South Africa sees surge in Rand Millionaires despite wealth exodus, why? Let’s find out.
SA is experiencing a rise in high-income earners, with over 500,000 millionaires now paying taxes. While reports indicate a steady outflow of high-net-worth individuals (HNWIs), the country continues to see an increase in new millionaires.
According to Henley & Partners’ 2024 Wealth Migration Report, South Africa remains one of the top nations losing millionaires, with around 600 HNWIs expected to emigrate in 2025. An HNWI, as defined in the report, possesses liquid investable wealth of at least $1 million, approximately R18 million at current exchange rates.
Millionaire numbers on the rise despite challenges
Despite this ongoing migration trend, South Africa retains a significant number of wealthy individuals. Many choose to stay due to the country’s attractive lifestyle factors, including its warm climate, scenic landscapes, and relatively affordable cost of living.
Recent tax data from the National Treasury reveals that 569,351 South Africans earning over R1 million per year will contribute to the tax system in the 2025/2026 financial year. This marks a 16% increase—an additional 78,675 millionaires—compared to the 490,676 reported in the previous financial year.
Millionaires now make up a larger share of taxpayers
This latest figure means rand millionaires now account for 3.94% of the country’s 14.45 million registered taxpayers, up from 3.45% in the previous year. The data underscores a notable increase in wealthy individuals despite broader economic challenges.
However, the true number of millionaires could be even higher. SARS Commissioner Edward Kieswetter estimates that roughly 100,000 individuals earning over R1 million annually have not registered for income tax.
The hidden wealth factor
With more millionaires contributing to the tax base, and many more potentially flying under the radar, South Africa’s financial landscape continues to evolve. While some HNWIs opt to leave, the growing number of high earners choosing to stay highlights the country’s enduring appeal.
South Africa still experiences ongoing economic shifts, the increasing number of rand millionaires highlights the nation’s evolving financial landscape. Showcasing both the resilience of high earners and the challenges within the broader economy.
Stay tuned with The South African as South Africa sees surge in Rand Millionaires despite wealth exodus.
Let us know by leaving a comment below or send a WhatsApp to 060 011 021 1.
Subscribe to The South African website’s newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
