Namibia to become hotspot for millionaires and wealthy South Africans

Namibia’s number of millionaires is expected to rise from 2,150 individuals to over 10,000 by 2040, according to a report by New World Wealth. 

Namibia, according to the report, will become an option for South African millionaires looking to emigrate, driven by the current challenging economic environment in the country, worsened by load-shedding. 

According to New World Wealth, Namibia's abundant natural resources, low population density, good energy and transport infrastructure, and, most importantly, good safety and security compared to its neighbours position it to be the next millionaire hotspot. 

The nation also has low taxes, with a relatively modest 37% income tax and no estate duty or capital gains tax – except for the sale of mining and petroleum licences/rights and the transfer of any share/interest in a company owning a mineral/petroleum licence, were listed as part of the policies that make the country an attractive option.

“It also has a well-developed banking system, with the Namibia Dollar pegged against the Rand, which means it has a relatively stable economy as the Rand is Africa’s most heavily traded currency. The peg also creates a convenience factor for expats that move frequently between the two countries,” New World Wealth said.

According to the World Bank, one of Namibia’s greatest advantages is its low population density, with only three people per square kilometre.

Countries with a low population density tend to be far richer on a wealth per capita basis, which New World Wealth argues is a better indicator of the actual financial health of an economy.

Namibia is only behind South Africa and Mauritius on a wealth per capita basis.

“In addition, sparse populations often allow wildlife to thrive, improving the quality of life for locals and increasing eco-tourism opportunities. Interestingly, a fifth of Namibia is protected by national parks, making it one of the most ecologically friendly countries in the world.”

Namibia's affluent residential suburbs, such as Ludwigsdorf and Klein Windhoek (both in Windhoek), Vogelstrand (in Swakopmund), and Langstrand (near Walvis Bay), were listed as appealing to wealthy buyers.

New World Wealth added that there are a host of luxury lifestyle estates in the nations, such as the Finkenstein Estate, Am Weinberg Estate and the upcoming Presidents Links Estate.

The New World Wealth study tracks private wealth and investment migration trends worldwide. – Bustech/The Brief 

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Last modified on Tuesday, 19 September 2023 19:32

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