TONY LEON: When the millionaires flee your country, be afraid
'A 2016 survey by the same outfit noted that in 2015 South Africa lost 950 millionaires to emigration'
Other than the boisterous media space here, it is easy to see how we have slid ever further down the totem pole of attractive places to be for the well-heeled, the very demographic who have the ease of mobility not given so easily to less wealthy citizens. Since the report, further tax hikes have been given to the top bracket of payers, the debate on expropriation without compensation has been cranked up to fever pitch, and government intervention has increased.
And in the same period the growth percentage has been outpaced by population increase. Of course the arrival of Cyril Rampahosa has changed the negative optics somewhat. But as a mergers and acquisition lawyer at Norton Rose Fulbright, Kevin Cron, told the Sunday Times, “investor interest is still quite cautious”.