Just under 50 000 South Africans are dollar millionaires with net assets worth over R10 million, while over 2 000 people are super-rich (multi-millionaires) with net assets worth more than R100 million.
This is according to research by analysts New World Wealth, which found that the number of dollar millionaires grew by 106% to 49 000 over the past decade. South Africa also has 120% or 2 060 more multimillionaires than it did in 2004, City Press reports.
Comparatively, South Africa’s rich are fairing much better than their global counterparts in terms of quick wealth growth as global figures show millionaires grew by 58%, while the number of multi-millionaires grew by 71%.
There are more than 13 million millionaires in the world, of which 495 000 are classified as multimillionaires and tend to live in the US (183 000), China (26 600) and Germany (25 400).
Surprisingly, Hong Kong is home to the most multi-millionaires in the world, being the home of 15 400 über-rich people, followed closely by New York City with 14 300 people and London with 9 700.
Locally, the overwhelming majority of super rich people (990), like entrepreneur and Aspen chairwoman Dr Judy Dlamini and mining magnet Patrice Motsepe stay in Johannesburg. You’ll most likely find the über rich living in estates and mansions in affluent suburbs like Hyde Park, Dainfern, Bryanston and Sandhurst.
Three hundred and eighty South African multi-millionaires reside in Cape Town, 115 in Durban and 105 in Pretoria, New World Wealth analyst Andrew Amoils told City Press.
In previous New World Wealth research reported by DESTINY, Motsepe is said to be worth around $2,6 billion (R27 billion), while Dlamini’s net worth is said to be around $16,1 million (R171 million).
The research into the lives of SA’s super rich found that this group of people have a penchant for luxury collectables and investments that mature over time, holding around R2.3 billion in fine art including the likes of Irma Stern, Gerard Sekoto, Maggie Laubser and Hugo Naudé.
Car collection is also a popular investment trend among the super-wealthy along with fine wines and luxury watches.
Amoils says that many members of SA’s über-rich club are keen rare wild animal collectors, owning anything from buffalo to the roan antelope, which presently are worth over R300 000 each.
Source: City Press