South Africa saw a significant number of high net worth individuals pack up and leave for another country last year, research reveals.

The number of millionaires in South Africa fell 18 per cent to 38,500 in 2015 as economic conditions bit and many left the country, according to a report by New World Wealth.

As the rand depreciated by 25 per cent against the US dollar and the Johannesburg Stock Exchange fell 22 per cent in US dollar terms, South Africa lost just over 950 millionaires to emigration in 2015, New World Wealth estimates. Of these, 36 per cent went to UK, 15 per cent to Australia, 11 per cent to the US, 8 per cent to Canada, 5 per cent to Mauritius and 4 per cent to Israel. 
 
In the firm's 2015 migration survey of around 60,000 HNW individuals worldwide, the top reasons respondents gave for leaving South Africa included financial concerns, concerns for children’s future, crime – namely rape and hijacking concerns - and fears of contracting HIV / AIDS.

The report flagged a rising level of government regulation in the business sector, making it increasingly complicated to start and run businesses in the country. Issues here include exchange controls, high tax rates and Black Economic Empowerment hiring requirements. In addition, the recent slide in commodity prices has put further pressure on South Africa's exports and growth prospects.

New World Wealth drew comparisons to Zimbabwe, which saw growing numbers of wealthy people emigrate before its economy collapsed.