The fastest growing area in South Africa for millionaires

Head over to the Mediterranean principality of Monaco, and you are likely to bump into a dollar millionaire quite frequently – in fact one in three (30.6%) residents have a net worth exceeding $1 million.

That is according to research conducted by WealthInsight, which found that Monaco, famed for its street circuit Formula 1 Grand Prix and super yachts docked in the harbour far exceeds its closest rivals when it comes to wealth density – with the Swiss cities of Geneva, Zurich and Zug ranking above London to close out the top five places.

The report defined millionaires as people living in each city with net assets – not including the value of their first home – worth $1 million or more.

Closer to home, data published recently by advisory firm New World Wealth showed how many super-wealthy people live in South Africa, breaking the figure down into major cities.

It noted that South Africa had a total of 40,400 dollar millionaires in 2016, led by Johannesburg with 18,200 millionaires.

However, the report pointed to Paarl, Franschoek and Stellenbosch as the fastest growing region in the country in terms of private wealth creation over the past decade –  home to 3,000 millionaires.

Stellenbosch and surrounds is a melting pot of wealthy wine farm owners, technology startups and JSE-listed companies including Capitec Bank and MiX Telematics, despite   its modest population.

While not directly comparable, the Stellenbosch area compares to those global cities outlined in WealthInsight‘s report when it comes to wealth density.

City City Millionaire Density Millionaires
1 Johannesburg 0.4% 18 200
2 Cape Town 0.2% 8 200
3 Durban (incl. Umhlanga) 0.1% 3 200
4 Pretoria 0.1% 2 600
5 Paarl/Franschoek and Stellenbosch 1.3% 3 000
6 Garden Route 0.7% 2 900
Total SA  40 400

Top 20 cities in the world

# City Millionaire Density % Change in Density
1 Monaco 31% -1%
2 Geneva 6% -12%
3 Zurich 5% -19%
4 Zug 4%
5 London 3% -1%
6 Hong Kong 3% 0%
7 Singapore 2% -1%
8 Frankfurt 2% -1%
9 New York 2% -3%
10 Paris 2% 0%
11 Toronto 2% 0%
12 Oslo 2% -1%
13 Sydney 2% 0%
14 Houston 2% -1%
15 Dublin 2% -1%
16 Auckland 2%
17 Rome 2% -1%
18 San Francisco 2% 0%
19 Doha 2% -1%
20 Copenhagen 1%

Read: Here are the 20 richest people in South Africa

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