New data published by advisory firm New World Wealth shows where the wealthy live in South Africa when broken down by the major cities.
NWW defines ‘millionaires’ or ‘high net worth individuals’ (HNWIs) as those people with net assets of US$1 million (R14.5 million) or more.
Johannesburg is home to the largest portion of South Africa’s millionaires at 44%. There are also sizable populations living in Cape Town (18%), Pretoria (7%) and Durban (7%).
Distribution by city
|City||millionaires||% of country|
|Paarl, Franschoek & Stellenbosch||2,200||6%|
Paarl, Franschoek and Stellenbosch was the fastest growing South African region for millionaires, with numbers rising by 38% during the 2007-2015 period.
The Garden Route also performed well, up 26% over the period.
South Africa’s largest two cities, Johannesburg and Cape Town, however, saw a decline in the number of millionaires.
According to NWW, a large number of Johannesburg millionaires moved abroad or to other parts of the country, whilst Cape Town millionaires were hard hit by the fall in local property prices in US$ terms.
City performance 2007-2015
|Durban (inc Umhlanga)||2,300||2,600||13%|
|Paarl, Franschoek & Stellenbosch||1,600||2,200||38%|
|Total SA||42 800||38,500||-10%|
- Johannesburg is the business and financial center of South Africa. It includes Sandton. Major industries for millionaires there include financial services, basic materials and construction.
- Cape Town is considered to be the ‘mother city’ of South Africa. Major industries for millionaires there include real estate, financial services (especially fund management), retail and tourism.
- Pretoria is the capital city of South Africa. Major industries for millionaires there include basic materials, manufacturing and financial services.
- Durban is the commercial hub of Kwazulu Natal. Major industries for millionaires there include pharmaceuticals (healthcare), construction and transport. Our Durban figures include surrounding areas such as Umhlanga.
- The Garden Route is a major retirement and holiday destination on the South Coast of SA. It includes: George, Knysna, Plettenberg Bay, Wilderness, Hermanus and Keurbooms.
- Paarl, Franschoek and Stellenbosch are 3 areas located just outside Cape Town. They are known for their winelands and mountain scenery.
- Notable areas included in ‘other’ include Bloemfontein, Port Elizabeth and East London aswell as some affluent small towns such as St Francis Bay and Kenton-on-Sea.
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