New research shows that the number of South Africans who have accumulated wealth exceeding R260 million ($30 million), will have grown to 775 in 2012, up 43% from 543 in 2011.<\/p>\n
A report from UK-based wealth consultancy, WealthInsight, found that as\u00a0of 2011, there were approximately 1.9 million high net worth individual (HNWIs) in the Brics, with a combined wealth of US$7.5 trillion.<\/p>\n
This accounts for 30% of Brics total individual wealth (US$25.2 trillion) – a ratio is in line with the worldwide norm of 25\u201335%.<\/p>\n
HNWIs represent those individuals with wealth of US$1 million or more.<\/p>\n
At the end of 2011, 66% of Brics’ HNWIs were based in China (1.28 million). India accounted for 251,000 (13.0% of Brics), followed by Brazil with 194,000, Russia with 160,000 and South Africa with 45,000.<\/p>\n
South Africa is expected to see a 41% growth in millionaires to 63,000 in 2016, from 45,000 in 2011, WealthInsight forecast.<\/p>\n
the group’s research shows that over 20% of South African HNWI is held offshore. Most of this wealth is held in the UK, Switzerland and the Channel Islands.<\/p>\n
Total individual wealth in the Brics amounted to US$25.2 trillion at the end of 2011. China accounted for US$16.5 trillion of this, followed by India with US$3.5 trillion, Brazil with US$3.3 trillion, Russia with US$1.2 trillion and South Africa with US$0.7 trillion.<\/p>\n
Mega wealthy<\/strong><\/p>\n The ultra-high-net-worth individuals (UHNWIs) wealth group comprises the billionaire, centimillionaire and affluent millionaire wealth bands. It represents those individuals with wealth of US$30 million or more.<\/p>\n At the end of 2011, the majority of Brics UHNWIs were based in China (45% or 7,905). Brazil accounted for 4,123 UHNWIs, followed by India with 1,576, Russia with 1,293 and South Africa with 543 UHNWIs.<\/p>\n In terms of wealth per capita, Brazil is the wealthiest country in the BRICS with US$16,410 in wealth per person. South Africa has the second-highest wealth per capita (US$14,200), followed by China (US$12,240), Russia (US$8,200) and then India (US$2,900).<\/p>\n All those figures are below the worldwide average (US$28,000). It should be noted that India’s wealth per capita is particularly low as it has a large number of people living below the poverty line, WealthInsight said.<\/p>\n Wealth by City<\/strong><\/p>\n At the end of 2011, Beijing was the largest city for UHNWIs (1,318 individuals), followed by S\u00e3o Paulo (1,310 individuals), Shanghai (1,028 individuals), Moscow (821 individuals) and Mumbai (577 individuals). Johannesburg ranked 12th with 261\u00a0ultra-high-net-worth individuals, while Cape Town features in 24th place with 103 individuals.<\/p>\n Although it doesn’t feature among the top countries on the list, Durban boasts 31\u00a0UHNWIs, while Pretoria had 28 at the end of last year. There were 120 additional UHNWIs dotted around the rest of the country.<\/p>\n With 36 UHNWIs, Sandhurst accounts for the largest proportion of Johannesburg’s UHNWIs. It also has the highest UHNWI population density of any suburb in the country.<\/p>\n Bryanston accounts for the second-largest percentage of Johannesburg’s UHNWIs, although it is a significantly larger suburb than the likes of Sandhurst, Hyde Park and Westcliff.<\/p>\n The area known as Sandton, which includes Sandhurst, Sandown, Morningside, Hyde Park, Melrose, Atholl and a number of other suburbs, is home to over half of Johannesburg\u201fs UHNWIs.<\/p>\n Central Cape Town accounts for the highest proportion of Cape Town’s UHNWIs (17%). The bulk of these are based in the Waterfront Marina, Higgovale, Greenpoint, Oranjezicht and Tamboerskloof.<\/p>\n Knysna (17), Plettenberg Bay (10), Hermanus, Stellenbosch and Franschoek are home to significant numbers of South African UHNWIs, most of whom have retired in these areas, WealthInsight found.<\/p>\n Africa\u2019s rich list reveals 10 newcomers<\/strong><\/a><\/p>\n Forbes lists Africa\u2019s power players<\/strong><\/a><\/p>\n Richest IT people in South Africa<\/strong><\/a><\/p>\n South Africa\u2019s richest people<\/a><\/strong><\/p>\n Forbes lists Africa\u2019s power players<\/strong><\/a><\/p>\nRelated articles<\/h3>\n