BIG READ: How the ANC has chased away investors, taxpayers and prosperity
A book extract from Tony Leon’s new book, ‘Future Tense’
Despite the magic of [Nelson] Mandela and the so-called rainbow miracle, 900,000 South Africans left the country from 1990 to 2018. Although this covers all eras from [FW] De Klerk through to [Jacob] Zuma, it gives a flavour of the size of the exodus. And the group with the greatest mobility and the easiest options were SA’s superrich.
In February 2016, the SA Wealth Report, the findings of a 2015 migration survey by New World Wealth, a Johannesburg-based consultancy, revealed that almost 1,000 millionaires left SA in 2015, and the number of dollar millionaires in the country fell from 46,800 in 2014 to 38,500 at the end of 2015, a fall of 18% in one year. By 2018 SA had only about 2,000 multimillionaires (with assets worth $10m or more) and just five genuine billionaires (each with net assets of $1bn)...