Wierzycka, widely regarded as South Africa’s richest self-made woman, said she received a personal “welcome back” message from Edward Kieswetter, the commissioner of the South African Revenue Service (SARS), shortly after relocating in 2025.
In the weeks following her return, she has begun preparations to launch a venture capital fund focused on artificial intelligence startups, aimed at supporting local innovation and retaining technology talent within South Africa.
Tax changes push decision to leave the UK
Wierzycka had lived in the United Kingdom for several years, partly due to safety concerns linked to her outspoken criticism of corruption in South Africa.
However, tax reforms targeting non-domiciled residents, announced in the UK’s 2024 budget, prompted her to reconsider her future in the country.
The policy overhaul would subject foreign income and offshore trusts held by long-term residents to British taxation, including inheritance taxes of up to 40%.
Speaking at the Bloomberg Africa Business Summit in December 2025, Wierzycka described the UK as “uninvestable,” saying the policy environment had become increasingly hostile to capital.
She cited strict taxation, including a 42% dividend withholding tax and a 40% inheritance tax, as key factors behind her decision to relocate.
“Such a tax environment is not feasible for any entrepreneur like myself,” she said, adding that it had become unsustainable to invest more capital in such a highly taxed environment.
Renewed focus on South Africa
Rather than relocating to traditional tax havens such as Greece, Italy or Dubai, Wierzycka said she saw growing opportunities in South Africa.
She pointed to improving cooperation among political parties and rising investment in the country’s energy sector as signs of a more promising economic outlook.
“You can see that these political parties are learning to work together, and there is a huge amount of investment going into renewables,” she observed.
Her return was first publicly confirmed in Sygnia’s 2025 CEO report, released in December.
The move also reflects her intention to take a more active leadership role in the firm she co-founded.
“Sygnia is growing and growing and growing,” Wierzycka said. “There is a lot to be done.”
Launching an AI venture fund
Following her return, Wierzycka is preparing to launch a venture capital fund focused on artificial intelligence startups in South Africa to support local innovation and prevent talent from leaving the country.
The fund will target early-stage AI companies and offer support beyond financing, including licensing, marketing and product development.
“We have the same intellectual capital, but not the same access to capital,” she said, warning that without stronger funding ecosystems, countries risk exporting their best engineers and importing the technology they could have built themselves.
Sygnia plans to invest part of its own capital in the fund and launch a national competition to identify promising AI startups. The initiative is expected to begin operations within six months.
From immigrant to financial powerhouse
Wierzycka’s rise to the top of South Africa’s financial sector began far from the country.
Born in Poland in 1969, she fled with her family to Austria during the political and economic turmoil of the early 1980s before settling in South Africa in 1983.
She attended Pretoria High School for Girls before studying actuarial science at the University of Cape Town.
Her career began at Southern Life and later Alexander Forbes, where she helped build the firm’s retirement fund advisory business.
In 1997, she joined Coronation Fund Managers as its 14th employee before later co-founding Sygnia.
Under her leadership, Sygnia has grown into one of South Africa’s leading investment firms. The company now manages R461 billion in assets, up from about R2 billion when it was founded, reported profit of R383.2 million in 2025, and has a market valuation of about R5.22 billion.
Wealth and influence
Cape Town–based investor Magda Wierzycka has an estimated net worth of about $250 million, placing her among South Africa’s wealthiest business figures.
Her publicly listed stake in Sygnia alone is valued at roughly $114 million, with the remainder of her wealth held in private investments and other financial assets.
Although she is often described as South Africa’s richest woman, Wierzycka has said she prefers the title “richest self-made woman.”
