Magda Wierzycka Returns to South Africa, Plans AI Venture Fund After Leaving the UK

South African business leader Magda Wierzycka, widely regarded as the country’s richest self-made woman, has returned to South Africa after several years in the United Kingdom, citing tax policy changes that made the environment less attractive for investors.

Wierzycka said she received a personal “welcome back” message from Edward Kieswetter, commissioner of the South African Revenue Service, shortly after relocating in 2025.

In the weeks since her return, she has begun laying the groundwork for a new venture capital fund focused on artificial intelligence startups. The initiative aims to support innovation in South Africa and reduce the loss of local technology talent to international markets.

Tax Reforms Prompt Exit from the UK

Wierzycka had lived in the UK for several years, partly due to security concerns linked to her outspoken stance against corruption in South Africa.

However, changes introduced in the UK’s 2024 budget targeting non-domiciled residents forced her to reassess her long-term plans. The reforms would subject foreign income and offshore trusts held by long-term residents to British taxation, including inheritance tax rates of up to 40%.

Speaking at the Bloomberg Africa Business Summit in December 2025, Wierzycka described the UK as “uninvestable,” arguing that the country’s tax environment had become increasingly unfriendly to investors.

She pointed to high tax rates – including a 42% dividend withholding tax and 40% inheritance tax – as major factors behind her decision to relocate.

“Such a tax environment is not feasible for any entrepreneur like myself,” she said, noting that continued investment under those conditions was no longer sustainable.

Renewed Focus on South Africa

Rather than moving to traditional low-tax destinations such as Greece, Italy, or Dubai, Wierzycka said she believes South Africa offers growing opportunities.

She cited improving cooperation among political parties and increasing investment in renewable energy projects as signs of a strengthening economic outlook.

Her return was first publicly disclosed in the 2025 CEO report of Sygnia, the investment firm she co-founded.

Wierzycka said she intends to play a more active role in the company as it continues to expand.

“Sygnia is growing rapidly, and there is still a lot to be done,” she said.

AI Venture Fund in the Works

One of her immediate priorities is the launch of a venture capital fund targeting early-stage artificial intelligence companies.

The fund will not only provide financing but also support startups through licensing, marketing, and product development assistance.

“We have the intellectual capital, but we don’t have the same access to capital,” Wierzycka said, warning that countries without strong funding ecosystems risk losing talented engineers to foreign markets.

According to the plan, Sygnia will invest part of its own capital in the fund and organize a national competition to identify promising AI startups. The initiative is expected to become operational within six months.

From Immigrant to Financial Leader

Wierzycka’s journey to becoming one of South Africa’s most influential investors began far from the country.

Born in Poland in 1969, she and her family fled to Austria during the political and economic turmoil of the early 1980s before eventually settling in South Africa in 1983.

She later studied actuarial science at the University of Cape Town after attending Pretoria High School for Girls.

Her career began at Southern Life and Alexander Forbes, where she helped develop the company’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 asset managers, overseeing about R461 billion in assets. The firm reported profits of R383.2 million in 2025 and currently has a market valuation of roughly R5.22 billion.

Wealth and Influence

Based in Cape Town, Wierzycka’s estimated net worth stands at around $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 rest of her fortune spread across private investments and other financial assets.

Although she is often referred to as the richest woman in South Africa, Wierzycka has said she prefers a more specific description: the country’s richest self-made woman.