{"id":121059,"date":"2016-04-20T12:49:07","date_gmt":"2016-04-20T10:49:07","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=121059"},"modified":"2016-04-20T16:55:26","modified_gmt":"2016-04-20T14:55:26","slug":"black-vs-white-millionaires-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/121059\/black-vs-white-millionaires-in-south-africa\/","title":{"rendered":"Black vs white millionaires in South Africa"},"content":{"rendered":"

New data published by advisory firm, New World Wealth, shows how the racial composition of South African millionaires has changed over the past eight years.<\/p>\n

NWW defines ‘millionaires’ or ‘high net worth individuals’ (HNWIs) as those people with net assets of US$1 million (R14.5 million) or more.<\/p>\n

The advisory firm said that racial wealth breakdowns are an important issue in South Africa – ‘many feel that the speed of wealth transfer to previously disadvantaged groups has been too slow’.<\/p>\n

It noted that \u2018previously disadvantaged groups\u2019 include Black Africans, Coloreds, Indians and Chinese Asians (i.e. anyone that was restricted from voting prior to 1994).<\/span><\/p>\n

According to the research there are currently around 17,300 South African millionaires from previously disadvantaged groups, which equates to 45% of South Africa\u2019s total millionaire population.<\/p>\n

This number has risen sharply, from 6,200 in 2007, NWW reported.<\/p>\n

South African dollar millionaires \u2013 racial distribution, 2014 \u2013 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\nMillionaires 2014<\/th>\nMillionaires 2015<\/th>\nChange<\/th>\n<\/tr>\n
White<\/td>\n32 100<\/td>\n21 200<\/td>\n-34%<\/strong><\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n14 700<\/td>\n17 300<\/td>\n+18%<\/strong><\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n46 800
\n<\/strong><\/td>\n		38 500<\/strong><\/td>\n-18%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

South African HWNIs \u2013 Racial distribution, 2007 \u2013 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\nMillionaires 2007<\/th>\nMillionaires 2015<\/th>\nChange<\/th>\n<\/tr>\n
White<\/td>\n36 600<\/td>\n21 200<\/td>\n-42%<\/strong><\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n6 200<\/td>\n17 300<\/td>\n+179%<\/strong><\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n42 800<\/strong><\/td>\n38 500<\/strong><\/td>\n-10%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

South African HWNIs \u2013 Racial breakdown (%), 2007, 2014, 2015<\/h3>\n
\n
\n\n\n\n\n\n
Racial group<\/th>\n% of millionaires 2007<\/th>\n% of millionaires\u00a0 2014<\/th>\n% of millionaires 2015<\/th>\n<\/tr>\n
White<\/td>\n86%<\/td>\n69%<\/td>\n55%<\/td>\n<\/tr>\n
Previously disadvantaged<\/td>\n14%<\/td>\n31%<\/td>\n45%<\/td>\n<\/tr>\n
Total SA<\/strong><\/td>\n100%<\/strong><\/td>\n100%<\/strong><\/td>\n100%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

In July 2015, data from Stats SA put South Africa\u2019s population at just over 54 million.<\/p>\n

\"South<\/a>

South African population by sex and race<\/p><\/div>\n

Strong prospects for growth<\/span><\/b><\/span><\/p>\n

South Africa is the wealthiest country in Africa with almost twice as many millionaires as any other African country, NWW stats show. <\/span><\/p>\n

It said that South Africa has strong fundamentals for wealth growth including: <\/span><\/p>\n