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.<\/p>\n
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).<\/p>\n
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.<\/p>\n
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.<\/p>\n
The average South African individual has net assets of $12,900 (wealth per capita), which is the second highest level in Africa, behind Mauritius.<\/p>\n
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.<\/p>\n
The country has as many as 98 centi-millionaires<\/strong>, each with net assets of $100 million or more, that’s R1.22 billion at the current rate of exchange.<\/p>\n 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.<\/p>\n