South Africa is home to the most millionaires in Africa, a title that’s expected to carry through until 2020, according to New World Wealth (NWW).
The research paper echoes similar finding to WealthInsight, which in May 2013 revealed that South Africa is home to 48,800 millionaires – 23,400 of which are found in Africa’s most millionnaire-rich city, Johannesburg.
Cape Town is South Africa’s second biggest millionaire city with 9,000 millionaires, while Durban (2,700) and Pretoria (2,500) are the third and fourth.
New World Wealth defines millionaires as individuals with net assets of US$1 million or more excluding their primary residences – also known as High Net-Worth Individuals (HNWIs).
According to NWW, by 2020, Accra in Ghana is expected to be the fastest growing major city for African millionaires over the next 8 years, with millionaire numbers in the city rising from 800 in 2012 to 1,500 in 2020 (8% growth).
Johannesburg’s number of millionaires is expected to grow by 3.4% over the period, hitting 30,600 individuals in 2020.
NWW’s forward data is compiled through aggregating surveys done on HNWIs, as well as its own data and official statistics from the World Bank. Forward analysis takes into account real GDP growth, exchange rate behaviour and a number of other market-related data.