New research from New World Wealth (NWW) reveals that South Africa is home to 49,000 dollar millionaires, three hundred more than in 2013.
This puts South Africa at 0.4% of the total number of millionaires globally, currently at 13 million, according to New World Wealth.
The wealth consultancy group said that 2,060 South Africans are multi-millionaires, while projecting that total millionaires in the country will reach 86,700 by 2030.
Millionaires are individuals with net assets of US$1 million or more, while multi-millionaires are individuals with assets of at least US$10 million.
Separate research conducted in July, found that there were 581 Ultra High Net Worth Individuals (UHNWIs) in South Africa in 2013, with an average per capita wealth of US$124.7 million (R1.3 billion).
UHNWIs are defined as individuals having a net worth of at least US$30 million, after accounting for shares in public and private companies, residential and passion investments such as art, planes and real estate.
Research and Markets said there were eight billionaires in South Africa, 164 centimillionaires (exceeding $100 million) and 409 affluent millionaires.
NWW said that 990 of the country’s multi-millionaires reside in Johannesburg, with 380 based in Cape Town, 115 in Durban and 105 in Pretoria.
City Press reported that South Africa’s millionaires have grown by 106% over the past decade and 120% for multi-millionaires.
Over the past 10 years, the number of multi-millioniares globally, has increased by 71%, while millionaire numbers increased by 58% over the same period.
The USA is the top ranked country for both classifications of millionaires, with the nation housing 37% of the world’s multi-millionaires and about 33% of the world’s millionaires.
Top millionaire and multi-millionaire countries
However, it’s Hong Kong which takes the city crown for the most multi-millionaires, hosting 15,400 multi-millionaires within its boundaries.
London ranks as the top city for millionaires, with 376,600 millionaires living there.
Top millionaire and multi-millionaire cities
|2||New York||319,700||New York||14,300|
|5||Hong Kong||211,700||Los Angeles||7,400|