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rand millionaires

wealth migration south africa economy
Business

The Paradox of Prosperity: The Rise of Rand Millionaires Amidst Wealth Exodus in South Africa

by Thabo Sebata
March 21, 2025

South Africa is seeing a surprising mix of both new millionaires and wealthy people leaving the country. While many highnetworth individuals are emigrating due to safety and economic concerns, cities like Cape Town and Johannesburg continue to attract new affluent residents with their beautiful landscapes and vibrant lifestyles. The number of South Africans earning over R1 million a year has increased, suggesting a hidden wealth that is not fully accounted for. This strange situation highlights the resilience of those who choose to stay, as they navigate challenges while believing in the country’s potential for growth and prosperity.

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