By: Natasha Archary
One in five South African millionaires have sought greener pastures over the past decade, with at least 1 500 leaving in 2022 alone.
Coreen van der Merwe, Director of Sovereign Trust SA joins Gugulethu Mfuphi on Kaya Biz to share insight into why high-net-worth individuals escape South Africa to Singapore, Canada, Australia and Malta.
“It’s quite an eyeopener looking at these statistics to note that mostly schooled South Africans are leaving the country.
Some of them are directors, managing directors, financial directors, and there’s quite a trend for people who have studied accounting, to head to international jurisdictions, like Ireland.
There’s a big need for Chartered Accountants in Isle of Man. With over 50 000 job opportunities available for anyone who’s studied accounting, there’s a huge demand for skilled individuals abroad.
Well qualified and high-earning individuals are looking to leave the country for greener pastures.”
Coreen says more than wanting to earn a higher income, or to attain international exposure, security and access to better healthcare and education, play a big factor in why the country’s richest are leaving.
With Singapore, Canada, Australia and Malta offering various options for relocation, SA millionaires are opting for highly diversified economies and supportive environments to relocate.
The numbers of returning South Africans are unconfirmed, and Coreen says while some do return home, a majority look for permanent residency abroad.
Listen to the conversation on Kaya Biz:
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