{"id":253051,"date":"2018-06-21T11:02:20","date_gmt":"2018-06-21T09:02:20","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=253051"},"modified":"2018-06-21T11:02:20","modified_gmt":"2018-06-21T09:02:20","slug":"a-staggering-number-of-dollar-millionaires-live-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/253051\/a-staggering-number-of-dollar-millionaires-live-in-south-africa\/","title":{"rendered":"A staggering number of dollar millionaires live in South Africa"},"content":{"rendered":"

Consulting firm Capgemini has released its latest\u00a0World Wealth Report, which tracks the spending and investing habits of the world’s\u00a0high net worth individuals (HNWIs).<\/p>\n

High net worth individuals are defined by the group as those who have investable assets of US$1 million (R14 million) or more – excluding primary residence, collectibles, and consumables.<\/p>\n

The investible assets include the value of private equity holdings stated at book value, as well as all forms of publicly quoted equities, bonds, funds and cash deposits – while also accounting for undeclared savings.<\/p>\n

The report found that the improving global economy spurred HNWI wealth to surpass the US$70 trillion threshold for the first time – registering its sixth consecutive year of gains.<\/p>\n

HNWI wealth grew 10.6% in 2017, making it the second-fastest year of HNWI growth since 2011, the group said.<\/p>\n

According to Capgemini, there were about 18.1 million HNWIs in the world at the end of 2017, an increase of 9.5% from 16.5 million at the end of 2016 – which means 1.6 million people became new dollar millionaires over the period.<\/p>\n

The HNWI population continued to grow across global regions, with Asia-Pacific and North America accounting for 74.9% of the total global increase in the HNWI population (1.2 million new HNWIs) and 68.8% of the rise in global HNWI wealth (US$4.6 trillion in new HNWI wealth).<\/p>\n

Europe also realised a strong performance in 2017 with 7.3% of HNWI wealth growth.<\/p>\n

The largest markets, comprised of the United States, Japan, Germany and China, represented 61.2% of the global HNWI population in 2017 and accounted for 62% of all new HNWIs globally, the group said.<\/p>\n

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South Africa<\/strong><\/p>\n

In South Africa, the report marked an 8.9% increase in HNWIs, from 84,700 recorded at the end of 2016, to 92,200 at the end of 2017.<\/p>\n

A report from New World Wealth earlier in the year, showed that South Africa 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, New World Wealth said. Its metrics for measuring wealth<\/a> however, differs from that of Capgemini.<\/p>\n

Knight Frank’s wealth report meanwhile, showed that there are 10,350 South Africans with a net worth of $5 million or more (R70 million), 640 with a net worth over $50 million (R700 million) and 30 individuals with a net worth greater than $500 million (R7 billion).<\/p>\n

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SARS<\/a> stats showed that there were 148,266 rand millionaires in South Africa in 2017, the bulk of which are earners in the R1 million to R2 million per annum salary range.<\/p>\n

There were over 7,000 more millionaires in the country compared to 2015\/16, where there were 141,197 millionaires recorded.<\/p>\n

All millionaires had a total taxable income of R287.24 billion \u2013 at an average of R1.94 million.<\/p>\n