This press release is part of WealthInsight’s report
on South Africa, entitled: South Africa –
The Future of HNWIs to 2016: The Rise of African Wealth. http://timetric.com/research/report/WI0053MR/
Press release:
Rich Suburbs: Sandhurst
has the most multi-millionaires in South Africa
Sandhurst in
Sandton, is home to over 30 South African multi-millionaires, more than any
other suburb in the country. It also has the highest multi-millionaire
population density in the country, with one on every 20 residences being owned
by a multi-millionaire, according to new research from WealthInsight.
“A combination
of large plots, safety and location make Sandhurst the top suburb in South
Africa for the ultra rich” according to WealthInsight analyst Andrew Amoils.
WealthInsight research also shows that:
- South Africa has the highest number of millionaires in Africa. As of 2011, there were just over 44,700 millionaires in the country, with a combined wealth of US$188 billion, accounting for roughly 25% of South Africa’s total individual wealth (US$740 billion).
- Included in this total are 543 multi-millionaires, each with wealth of over US$30 million. Johannesburg is home to the largest portion of these individuals (48% or 261 multi-millionaires). There are also sizable South African multi-millionaire populations in Cape Town (103 multi-millionaires), Durban (31 multi-millionaires) and Pretoria (28 multi-millionaires).
Definitions:
·
“Multi-millionaires” otherwise known as “ultra high net worth
individuals” or “UHNWIs” are individuals with net assets of US$30 million or
more excluding their primary residences
·
“Millionaires” otherwise known as “high net worth individuals” or
“HNWIs” refer to individuals with net assets of US$1 million or more excluding
their primary residences
·
For the purposes of this report, the phrase “review period” relates
to the years 2007–2011 and the “forecast period” relates to the years
2011–2016.
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