A research conducted by New World Wealth has revealed that there are approximately 38,400 millionaires living in South Africa, each with net assets of US$1 million or more.
The report further revealed that there are 5 billionaires, 92 centi-millionaires (people with $100 million or more), and 2030 multimillionaires. Multi-millionaires are people with a net-worth of more $10 million or more.
Wealth Forecast for 2020/21
The report also predicted that the number of wealthy people will drop in the financial year 2020/21. “Our wealth forecasts are relatively poor for 2020/2021 due to the expected impact of the coronavirus on stock markets, the Rand, salaries and general business opportunities in SA. All major sectors are expected to be negatively impacted.”
This report reveals the levels of inequality in the country. An average South Africa has a total net-worth of $11 000. This effectively mean that 41% of the wealth in South Africa is controlled by approximately 40000 people. That is less than 0.1% of the country’s population.
South Africa vs Other Countries
Compared to other countries in Africa, South Africa is doing exceptionally well. In December 2019 the New World Wealth report revealed that SA is the largest wealth market in Africa and the 32nd largest worldwide (in terms of total wealth held).
How to Contact the Super Wealthy South Africans?
Well, who wouldn’t want to have a friend with millions of US Dollars to his name? Getting their email addresses or phone numbers probably will never help you. And pitching up at their homes is not an option.
The easiest way to get in touch with them is through their brokers. Remember these are guys with money, they place serious value on their brokers. If you can find a way of knowing and building relationships with top brokers in the country, you may one day find yourself sipping wine with a multi-millionaire.
Cities By Wealth
Total wealth held in the city amounts to US$243 billion. Most of Johannesburg’s wealth is concentrated in Sandton, which is home to the JSE (the largest stock market in Africa) and to the head offices of most of Africa’s largest banks and corporates.
Exclusive suburbs in Johannesburg/Sandton include: Hyde Park, Sandhurst, Westcliff, Houghton, Bryanston, Saxonwold, Park Town, Atholl and Inanda. Major sectors in the city include: financial services (banks), professional services (law firms, consultancies), telecoms and basic materials.
Total wealth held in the city amounts to US$131 billion. Home to SA’s most exclusive suburbs such as: Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt and Constantia.
Also home to a number of top-end residential estates including: Erinvale, Steenberg and Silverhurst Estate. Major sectors there include: real estate, financial services (fund management), retail and tourism.
Durban & Umhlanga:
Total wealth held in the city amounts to US$56 billion.
This figure includes wealth held in Durban, Umhlanga, La Lucia and Ballito. Notably, Umhlanga and Ballito are two of the fastest growing areas in SA, in terms of wealth growth over the past 10 years.
Paarl, Franschhoek & Stellenbosch:
These three towns are located next to one another.
They combine to form one of the fastest growing areas in SA for HNWIs. Notably, a large number of retired millionaires (HNWIs) have moved to the area over the past 10 years.
There are several exclusive residential estates in the area that have attracted HNWIs including: Val de Vie, Pearl Valley, De Zalze, Domaine des Anges, Fransche Hoek Agricultural Estate and La Ferme Chantelle. There are also many private wine farms in the area that are owned by HNWIs.
Source: NW Wealth