Tag: HNWI

How SA’s wealth was destroyed

AfrAsia Bank, in collaboration with New World Wealth, has published its African wealth report for 2021.

The report analyses the trends of the continent’s ultra-wealthy individuals.

Highlights include:

  • SA is home to over twice as many dollar millionaires as any other African country
  • Egypt has the most billionaires on the continent
  • The number of millionaires living in South Africa continues to decline
  • SA has 36 500 dollar millionaires, down by 1 900 from the number recorded in 2020
  • 1 930 multi-millionaires live in SA, each with net assets of $10-million or more
  • Five billionaires live in South Africa, with net assets of $1-billion+ each

The destruction of wealth:

  • SA’s wealth performance is classed as “poor”, with total private wealth held in the country declining by 25% over the past decade
  • Loss of currency value against the dollar affected this
  • Many local businesses shut
  • Wealthy people are emigrating – to UK, Australia, USA, Switzerland, Israel, Mauritius, New Zealand, the UAE, Canada, Portugal, Spain, Cyprus and Malta
  • An inability to sell houses valued at over R10-million
  • Coronavrius has had a negative impact, with private wealth and HNWI levels in Africa dropping by around 9% over the past year (2020), due to job losses caused by lockdown, lack of tourism, closure of businesses and rising debt.

South Africa’s richest people

According to the 2019 South African Wealth Report by New World Wealth, South Africa’s richest people are:

  • Diamond magnate Nicky Oppenheimer, with a net worth of $7.3 billion
  • Luxury goods boss Johann Rupert, with a net worth of $5.5 billion
  • Mining and minerals tycoon Patrice Motsepe, with a net worth of $2.4 billion
  • Media mogul Koos Bekker, with a net worth of $2.3 billion
  • Capitec founder Michiel le Roux, with a net worth of $1.2 billion

Here are some stats on the wealthy, as per The Citizen:

  • South Africa has 40 000 dollar millionaires
  • There are five dollar billionaires living in the country
  • Nine more dollar billionaires were born in SA but no longer live here, such as Douw Steyn
  • 16 600 dollar millionaire call Johannesburg home
  • Total private wealth held by people in SA totals $649-billion
  • SA is the 31st largest wealth market in the world
  • There are about 2 200 homes in South Africa valued at more than R20-million – and Johannesburg and Cape Town have 900 of them
  • The most expensive streets in the country are in Cape Town, with property fetching R90 000 a square metre
  • Financial and professional services (30%), real estate (16%) and tech and telecoms (9%) account for the sectors where the rich made their money
  • The most lucrative university degrees in terms of percentages of high net-worth individuals (HNWIs) are law (28%), finance and economics (19%) and accounting (9%)
  • An estimated 3 000 HNWIs have emigrated from South Africa in the past 10 years

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My Office News Ⓒ 2017 - Designed by A Collective


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