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Sunday, June 14, 2015

Where do South African millionaires live? [Pictures]

Cape Town - Johannesburg is still home to the largest portion of South Africa’s multi-millionaires, according to the South Africa 2015 Wealth Report by New World Wealth.

Last year's report also found that most "super-rich" lived in Johannesburg.

For the purposes of the study a millionaire (or high net worth individual) is an individual with wealth of $1m (about R12.3m) or more, while a multi-millionaire is an individual with wealth of at least $10m (about R120m).

New World Wealth provides information on the global wealth sector, with a special focus on Africa and the Middle East.

The report focuses on the performance of high net worth individuals between the end of 2007 - the peak before the global financial crisis - and the end of 2014. This was to determine how well they have performed through the crisis.

About 48% - or 990 - of South Africa's 2 060 multi-millionaires live in Johannesburg, followed by Cape Town with an 18% share (380 multi-millionaires) and Durban (including Umhlanga, La Lucia, Zimbali and Mount Edgecombe) at 6%, or 120 multi-millionaires.

Pretoria achieved the fourth place with 5%, or 110, of SA's multi-millionaires.

The rest of the multi-millionaires - 22% or 460 - live elsewhere in the country, like Knysna and Plettenberg Bay, Stellenbosch, Franschhoek and Hermanus.

What they do

Financial services form the main industry from which South African multi-millionaires have acquired their wealth. It is the primary source of wealth for 20% of local multi-millionaires. Other important industries for them include real estate and construction (16%), basic materials (14%) and diversified (12%).

Many of Johannesburg's multi-millionaires are involved in financial services, basic materials and construction. Those in Cape Town are involved in industries like real estate, financial services, retail and tourism.

Major industries for multi-millionaires in Durban include pharmaceuticals (healthcare), construction and transport, while in Pretoria it includes basic materials, manufacturing and financial services.

Favourite suburbs

In Johannesburg Sandhurst is the favourite suburb for multi-millionaires, followed closely by Hyde Park and Bryanston. Houghton and Westcliff also make the list, but each with about half the number of multi-millionaires than the top three suburbs.

Most of the multi-millionaires in Cape Town can be found in Camps Bay, followed by Bishopscourt, Constantia and Tokai, Clifton, Bantry Bay, Fresnaye and Llandudno.

Estate living

For those multi-millionaires, who prefer living on security estates, Zimbali in KwaZulu-Natal (KZN) comes out tops, followed by Erinvale in Somerset West - each with about 20 multi-millionaire residents.

The Johannesburg security estates of Blair Atholl, Dainfern and Waterfall Equestrian Estate, the Cape estates of Silverhurst, Steenberg, Fancourt, Pezula and Pearl Valley as well as Silver Lakes in Pretoria and Mount Edgecombe in KZN complete the list. They have up to about ten multi-millionaire residents each.

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