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