According to the latest figures, 134,000 millionaires migrated globally in 2024, with this number projected to rise to 142,000 in 2025.
The United Arab Emirates (UAE) remains the world’s top destination for relocating high-net-worth individuals, attracting around 9,800 millionaires last year and gaining roughly R63 billion in new private wealth.
By contrast, the United Kingdom experienced the largest outflow of wealthy residents, losing an estimated 16,500 millionaires in 2024 alone, equivalent to around R92 billion in departing wealth. This trend reflects broader concerns about tax policies, cost of living, and regulatory pressures facing affluent individuals in established markets.
For South Africa, the data paints a more nuanced picture. While the country continues to see the migration of dollar-based millionaires, there has been a notable rise in locally created wealth in rand terms. The South African Revenue Service (SARS) reports that 569,351 individuals earned over R1 million annually in 2024 — a 16% year-on-year increase. This group now represents nearly 4% of the nation’s registered taxpayers.
However, the push factors driving wealthy South Africans abroad remain clear. Research by Henley & Partners highlights that ongoing economic uncertainty, political instability, and high crime levels continue to undermine investor confidence and encourage capital flight.
Economists argue that if South Africa is to stem this outflow of high-net-worth individuals, it must focus on restoring policy certainty, strengthening security, and implementing structural economic reforms. While the growth in rand-based millionaires is encouraging, reversing the broader wealth exodus will require credible action to rebuild long-term trust and retain skills and investment at home.
Source: Further Africa
