South Africa’s richest people (48,700) have seen their wealth grow by 14% over the past six years, accounting for almost a third of the country’s total wealth.
HNWIs are as individuals with a net worth above US$1 million (R10.9 million), with UHNWIs (ultra-high net worth individuals) having above US$30 million (R327 million).
South Africa is home to 599 UHNWIs, with an average net worth of US$105 million (R1.14 billion) each.
These individuals have a combined wealth of US$200 billion (R2.18 trillion) up 14% from US$168 billion (R1.83 trillion) in 2007 – and account for 31% of the country’s total individual wealth of US$650 billion (R7.1 trillion).
With South Africa’s population sitting just under 51.2 million (2012), this means that 0.1% of the population owns approximately 31% of the country’s total individual wealth.
According to Forbes, South Africa’s 14 richest have a combined net worth of $28.79 billion, and an average net worth of $2.06 billion. South African luxury goods tycoon, Johann Rupert added $2 billion to his fortune in 2013, according to Forbes, to steal the spot as second wealthiest man in Africa. ANC deputy president, Cyril Ramaphosa, who was elected to the position in late 2012, is worth $700 million.
Camps Bay in Cape Town is home to the most properties with a value exceeding US$2 million in South Africa, with 155 – followed by Knysna on the Garden Route, with 133 properties, and Sandhurt, in Johannesburg, with 127.
According to NW Wealth research, the price of prime property in Cape Town (Bantry Bay, Clifton) is valued at US$6,500 per square meter in 2013, whilst prime Johannesburg (Sandton) property in valued at US$2,400 per square meter.
HNWIs are as individuals with a net worth above US$1 million (R10.9 million), with UHNWIs (ultra-high net worth individuals) having above US$30 million (R327 million).
South Africa is home to 599 UHNWIs, with an average net worth of US$105 million (R1.14 billion) each.
These individuals have a combined wealth of US$200 billion (R2.18 trillion) up 14% from US$168 billion (R1.83 trillion) in 2007 – and account for 31% of the country’s total individual wealth of US$650 billion (R7.1 trillion).
With South Africa’s population sitting just under 51.2 million (2012), this means that 0.1% of the population owns approximately 31% of the country’s total individual wealth.
According to Forbes, South Africa’s 14 richest have a combined net worth of $28.79 billion, and an average net worth of $2.06 billion. South African luxury goods tycoon, Johann Rupert added $2 billion to his fortune in 2013, according to Forbes, to steal the spot as second wealthiest man in Africa. ANC deputy president, Cyril Ramaphosa, who was elected to the position in late 2012, is worth $700 million.
According to NW Wealth research, the price of prime property in Cape Town (Bantry Bay, Clifton) is valued at US$6,500 per square meter in 2013, whilst prime Johannesburg (Sandton) property in valued at US$2,400 per square meter.
The second-homes market in South Africa is concentrated in the Western Cape and in certain parts of the Eastern Cape and Kwazulu Natal, NWW points out.
For luxury second-home buyers, the garden route (between Cape Town and Plettenberg Bay) has become the top destination over the past decade. These top-end buyers generally come from abroad or from Johannesburg and Cape Town. Based on NW Wealth tracking estimates the top five luxury second-home locations in South Africa are Knysna, Plettenberg Bay, Hermanus, Stellenbosch and Umhlanga.
22% of South African High net-worth individuals had second homes abroad in 2013. 50% of the HNWIs with homes abroad are individuals who emigrated during the 1980s and 1990s but have since returned.
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