South Africa is losing thousands of millionaires

Wealth leaving the country has the exact opposite effect of foreign direct investment – job losses, negative growth, more financial distress. With tax increases of R5bn projected for 2021/2022 as tax revenues decline and sovereign debt increases, it would be a welcome sight to witness some genuine intent from the government to stimulate economic growth.

Read here: https://businesstech.co.za/news/wealth/459046/south-africa-is-losing-thousands-of-millionaires

South Africa is losing thousands of millionaires

The latest research from New World Wealth and AfrAsia Bank shows that South Africa has lost 3,400 dollar millionaires over the last year, with the country now home to only 35,000 high net worth individuals (HNWIs).