Will Namibia be Africa’s next millionaire hotspot?
Namibia is expecting to see a massive influx of millionaires over the next two decades.
With the current challenging economic environment in South Africa, many wealthy citizens are contemplating on emigrating, according to Business Tech. Will Namibia beAfrica’s next millionaire hotspot?
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WHAT MAKES NAMIBIA ATTRACTIVE?
Factors that make Namibia an attractive option for those wanting to leave SA but not go too far, include its abundant natural resources, low population density, good energy and transport infrastructure, and its good safety and security, according to Business Tech.
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The country also has low taxes, with a 37% income tax and no estate duty or capital gains tax. The banking system in Namibia is well developed and the country has a relatively stable economy.
According to The Commonwealth, Namibia is one of the most sparsely populated countries on earth. As per the latest statistics from Worldometer, Namibia’s population is equivalent to 0.03% of the total world population, with a population density of 3 people per km2.
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THE UPSIDE OF LOW POPULATION DENSITY
Countries with a low population density tend to be richer on a wealth per capita basis and sparse populations often allow wildlife to thrive, improving the quality of life for locals and increasing eco-tourism opportunities. According to Business Tech, Namibia is one of the most ecologically friendly countries in the world.
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CURRENCY AND COST OF LIVING
The Namibian dollar, which was first issued in 1993, has been pegged to the South African currency on the basis of one-to-one equality. The South African rand is also legal tender in Namibia (SA Reserve Bank).
As per the latest figures from Livingcost, the average cost of living in Namibia is 10% less expensive than in South Africa.
These are current average prices of a few essentials in Namibia from Expatistan:
- Milk (1l) – 23 N$
- Tomatoes (1kg) – 37 N$
- Potatoes (1kg) – 55 N$
- Monthly ticket for public transport – 150 N$
- Visit to a private doctor – 580 N$
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