Market News

• South Africa and Nigeria are projected to lose 900 millionaires to another country in 2024
• 128,000 millionaires are projected to migrate to a new country in 2024, with the UAE and the USA being top destinations
• South Africa is expected to lose 600 high-net-worth individuals (HNWIs) in 2024, setting a new record outflow

According to the report, about 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.

In Africa, South Africa continues to be a leading country for millionaire outflows, with an estimated 600 high-net-worth individuals (HNWIs) expected to leave in 2024. Nigeria follows, with 300 millionaires anticipated to depart.

South Africa traditionally loses 300 to 400 HNWIs to migration annually so the 2024 figures represent a new record outflow.

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For Nigeria, the HNWIs living in the country are down by a dramatic 45% over the past decade, making it the worst-performing market in Africa over this period. Popular destinations for millionaires leaving Nigeria include the UAE, the UK, and South Africa, as well as several countries in Europe.

Millionaire migration figures are an important overall indicator of the health of an economy, especially on the outflow side. For instance, if a country is losing large numbers of millionaires to migration, it is probably due to serious problems in that country. It can also be a negative sign for the future, as wealthy people are often the first to leave.

Reasons for the exit

Due to the elections in South Africa, there are concerns that the incoming government may clamp down on HNWIs via the introduction of new wealth taxes and the phasing out of the private healthcare system in favour of a government-run National Health Insurance model (NHI). High crime rates and power cuts also remain a concern.

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In Nigeria, religious tensions, high crime rates, and currency instability have become major concerns.