Where South Africa’s multi-millionaires live

Johanesburg dominates the list of where South Africa’s ultra rich are living, new research conducted by New World Wealth finds.

There are currently just over 49,000 High Net Worth Individuals (HNWIs) living in South Africa as of June 2014.

Approximately 2,060 of these individuals can be classified as multi-millionaires, NWW said.

For the purposes of this study a millionaire (or HNWI) is an individual with net assets of US$1 million (R11 million) or more, whilst a multi-millionaire is an individual with net assets of at least US$10 million (R110 million).

Sandhurst in Joburg has the most resident multi-millionaires at 130, followed by Hyde Park (Jhb), and Bryanston (Jhb), both with 120 each. Houghton, also in Joburg, is home to 60 multi-millionaires, according to NWW, sharing that number with KZN area, Umhlanga.

Camps Bay in the Western Cape boasts 50 multi-millionaires, while Knysna in the Western Cape has 40.

Top 10 areas with most multi-millionaires

There are 2,060 resident multi-millionaires living in South Africa.

Approximately 990 of these live in Johannesburg, 380 in Cape Town, 115 in Durban and 105 in Pretoria, NWW said.

According to New World Wealth, approximately 2,500 foreign multi-millionaires have second homes in South Africa, taking the overall total to 4,500 multi-millionaires who have second homes in the country.

Approximately 2,100 of these second homes are in Cape Town, 400 in Johannesburg and 2,000 elsewhere in the country.

Multi-millionaires with second homes in Cape Town mainly originate from Johannesburg, the UK and Europe, NWW said.

Top 10 areas with most multi-millionaire second homes

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