[ADVISOR VIEW] If Treasury’s proposal of a wealth tax is implemented, then this number of emigrating high-net-worth individuals is likely to increase: MichaelHaldane - GlobalLocalZA. Economy FinancialPlanning
Safety concerns, rolling blackouts, corruption, and economic stagnation are just some of the motives behind high-net-worth individuals choosing to leave for overseas. Data from New World Wealth and Henley & Partners shows approximately 4 500 HNWIs have left South Africa over the past decade.
Even though many wealthy South Africans are leaving in droves this isn’t unique to just South Africa. Other emerging markets have also seen a significant number of HNWIs migrating over the past decade, particularly from Egypt, Turkey, and Nigeria. On the flip side data also points to there an increasing trend of wealthy people returning to South Africa, particularly HNWIs from the UK. South Africa is also home to more than twice as many millionaires as any other African country.
National Treasury has also put in place provisions for provisional taxpayers with business interests that all assets must be declared based on their cost and liabilities in the tax year of assessment. These measures assist Treasury to detect non-compliance or fraud of possible unexplained wealth. All provisional taxpayers with assets above R50 million are required to declare specified assets and liabilities at market value.
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