{"id":146437,"date":"2017-01-07T19:00:47","date_gmt":"2017-01-07T17:00:47","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=146437"},"modified":"2017-01-07T21:51:37","modified_gmt":"2017-01-07T19:51:37","slug":"5-things-you-need-to-know-about-south-africas-super-rich","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/lifestyle\/146437\/5-things-you-need-to-know-about-south-africas-super-rich\/","title":{"rendered":"5 things you need to know about South Africa’s super-rich"},"content":{"rendered":"

At the end of 2015, there were 38,500 millionaires in South Africa (people with a net worth over US$1 million) \u2013 down 18% from\u00a046,800 recorded at the end of 2014. Of these High Net Worth Individuals (HNWIs), 2,030 are multi-millionaires (with a net worth of US$10 million or more).<\/p>\n

But who are the wealthy? Where do they live? How did they make their money?<\/p>\n

These are the 5 things you need to know about South Africa’s super-rich:<\/p>\n

\n

How did they make their money?<\/strong><\/span><\/h3>\n

<\/a><\/p>\n

According to Nedbank’s 2015 Giving report<\/a><\/strong>, the estimated total population of high net worth individuals in South Africa was approximately 105,000 in 2015.<\/p>\n

Of these, 48% of these high net worth individuals cited earnings from profession or career as their main source of wealth.<\/p>\n

This was closely followed by Family-owned business or startup company’s which made up 32% of earnings.<\/p>\n

This is how the rest of South Africa’s super-rich made their money:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n
<\/th>\n2012<\/th>\n2015<\/th>\n<\/tr>\n
\n
Earnings from profession or career<\/div>\n<\/td>\n
54%<\/td>\n48%<\/strong><\/td>\n<\/tr>\n
\n
Family-owned business or startup company<\/div>\n<\/td>\n
29%<\/td>\n32%<\/strong><\/td>\n<\/tr>\n
Inheritance<\/td>\n7%<\/td>\n 8%<\/strong><\/td>\n<\/tr>\n
\n
Growth in investment assets<\/div>\n<\/td>\n
7%<\/td>\n 6%<\/strong><\/td>\n<\/tr>\n
\n
Spouse\u2019s or partner\u2019s earnings from profession or career<\/div>\n<\/td>\n
–<\/td>\n 4%<\/strong><\/td>\n<\/tr>\n
Other<\/td>\n3%<\/td>\n 2%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

How do they spend their money?<\/strong><\/span><\/h3>\n

\"\"<\/a><\/p>\n

According to a recent report <\/a><\/strong>by Standard Bank, South Africa’s highest-earning houselhold’s biggest expenditure is “Transport”, which includes the purchase of new vehicles as well as airline travel.<\/p>\n

Health expenditure is 6.7% of budget. The higher allocation to health highlights the fact that a higher income earners can prioritize health. If the proposed tariff on pharmaceutical products is approved this would have a relatively bigger affect on upper income groups.<\/p>\n

Housing, water, electricity and gas make up 4.3% of the upper income budget. Furniture and household equipment purchases are also quite strong in this category at close to 6%.<\/p>\n

There is an 8.8% budget allocation to recreational activities. This is the highest of any income group.<\/p>\n

This is how South Africa’s ultra-rich spend the rest of their money:<\/p>\n

<\/a><\/p>\n

\n

Where do they live?<\/strong><\/span><\/h3>\n

\"\"<\/a><\/p>\n

New data from New World Wealth, in association with MasterCard, recently revealed which South African suburbs are home to the most super-wealthy citizens.<\/p>\n

By the end of 2015, there were 38,500 millionaires in South Africa (people with a net worth over US$1 million) \u2013 down 18% from\u00a046,800 recorded at the end of 2014.<\/p>\n

Of these High Net Worth Individuals (HNWIs), 2,030 are multi-millionaires (with a net worth of US$10 million or more), who are largely settled around the country\u2019s economic hub \u2013 Johannesburg.<\/p>\n

According to NWW, Joburg is home to 970 multi-millionaires \u2013 almost half (47%) of the multi-millionaire population. This is followed by Cape Town, with 360 multi-millionaires (18%) and Durban, with 120 (6%).<\/p>\n

This is where the rest of them are living:<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
#<\/th>\nCity<\/th>\nMulti-millionaires<\/th>\n%<\/th>\n<\/tr>\n
1<\/td>\nJohannesburg<\/td>\n970<\/td>\n48%<\/td>\n<\/tr>\n
2<\/td>\nCape Town<\/td>\n360<\/td>\n18%<\/td>\n<\/tr>\n
3<\/td>\nDurban<\/td>\n120<\/td>\n6%<\/td>\n<\/tr>\n
4<\/td>\nPretoria<\/td>\n110<\/td>\n5%<\/td>\n<\/tr>\n
<\/td>\nOther<\/em><\/td>\n470<\/em><\/td>\n23%<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

The study also broke down the suburbs which boasted South Africa’s wealthiest:<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Suburb<\/th>\nMulti-millionaires<\/th>\nCity<\/th>\n<\/tr>\n
Sandhurst<\/td>\n120<\/td>\nJHB<\/td>\n<\/tr>\n
Hyde Park<\/td>\n120<\/td>\nJHB<\/td>\n<\/tr>\n
Bryanston<\/td>\n110<\/td>\nJHB<\/td>\n<\/tr>\n
Houghton<\/td>\n60<\/td>\nJHB<\/td>\n<\/tr>\n
Camps Bay<\/td>\n60<\/td>\nCT<\/td>\n<\/tr>\n
Westcliff<\/td>\n40<\/td>\nJHB<\/td>\n<\/tr>\n
Bishopscourt<\/td>\n40<\/td>\nCT<\/td>\n<\/tr>\n
Constantia and Tokai<\/td>\n30<\/td>\nCT<\/td>\n<\/tr>\n
Clifton<\/td>\n30<\/td>\nCT<\/td>\n<\/tr>\n
Bantry Bay<\/td>\n30<\/td>\nCT<\/td>\n<\/tr>\n
Fresnaye<\/td>\n20<\/td>\nCT<\/td>\n<\/tr>\n
Llandudno<\/td>\n20<\/td>\nCT<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Where do they go on holiday?<\/strong><\/span><\/h3>\n

\"\"<\/a><\/p>\n

Data from research firm New World Wealth recently revealed which towns in South Africa are the most sought after by the super-rich for their second homes.<\/p>\n

According to NWW Plettenberg Bay<\/strong> is the top town in South Africa for super-rich individuals who have a second home, with around 260 multi-millionaires owning an additional property there.<\/p>\n

Most of the homeowners in Plettenberg Bay are from Johannesburg and Cape Town,<\/p>\n

\u201cPlett also boasts over 120 homes valued at R20 million or more, the highest of any town in SA with the exception of Johannesburg and Cape Town,\u201d said NWW.<\/p>\n

Other popular spots are Umhlanga and La Lucia in KwaZulu-Natal, Knysna, along the Garden Route, and Stellenbosch in the Western Cape.<\/p>\n

This is where the rest go on holiday:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n
#<\/th>\nTown<\/th>\nArea<\/th>\nNo. of super-rich with second homes<\/th>\n<\/tr>\n
1<\/td>\nPlettenberg Bay<\/td>\nGarden Route<\/td>\n260<\/td>\n<\/tr>\n
2<\/td>\nUmhlanga & La Lucia<\/td>\nKwaZulu-Natal<\/td>\n250<\/td>\n<\/tr>\n
3<\/td>\nKnysna<\/td>\nGarden Route<\/td>\n230<\/td>\n<\/tr>\n
4<\/td>\nStellenbosch<\/td>\nWestern Cape<\/td>\n170<\/td>\n<\/tr>\n
5<\/td>\nFranschoek<\/td>\nWestern Cape<\/td>\n70<\/td>\n<\/tr>\n
6<\/td>\nWilderness<\/td>\nGarden Route<\/td>\n60<\/td>\n<\/tr>\n
7<\/td>\nHermanus<\/td>\nGarden Route<\/td>\n30<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

What do they do for fun?<\/strong><\/span><\/h3>\n

\"\"<\/a><\/p>\n

According to Wealth-X<\/a><\/strong>, a company that conducts research on the ultra-wealthy, the favourite pastime of the ultra-wealthy is charity.<\/p>\n

Specifically, Philanthropy is the primary passion amongst global billionaires, with more than 56% of total billionaires either undertaking or interested in pursuing philanthropic activities.<\/p>\n

The second and third most popular interests are travel and art: 31% of today\u2019s billionaires report travel as a passion, while 29% report art.<\/p>\n

Below are the 20 most-popular hobbies of the world\u2019s super-rich:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
#<\/strong><\/td>\nHobby<\/strong><\/td>\n%<\/strong><\/td>\n<\/tr>\n
1<\/td>\nPhilanthropy<\/span><\/td>\n56.3%<\/td>\n<\/tr>\n
2<\/td>\nTravel<\/td>\n31%<\/td>\n<\/tr>\n
3<\/td>\nArt<\/td>\n28.7%<\/td>\n<\/tr>\n
4<\/td>\nFashion and style<\/span><\/td>\n25.2%<\/td>\n<\/tr>\n
5<\/td>\nPolitics<\/td>\n22.2%<\/td>\n<\/tr>\n
6<\/td>\nWine and spirits<\/span><\/td>\n15.9%<\/td>\n<\/tr>\n
7<\/td>\nBoating<\/td>\n14.9%<\/td>\n<\/tr>\n
8<\/td>\nHealth and exercise<\/span><\/td>\n14.8%<\/td>\n<\/tr>\n
9<\/td>\nAutomobiles<\/span><\/td>\n14.5%<\/td>\n<\/tr>\n
10<\/td>\nCollectibles<\/td>\n14.1%<\/td>\n<\/tr>\n
11<\/td>\nFootball\/soccer<\/span><\/td>\n13.1%<\/td>\n<\/tr>\n
12<\/td>\nReading<\/td>\n12.3%<\/td>\n<\/tr>\n
13<\/td>\nCultural events<\/span><\/td>\n12.1%<\/td>\n<\/tr>\n
14<\/td>\nGolf<\/td>\n11%<\/td>\n<\/tr>\n
15<\/td>\nDining<\/td>\n10.9%<\/td>\n<\/tr>\n
16<\/td>\nHunting<\/td>\n8.8%<\/td>\n<\/tr>\n
17<\/td>\nJewellery<\/td>\n8.1%<\/td>\n<\/tr>\n
18<\/td>\nFishing<\/td>\n7.8%<\/td>\n<\/tr>\n
19<\/td>\nWatches<\/td>\n7.7%<\/td>\n<\/tr>\n
20<\/td>\nSkiing<\/span><\/td>\n7.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n

Read: Vodacom has bold fibre-to-the-home plans starting with new uncapped prices<\/a><\/strong><\/h4>\n","protected":false},"excerpt":{"rendered":"

These are the 5 things you need to know about South Africa’s ultra-wealthy.<\/p>\n","protected":false},"author":10,"featured_media":146451,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9876],"tags":[26],"class_list":["post-146437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=146437"}],"version-history":[{"count":20,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146437\/revisions"}],"predecessor-version":[{"id":149399,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/146437\/revisions\/149399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/146451"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=146437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=146437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=146437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}