(Ecofin Agency) - At the end of 2015, South Africa counted 38,500 wealthy individuals (High Net Worth Individuals/HNWI) who cumulated a wealth of $159 billion, a recent report published by Research and Markets.

The cumulated wealth of these individuals who hold assets equaling at least a million dollar, excluding house and consumption goods, dropped by 18% compared to 2014, mainly as a result of Rand’s strong depreciation to US dollar, stock markets plunging and the migration of a significant number of HNWI outside the country.

The South Africa 2016 Wealth Report however projects the number of South African HNWI to grow by 10% over the next two years to about 42,300 persons in 2017.

Those behind the report believe this growth will be lower than the one registered in the previous years, due to power outages that cripples industrial sector and less flexible business regulations.