Data released by Knight Frank has revealed that a plethora of millionaires based in South Africa left the country for pastures new over the past 12 months. The Wealth Report, which is published fully on Tuesday 2 March, highlights just how many high net-worth individuals (HNWIs) are going ahead with their emigration plans, despite the pandemic.
How many people are leaving South Africa ‘for good’?
Knight Frank has also crunched the numbers when it comes to elite financial players in SA. The group has calculated that South Africans need about $180 000, or R2.6 million, to be based in the ‘top 1% wealth bracket’ – a figure that is roughly on par with Vietnam. By comparison, you’d need about $7.9 million to enjoy the same status in Monaco…
S.Africa Treasury Likely To Maintain 2020-21 Bond-Sale Level
Bloomberg 2/4/2021 Prinesha Naidoo
(Bloomberg) South Africa’s National Treasury will probably keep the levels of its bond auctions constant until the end of the fiscal year, even with domestic-debt issuance running ahead of target.
The Treasury is unlikely to “adjust its in-year bond auction levels due to the short time period remaining after the presentation of the 2021 budget,” its media desk said Wednesday in an emailed response to questions, while emphasizing that the department “does not front-run the budget.”
Finance Minister Tito Mboweni is due to present the national budget on Feb. 24, while the fiscal year runs to the end of March.
SA Treasury likely to maintain bond auction levels moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
Phumelela payments to creditors reach ZAR208.3m
1st February 2021
| By Daniel O Boyle
South African horse racing operator Phumelela, which is in the process of being wound up, has paid ZAR208.3m (£40.6m/€46.0m/$55.5m) to its creditors, according to the latest update from business rescue practitioner John Evans.
The business was placed in was placed in business rescue – a form of bankruptcy protection – in May.
Under the plan, all of Phumelela’s assets were put up for sale, with net proceeds used to repay creditors.
The operator has paid ZAR111.9m to secured creditors Investec and Rand Merchant Bank. A further ZAR14.2m was paid to unsecured creditors, and ZAR82.3m in post-commencement finance to Mary Oppenheimer Daughters, which acquired Phumelela as part of the business rescue plan.