Latest news with #Henley&Partners
The South African
4 hours ago
- Business
- The South African
South Africa's millionaires pack their bags for UAE
South Africa continues to experience a significant outflow of wealth, as the country saw 250 high-net-worth individuals (HNWIs) – those with assets exceeding $1 million (R17.88 million) – emigrate in 2024, according to the latest Henley & Partners Wealth Migration Report. The departure of these individuals has resulted in an estimated R28 billion in wealth leaving the country. This forms part of a broader trend, with South Africa's millionaire population shrinking by 12% over the past decade. In 2014, there were approximately 46 800 dollar-millionaires in the country. That figure dropped to 37 400 in 2024, marking a net loss of over 9 000 HNWIs. Globally, 134 000 millionaires migrated in 2024, with that number expected to rise to 142 000 in 2025. The United Arab Emirates (UAE) led the list of top destinations, gaining 9 800 millionaires and roughly R63 billion in new wealth. In contrast, the United Kingdom experienced the greatest outflow, losing 16 500 millionaires, with R92 billion in wealth departing the country. Despite the trend of dollar-millionaires exiting South Africa, the country has seen growth in rand-based millionaires. Data from the South African Revenue Service (SARS) shows that 569 351 individuals earned over R1 million annually in 2024 – a 16% increase from the previous year. These individuals now make up 3.94% of the 14.45 million registered taxpayers, up from 3.45%. Henley & Partners note that economic uncertainty, political instability, and crime remain key push factors behind South Africa's ongoing wealth migration. However, the growth in the number of local tax-paying millionaires suggests that while global investors may be leaving, South Africans continue to build wealth locally – albeit in rands, not dollars. As pressure mounts to retain skilled professionals and investors, economists suggest that policy certainty, improved security, and economic reform will be essential to reverse the exodus and rebuild long-term investor confidence. 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.
Express Tribune
13 hours ago
- Business
- Express Tribune
Global ranking of green passport improves
Pakistani citizens can now travel to 32 countries either visa-free or with visa-on-arrival access, following a notable improvement in the global ranking of the Pakistani passport. According to the latest data released by the international ranking platform Henley & Partners, Pakistan's passport currently ranks 100th globally, a jump from its 113th position in 2021. The improvement is seen as a reflection of Pakistan's enhanced diplomatic outreach and evolving international relations. The development comes just days after Pakistan and the United Arab Emirates (UAE) signed an agreement allowing holders of diplomatic and official passports from both countries to travel without the need for a visa. The bilateral arrangement eliminates pre-travel visa formalities for eligible travellers, further strengthening diplomatic ties between Islamabad and Abu Dhabi. In a post on X, Deputy Prime Minister and Foreign Minister Ishaq Dar said that he signed an agreement with his UAE counterpart Sheikh Abdullah bin Zayed Al-Nahyan on "mutual visa exemption for the holders of diplomatic and official passports of our two countries". "This important step reflects our shared resolve to further strengthen our fraternal ties and deepen institutional collaboration across all levels," he added. It came after both countries signed a memorandum of understanding (MoU) on mutual visa exemption during the 12th session of the Pakistan-UAE Joint Ministerial Commission (JMC). Officials say the move will ease high-level official engagements and reflect growing trust and cooperation between the two nations.
Arab Times
a day ago
- Business
- Arab Times
Saudi Ranks Among Top Destinations for Wealth Migration in 2025
RIYADH, June 27: Saudi Arabia is set to attract 2,400 high-net-worth individuals (HNWIs) in 2025, an eightfold jump from 2024, according to the Henley Private Wealth Migration Report 2025. This makes the Kingdom the fastest-rising destination globally for millionaire migration, driven by Vision 2030, major economic reforms, and investment-friendly policies. The UAE remains the global leader, with an expected 9,800 millionaires, followed by the US with 7,500. Saudi Arabia's appeal lies in its mega projects, such as NEOM, tax incentives, residency programs, and a focus on tourism, fintech, and infrastructure. Cities like Riyadh and Jeddah are key hubs for inbound capital. The report highlights a broader shift in global wealth flows. The UK is expected to lose 16,500 millionaires—the highest net outflow—amid rising taxes and tighter regulations. Other countries losing HNWIs include China, France, Spain, and Germany. Meanwhile, Southern Europe—notably Italy, Switzerland, Portugal, and Greece—is emerging as a new wealth haven. Asian hubs like Thailand, Japan, and Hong Kong are also gaining, while South Korea, Vietnam, and Pakistan face net outflows. Henley & Partners and Capgemini both underscore the Middle East's growing appeal to global investors, citing its economic stability, security, and strategic location. Saudi Arabia, in particular, is becoming a key player in the global wealth migration landscape.
Gulf Insider
a day ago
- Business
- Gulf Insider
UK's Ninth Richest Man Turns His Back on Britain
The UK's ninth richest man, Norwegian born shipping tycoon John Fredriksen, who is worth an estimated £14bn, has turned his back on the UK, saying 'Britain has gone to hell.' Mr Fredriksen has moved his business out of London and is now said to spend most of his time running it from the United Arab Emirates. The magnate is the latest in a series of wealthy individuals who are quitting the UK due to Labour's scrapping of the non dom tax regime and their concerns about the future of the British economy. Asked by Norwegian title E24 about his feelings for the UK, Fredriksen said: 'It's starting to remind me more and more of Norway. Britain has gone to hell, like Norway.' 'I try to avoid Norway as much as I can,' he added. He has closed the London headquarters of Seatankers Management, one of his private shipping businesses, which was based on Sloane Square. He continued: 'The entire Western world is on its way down.' And he blasted working from home culture, saying: 'People should get up and work even more, and go to the office instead of having a home office.' The old non-dom tax system that has allowed wealthy foreign-born British residents to shield their overseas assets and income from UK tax ended on April 6 this year. The change has been blamed for an unprecedented exodus of millionaires from the UK. Foreign assets placed in trusts have also lost their exemption from inheritance tax. As a result, analysts predict the UK is to lose 16,500 high-net-worth individuals this year, far more any other country. It is more than double the 7,800 forecast to quit second-placed China. The United Arab Emirates is predicted to gain the most high wealth individuals, according to analysis by Henley & Partners. Henley & Partners chief executive Dr Juerg Steffen said: 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows,' he said. 'This isn't just about changes to the tax regime. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. 'The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.' Also read: These Are The Places That Rich People Are Leaving
Gulf Insider
a day ago
- Business
- Gulf Insider
These Are The Places That Rich People Are Leaving
Newly published data by Henley & Partners shows that while China and India were still losing the most millionaires (or billionaires) to emigration in 2023, the United Kingdom's millionaire flight is surging to the top position this year. Some British millionaires have said they are leaving due to the end of the non-domestic tax status rule in the country. The Tax Justice Network points out that even with the increase, the share of of those departing is still very low compared to all millionaires. As Statista's Katharina Buchholz reports, the 142,000 millionaires projected to be migrating this year only represent 0.2 of all millionaires globally, its release says. After migration of the wealthy slumped during the pandemic years, a new high of 120,000 millionaires left their home countries in 2023. After 2025's 142,000 individuals, wealth out-migration is expected to climb even higher to 165,000 in 2026. You will find more infographics at Statista According to the source, political stability, personal freedoms as well as tax and financial concerns were among the reasons millionaires decide to make these moves. The war in Ukraine has led to an exodus of Russians – especially pronounced in 2022 and 2023 – that has seen new arrivals mainly in European cities. The change represented a 33 percent reduction of Russian millionaires living in their country between 2021 and 2022. The study covered only individuals with an investable wealth of at least $1 million, who took up residency in a new country and spent at least half of the year there. Also read: UK Gov't Secretly Used BBC & ITV Soaps For 'Underhanded' Vaccine 'Propaganda' To Covertly Shape Public Opinion, Coerce Compliance
