Global cities with the most millionaires vs South Africa

 ·14 Jun 2016

New data published by WealthInsight, shows that Monaco has the highest percentage of millionaires in the world per capita, at almost one in three inhabitants.

However, more multi-millionaires live in London than any other city in the world according to Spear’s magazine, who worked in association with wealth consultancy WealthInsight to provide the data.

The research shows that despite annual falls in the number of multi-millionaires living in London’s closest rivals Tokyo (2nd) and Singapore (3rd), London’s multi-millionaire population continued to grow by 0.8% from 2014 to 2015.

The city’s multi-millionaire population now stands at 25% more than second placed Tokyo with 4,400 millionaires residing in the United Kingdom capital.

London has also moved from sixth place when it comes to cities with the highest number of wealthy people per capita, with 3.4% of the population now millionaires.

Millionaires, or high net worth individuals (HNWIs), are those individuals who, excluding the value of their main house, have net assets worth $1 million or more.

In South Africa, Johannesburg ranks 55th, globally, with 295 multi-milllion dollar HNWIs.

Spears Top Ranking

By contrast, research conducted by another wealth advisory company, New World Wealth, showed that 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
Johannesburg 16,800 44%
Cape Town 7,000 18%
Durban 2,600 7%
Pretoria 2,600 7%
Garden Route 2,400 6%
Paarl, Franschoek & Stellenbosch 2,200 6%
Other 4,900 13%
Total SA 38,500 100%

According to NWW however, the number of dollar millionaires in South Africa has declined significantly over the past several years.

City performance 2007-2015

City Millionaires 2007
Millionaires 2015 Growth
Johannesburg 20,700 16,800 -19%
Cape Town 8,500 7,000 -18%
Pretoria 2,100 2,600 24%
Durban (inc Umhlanga) 2,300 2,600 13%
Garden Route 1,900 2,400 26%
Paarl, Franschoek & Stellenbosch 1,600 2,200 38%
Other 5,700 4,900 -14%
Total SA 42 800 38,500 -10%

More on wealth

South Africa’s millionaires: Joburg vs Cape Town vs Pretoria vs Durban

The richest and poorest countries in Africa

How South Africa’s super-rich spend their cash vs the poor

How long it would take to become the richest person in South Africa

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