Global property consultancy group Knight Frank has published its 2020 Wealth Report, showing how many dollar millionaires are in South Africa – and how many are considered multi-millionaires.
According to the report, as of December 2019 there are 87,421 dollar millionaires living in South Africa, which is down slightly (-1%) from 2018. This is up 24% from 2014, however, with the group projecting that the number will increase by a further 25% by 2024.
In terms of multi-millionaires – individuals with a net worth over $30 million (R462 million) – South Africa has also seen a decline, with Knight Frank recording 1,033 individuals at the end of 2019, down from 1,060 the year before.
South Africa has six dollar billionaires – unchanged from 2018 – though the group expects one of these ultra-wealthy individuals to drop off the list over the next few years, projecting only five in 2024.
Forward projections for all millionaires is based on GDP performance, the direction of the property market, as well as equities.
According to Knight Frank there are also 215,983 South Africans with a net worth of $500,000 or higher.
|$500 000+ (R7.7 million+)||215 983||252 700||+17%|
|$1 million+ (R15.4 million+)||87 421||109 368||+25%|
|$30 million+ (R461 million+)||1 033||1 293||+25%|
|$1 billion+ (R15.4 billion+)||6||5||-17%|
While South Africa is at the top of the pile when it comes to wealth in Africa, other nations are quickly catching up, and may even surpass the country in the future.
Based on Knight Frank’s five-year growth forecast of individuals worth over $500,000, Egyptians in this group are expected to grow by 56% by 2024, putting the country much closer to South Africa (217,247 vs 252,700 individuals, respectively).
Trailing in third is Nigeria, which is projected to have just under 130,000 individuals in this grouping by 2024.
According to Knight Frank, on a city level, wealth distribution follows a similar pattern, with Johannesburg ranking as the top city for wealth in Africa, followed by Cairo, Cape Town and Lagos, with Nairobi completing the top five.
South African millionaires and multi-millionaires will still outnumber those in Egpyt and Nigeria by 2024, Knight Frank’s data showed – but there are expected to be more billionaires in Egypt (six) than in South Africa (five).