South Africa’s richest woman, Magda Wierzycka, has stated that the United Kingdom is “uninvestable” due to the people’s familiarity with socialism and high taxes.
Speaking in a recent interview, Magda Wierzycka who has had to move her business outside the UK in recent times, said, “You have got a socialist government where, you know, people are, instead of working, their social benefits are higher than any wages that they can possibly earn. They’ve withdrawn from European Union as a trading bloc. So the economy has just gone spiraling downwards.”
Referencing the tax, she said, “You’ve got a country which has one of the highest taxes in the world. Through changes to the tax system, they have chased away wealthy people.
“You know, the statistic is 17,000 people have left the UK because of tax reasons. 17,000. 17,000 people.
“And it’s not that, you know, 17,000 billionaires, but there were probably 2,000 billionaires who left, and as I kept saying, things became quite critical there. Surprise, surprise.”
“The biggest bone of contention, never mind the marginal tax rates and social benefits you have to pay for, you know, your inheritance tax when you die is 40%.
Drawing Parallels with South Africa, she pointed out “South Africa has a 20% inheritance tax. in the UK (You are) almost giving up 50% of your life savings to the government instead of your children.” She concluded.
