How many South Africans have more than R125 million in their bank account

New data published by advisory firm New World Wealth shows how many super-wealthy people live in South Africa, and breaks the figure down into major cities.

NWW defines ‘millionaires’ or ‘high net worth individuals’ (HNWIs) as those people with net assets of US$1 million (R12.9 million) or more.

It defines multi-millionaires as those individuals with net assets of US$10 million or more (R129 million).

South Africa has a total of 40,400 dollar millionaires, and has many as 2,130 individuals with more than R125 million in their account.

In Africa, the next best country when it comes to wealthy individuals is Egypt, with 18,100 HNWIs, while it also has 950 multi-millionaires.

South Africa’s HNWI growth rate climbed a mere 8% over the past year, well below the growth rate of Mauritius, at 20%.

Johannesburg is home to the largest portion of South Africa’s dollar millionaires, followed by Cape Town, Pretoria, and Durban.

Top cities:

  • Johannesburg: Total wealth held in the city amounts to US$245 billion. Home to 18,200 millionaires and 2 billionaires.  Major sectors in the city include: financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms and basic materials.
  • Cape Town: Total wealth held in the city amounts to US$135 billion. Home to 8,200 millionaires and 2 billionaires. Major sectors in the city include: real estate, financial services (fund management), retail and tourism.
  • Durban: Total wealth held in the city amounts to US$46 billion. Home to 3,200 millionaires and 1 billionaire. Major sectors in the city include: real estate, finance, healthcare, construction, retail and transport.
  • Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires. Major sectors in the city include: basic materials, manufacturing and financial services.

Distribution by city

City HNWIs Multi-Millionaire
Johannesburg 18 200 970
Cape Town 8 200 440
Durban (incl. Umhlanga) 3 200 130
Pretoria 2 600 110
Paarl/Franschoek and Stellenbosch 3 000
Garden Route 2 900
Total SA 40 400 2 130

The report also underlined a number of emerging areas in South Africa for rich individuals, including Paarl, Franschoek and Stellenbosch.

Total wealth held in the area amounts to US$44 billion, and the area is home to 3,000 dollar millionaires.

According to NWW, it is the fastest growing region in the country in terms of private wealth creation over the past decade.

Stretching from Mossell Bay to Storms River on the South Coast of South Africa, the Garden Route is also an area of wealth in the country.

Notable towns on the route include: George, Knysna, Plettenberg Bay and Wilderness. Total wealth held in the area amounts to US$38 billion, and it is home to 2,900 millionaires.

“A large number of wealthy retirees live on the Garden Route. It is also a second home hot spot for the wealthy and there are a number of exclusive golf & lifestyle estates in the area,” the report said.


Read: Here is how many billionaires live in South Africa

Latest news

Partner Content

Show comments

Follow us

Recommended