As part of the AfrAsia Bank South Africa Wealth Report 2018, New World Wealth has looked at where South Africa stands in the global wealth picture.

According to the report, the country ranks 33rd globally in terms of total wealth and 38th in terms of number of high net worth individuals (HNWIs).

NWW noted that millionaires or HNWIs refer to individuals with wealth of $1 million (R12 million) or more, while wealth refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.

Data from the report showed that total private wealth held in SA amounts to approximately $722 billion. Around US$306 billion of this is held by HNWIs.

The average South African individual has net assets of $12,900 (wealth per capita), which is the second highest level in Africa, behind Mauritius.

The country is home to 43,600 HNWIs, each with net assets of $1 million or more, and 2,200 multimillionaires, each with net assets of US$10 million or more.

The country has as many as 98 centi-millionaires, each with net assets of $100 million or more, that’s R1.22 billion at the current rate of exchange.

On a global level, the report showed that there are approximately 26,600 centi-millionaires, each with net assets of $100 million or more, and approximately 584,000 multi-millionaires, each with net assets of US$10 million or more.

As reported previously, Johannesburg (including Sandton) is home to the most millionaires in the country, with 18,400 residents worth more than $1 million (and 970 worth more than $10 million), followed by Cape Town, though by some margin.

There are 10,000 fewer millionaires in Cape Town (8,300 recorded by NWW), though a slightly higher proportion of them are multi-millionaires (490).

Durban, including Ballito and Umhlanga, has the third highest concentration of dollar millionaire wealth (3,400 residents), followed closely by Paarl, Franschhoek and Stellenbosch (3,200 residents).


City Wealth ($bn) Residents ($1m+) Residents ($10m+)
Johannesburg 276 18 400 970
Cape Town 155 8 300 490
Durban, Ballito and Umhlanga 55 3 400 210
Paarl, Franschhoek and Stellenbosch 54 3 200 150
The Garden Route 52 3 000 100
Pretoria 48 2 800 120
The Whale Coast 24 800 50
The Sunshine Coast 15 400 40
Pietermaritzburg and Natal Midlands 7 200 30
Bloemfontein 3 100 20
Other 33 3 000 20
Total South Africa 722 43 600 2 200

Over the past decade, all listed cities – except for Johannesburg – saw growth in their millionaire numbers. Johannesburg saw a decline of 4%, as a large number of Johannesburg millionaires moved to other parts of the country.

Johannesburg prime property prices also performed poorly relative to the rest of the country, NWW said.

The biggest growth was seen in Paarl, Franchhoek and Stellenbosh, which recorded a massive 20% jump in the number of billionaires residing in those areas – while HNWIs on the Garden Route and the Whale Coast also performed well (mainly due to a trend of retiring HNWIs moving there).

Facebook Comments

About author

Nigerians in South Africa
Nigerians in South Africa 11050 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

You might also like

Your weather update: Sunny Saturday in store, high fire danger conditions expected in Northern Cape

A sunny day awaits the country on Saturday, leading the South African Weather Service to issue a warning for high fire danger in some parts of the Northern Cape.WarningsExtreme high fire danger conditions are expected over the central and northern parts of the Northern Cape.The weather in your regionGauteng will be cloudy and warm but cool in the…

Two frontline City of Joburg officers die of ‘Covid-19 related complications’ | News24

Two City of Johannesburg frontline personnel died after contracting Covid-19.One was a metro police officer and the other was a firefighter.The City has started tracing peop…

Business 0 Comments

Look who’s winning during lockdown

It seems just about everyone has watched (and enjoyed) Tiger King on Netflix: a quirky tale of big cat collectors and breeders in the US. Viewership figures were bumped by the launch of the series coinciding with a global lockdown. Forced to stay at home, mi…


No Comments Yet!

You can be first to comment this post!

Leave a Reply