How much money you need to be an ‘average Joe’ in South Africa
The average South African has net assets of US$11,300 (R144,000), according to new data from New World Wealth.
The findings are part of the wealth advisory company’s South Africa 2017 Wealth Report, which showed that the average wealth of South Africans puts the country second highest in Africa, behind Mauritius.
This is up from a per capita wealth of $10,300 in 2015, and $11,040 in 2014, according to NWW’s historic data.
Net assets, or your net worth, includes everything you own of significance, held against your debts. NWW said that for the purpose of its research, net assets exclude the value of an individual’s primary residence, but include all other – retirement savings, stocks etc.
South African locals held US$585 billion in net assets (or wealth) at the end of 2014, New World Wealth said.
According to NWW, SA is home to 40,400 high net worth individuals (HNWIs), with combined wealth holdings of US$171 billion. This is down from 46,800 wealthy individuals at the end of 2014, with a combined wealth of US$184 billion.
HNWIs are defined as people who have a net worth of US$1 million or more.
The report noted that Paarl, Franschoek & Stellenbosch are the fastest growing South African city/areas for HNWIs, while the Garden Route and the Whale Coast also performed well – mainly due to a trend of retiring HNWIs moving there.
Read: This is how much poorer South Africans have become over the past year
Loading ...