This is how many rand billionaires South Africa has right now

As part of the AfrAsia Bank South Africa Wealth Report 2018, New World Wealth has looked at where South Africa stands in the global wealth picture.

According to the report, the country ranks 33rd globally in terms of total wealth and 38th in terms of number of high net worth individuals (HNWIs).

NWW noted that millionaires or HNWIs refer to individuals with wealth of $1 million (R12 million) or more, while wealth refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.

Data from the report showed that total private wealth held in SA amounts to approximately $722 billion. Around US$306 billion of this is held by HNWIs.

The average South African individual has net assets of $12,900 (wealth per capita), which is the second highest level in Africa, behind Mauritius.

The country is home to 43,600 HNWIs, each with net assets of $1 million or more, and 2,200 multimillionaires, each with net assets of US$10 million or more.

The country has as many as 98 centi-millionaires, each with net assets of $100 million or more, that’s R1.22 billion at the current rate of exchange.

On a global level, the report showed that there are approximately 26,600 centi-millionaires, each with net assets of $100 million or more, and approximately 584,000 multi-millionaires, each with net assets of US$10 million or more.

As reported previously, Johannesburg (including Sandton) is home to the most millionaires in the country, with 18,400 residents worth more than $1 million (and 970 worth more than $10 million), followed by Cape Town, though by some margin.

There are 10,000 fewer millionaires in Cape Town (8,300 recorded by NWW), though a slightly higher proportion of them are multi-millionaires (490).

Durban, including Ballito and Umhlanga, has the third highest concentration of dollar millionaire wealth (3,400 residents), followed closely by Paarl, Franschhoek and Stellenbosch (3,200 residents).

Over the past decade, all listed cities – except for Johannesburg – saw growth in their millionaire numbers. Johannesburg saw a decline of 4%, as a large number of Johannesburg millionaires moved to other parts of the country.

Johannesburg prime property prices also performed poorly relative to the rest of the country, NWW said.

The biggest growth was seen in Paarl, Franchhoek and Stellenbosh, which recorded a massive 20% jump in the number of billionaires residing in those areas – while HNWIs on the Garden Route and the Whale Coast also performed well (mainly due to a trend of retiring HNWIs moving there).

Read: South Africa has lost almost a quarter of its richest people in the last 5 years