Commercial and residential property group, Knight Frank has published its Wealth Report for 2017, showing the number of high net worth individuals reside in South Africa.
The country’s band of ultra wealthy individuals has increased 5% over the past year – up to the end of 2016.
The global ultra high net worth individuals (UHNWI) population increased to 193,490, up 42% over the past decade, and is expected to climb 43% to 275,740 by 2026.
India and China are expected to lead the charge over the next 10 years – with an expected growth of 170% and 150%, respectively.
Knight Frank defines wealth in the following ranges:
- Millionaires are individuals with a net worth over US$1 million
- Multi-millionaires have a net worth over US$10 million
- Ultra-high net worth individuals (UHNWIs) have a net worth over US$30 million
- Centi-millionaires have a net worth over US$100 million and
- Billionaires have a net worth over US$1 billion.
Wealth distribution in South Africa:
|Millionaire ($1m+)||40 400||52 500|
|Multi-millionaire ($10m+)||2 130||2 770|
According to Knight Frank, Africa had 145,100 dollar millionaires in 2016, up marginally from 145,700 in 2015. The property group said it expects that number to grow to 198,000 across the continent over the next decade.
South Africa has, by some margin, the largest millionaire population in Africa. At 40,400 –this number exceeds that of Nigeria (12,300), and Kenya (9,400).
The report found that, globally, there were 13,645,400 dollar millionaires in 2016, led by the US, with 4,389,000 millionaires, Japan (1,166,000), and Germany, with 774,600 millionaires.
Looking at South African cities, Joburg has by far the most super wealthy individuals, including 18,200 millionaires in 2016, and as many as 320 individuals who’s wealth exceeds $30 million (R390 million).
Cape Town’s millionaire total in 2016 was 8,200, while it also has 180 UHNWIS who have wealth in excess of $30 million.
Johannesburg vs Cape Town
|Wealth in 2016||Joburg||Cape Town|
|Millionaire ($1m+)||18 200||8 200|