Cape Town – Over 10 000 millionaires from the rest of Africa are expected to move to South Africa over the next decade, according to a report by New World Wealth, which provides information on the global wealth sector, especially high growth markets.

By June last year, it was estimated that there were about 163 000 dollar millionaires living in Africa with a combined wealth of $670bn.

Research by New World Wealth found that over 1 500 millionaires from the rest of Africa have moved to SA since 2007. Most of them came from Nigeria, Angola and Ghana. Many millionaires from the rest of Africa have also bought second residences in SA, which they use for business and holiday purposes.

These millionaires are attracted to SA by good private schools for their children, luxury residential estates, good private healthcare, exclusive shopping centres and good transport infrastructure. They also like that SA is an English-speaking country and that there is very little religious violence.

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Multinational companies frequently send employees to Africa so they can better compete in markets where skills are in short supply.

“As the global economy has become increasingly interconnected, close to 75 percent of multinational organizations are expecting long-term expatriate assignments to remain stable or increase over the next two years to address business needs,” said Ilya Bonic, senior partner and president of Mercer’s Talent business.

The world’s largest human resources consulting firm, New York City-based Mercer Mercer is a subsidiary of global professional services firm Marsh & McLennan.

Mercer’s Cost of Living survey helps multinational companies and governments determine how much they should pay their expat employees, the company said.

The survey includes 207 cities in five continents and measures the comparative cost of more than 200 items in each location including housing, transportation, food, clothing, household goods, and entertainment.

“Aligning workforce and mobility strategies by ensuring the right employees are in the right places is more critical than ever to manage globalization,” Bionic said. “Properly compensating employees on international assignments is as important as it is costly.”

Several cities in Africa rank among the most expensive, reflecting high living costs and high prices of goods for expats. Luanda (No. 1) remains the most costly city in Africa and the world, followed by N’Djamena (No. 10), Victoria (No. 17), and Libreville (No. 30).

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