A new report suggests that young educated South Africans plan to leave the country to work abroad, rather than plough their knowledge back into the local economy.
The report comes from PPS, an insurance, investment, healthcare and financial planning specialist for graduate professionals.
The company’s latest Student Confidence Index (SCI), conducted among over 1,500 South African students, revealed that 54% of the respondents plan to move abroad for work purposes in the next five years following their graduation.
It follows a report published by New World Wealth, which showed that white millionaire numbers have decreased dramatically in SA – from 36,600 in 2007, to 21,200 in 2015.
Year-on-year, there were 10,900 fewer white millionaires in the country – a drop of 34%, the report said.
According to NWW, the reason for the sharp drop in white millionaires is primarily due to emigration. Major reasons for this include: turmoil in home country, security concerns and optimizing education of children.