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.