Global property consultancy group Knight Frank has published its 2019 Wealth Report, showing how many dollar millionaires are in South Africa – and how many South Africans are considered multi-millionaires.
According to the report, South Africa is home to 52,926 dollar millionaires (net worth over R14.2 million) at the end of 2018, which is a 4% increase from 2017, and up 8% from 2013.
This is expected to grow by 16% to 61,474 millionaires over the next five years, the group said.
South Africa is also home to 661 multi-millionaires – or ultra-high net worth individuals (UHNWIs), with a net worth over $30 million (R425 million). This is up 4% from 2017, and expected to reach 780 individuals over the next five years (up 18%).
|Millionaires ($1 million+)||52 926||61 474||+16%|
|Ultra-high net worth ($30 million+)||661||780||+18%|
The largest number of South Africa’s super wealthy can be found in Johannesburg, where 339 live (51% of the total) – this compared to Cape Town, which is home to 131 UHNWIs (20% of the total).
Both Joburg and Cape Town’s super rich are expected to increase by 15% over the next five years to 391 and 151 UHNWIs, respectively.
|City||2018 UHNWIs||2023 UHNWIs||Change|
South Africa has a commanding role when it comes to wealth in Africa, but other countries are showing stronger growth.
“Kenya leads the way, with 24% forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit,” the group said.cape cape
The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up 6% of the total UHNWI population in Africa.
South Africa will, however, remain the largest wealth hub in the region, with a 32% share of the ultra-wealthy population in five years’ time, Knight Frank said.
Africa as a whole will see its UHNWI population grow by 31% in the decade to 2023.