A stunning aerial view of Cairo, Egypt, showcasing the Nile River, modern buildings, and vibrant urban life, highlighting Africa’s dynamic growth.
According to a report by Henley & Partners, South Africa and Nigeria will lose 900 millionaires to migration in 2024. Of the 128,000 millionaires projected to migrate globally, South Africa will see an estimated 600 high-net-worth individuals (HNWIs) leave, while Nigeria will lose around 300. This marks a record outflow for South Africa, which typically loses 300 to 400 HNWIs annually. Meanwhile, Nigeria’s HNWIs have decreased by 45% over the past decade, the worst in Africa, as many of its richest individuals migrate to other countries, including the UAE, the USA, and the UK. Millionaire migration is a key indicator of the health of a country’s economy as it can point to underlying problems. For South Africans, emigration is driven by concerns that the government will introduce new wealth taxes and high crime rates, among other things. For Nigerians, it is driven by religious tensions, high crime rates, and currency instability.
SOURCE: BUSINESS INSIDER