Rich people flooding out of South Africa

Between 2020 and 2024, approximately 108,000 South Africans emigrated from the country, including many highly skilled and affluent individuals.

Renowned economist Dawie Roodt told Biznews that industrialists, skilled individuals, and wealthy individuals are leaving the country.

Poor government policies, which resulted in poor economic growth, high crime rates, and social problems, are driving these people out of South Africa.

The government’s assault on a small segment of the population, characterised by high taxes and laws that disadvantage them, exacerbates the situation.

Roodt warned that South Africa is losing its skilled people, which is bad news for economic growth and the development of companies.

The latest data from the United Nations’ International Migrant Stock report backs up Roodt’s concerns, showing that over 1 million South Africans are living abroad.

The UN’s data shows that in 1990, approximately 295,400 South Africans were living internationally. By 2000, it reached 495,000 and by 2010, rose to 705,000.

In 2020, the number of South Africans living abroad was just under 900,000 and surpassed 1 million in 2024.

Because the number represents a running total, it means that the UN tracked over 710,000 South Africans moving abroad between 1990 and 2024, averaging approximately 57 people leaving every day.

The data shows that this average fluctuates depending on the period. The highest number of exits occurred between 1995 and 2000, with an average of 75 people.

More recently, South Africa saw the average number almost hit the same levels over the past four years, with an average of 74 people leaving every day between 2020 and 2024.

It has reached such concerning levels that the Allianz Risk Barometer for 2025 showed that the shortage of skilled workers has become one of South Africa’s biggest risks.

The barometer, which compiled the views of over 3,700 risk management experts from more than 100 countries, said South Africa faces a significant drain on critical skills.

2025 was the first year a shortage of skilled workers made the top 10 risks facing South African businesses.

It remains a top concern for businesses, and many large companies have raised the alarm about the country’s skills shortage.

This is largely because many highly skilled South Africans leave the country in search of better opportunities overseas.

A comprehensive survey conducted by the Inclusive Society Institute in late 2023 found that the number of South Africans considering emigration remains disturbingly high.

The survey found that 8.59% of adult South Africans aged 18 and above said they were seriously considering emigrating to another country within the next year.

10.78% of respondents with higher education qualifications indicated they were seriously considering emigrating in the next year.