South Africa's richest woman Magda Wierzycka considers returning due to UK tax changes
South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa
Image: X / Magda Wierzycka
South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa because of tax changes proposed by the UK government.
Magda Wierzycka left South Africa several years ago, citing safety concerns linked to her outspoken fight against corruption. At the time, she claimed she would never return to the country..
Wierzycka is estimated to be worth $250 million, making her one of South Africa’s richest women. While her publicly traded shares in Sygnia are said to be valued at around USD 114 million (R 2 billion), her total wealth includes private assets and investments.
However, the UK’s recent tax changes targeting non-domiciled residents, including the introduction of inheritance tax on overseas assets, have put her future in London in doubt.
Wierzycka has said that these policies could force her to relocate back to South Africa.
“In my situation, let’s assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,” she said in an interview with SKY News.
She added that South Africa’s foreign exchange controls complicate matters further.
“South Africa has these kinds of restrictions on the free movement of cash out of the country. So, you know, it’s a situation where my estate might, my children might not be able to settle the bill in the UK.
“I was in the midst of raising a fourth fund to invest solely into the UK... The message to my investors is we’ll be deploying the capital around the world. We are not coming to the UK".
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