8000 South Africa high net worth individuals migrate to other countries

July 11, 2015
Over 8000 millionaires migrate from South Africa

According to the new world health annual survey about the migration patterns among worldwide millionaires. South Africa shows to be the place with highest in some individuals with a net worth of 1m USD migrates to the rest of the world.

During the period of 2000 to 2014, more than 8,000 HNWIs had left South Africa and migrated to the countries like US, UK, Canada, Australia, Cyprus and Mauritius.

South Africa represents the seventh biggest source of HNWIs outflow in the world, says the report.

A Large number of people have sought for second citizenship in the past fourteen years,  showing interest for the change of domicile have also increased tremendously from the year of 2000.

The report mentions main reasons behind people applying for second citizenship are to access global mobility and ensure the freedom to move, security and protection of their wealth. Some of the other reasons included are turmoil in the country, insecurity and a better education for their children.

Among of the major countries that received the highest inflow of HNWIs is the UK on top position with 125,000 individuals entered during the past fourteen years.

While 52,000 HNWIs have entered to the US during the same period ranking second, followed by Singapore (46,000), Australia (35,000) in the period of 2000 to 2014.

The report also mentioned that the United States with over 4.1 million HNWIs had ranked top, followed by Japan with 1.25 million and the UK with 840,000.

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