{"id":471496,"date":"2021-02-26T15:00:38","date_gmt":"2021-02-26T13:00:38","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=471496"},"modified":"2021-02-26T15:00:38","modified_gmt":"2021-02-26T13:00:38","slug":"south-africa-expected-to-see-a-big-jump-in-wealthy-people-over-next-5-years-analysts","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/471496\/south-africa-expected-to-see-a-big-jump-in-wealthy-people-over-next-5-years-analysts\/","title":{"rendered":"South Africa expected to see a big jump in wealthy people over next 5 years: analysts"},"content":{"rendered":"

Global property consultancy group Knight Frank has published its 2021 Wealth Report, showing how wealth is set to grow in countries around the world over the next five years.<\/p>\n

The group’s model predicts that the global population of ultra-high-net-worth individuals (UHNWIs) \u2013 someone with a net worth of over $30 million (R447 million)\u00a0 – will grow by 27% over the next five years.<\/p>\n

The group also forecasts that the number of high-net-worth individuals (HNWIs) \u2013 someone with a net worth of over $1 million (R14.9 million) – will rise by 41%.<\/p>\n

This reverses the trend seen in 2020 when HNWI numbers actually contracted against modest growth in the worldwide population, the group said.<\/p>\n

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

Asia tops the group’s five-year UHNWI growth forecast with 39%, led by Indonesia on 67% and India on 63%.<\/p>\n

This would see Asia\u2019s proportion of global UHNWIs rise from 22% to 24%. Europe will retain its crown as the second-largest wealth hub with an expected growth of 23%, bringing the total number of UHNWIs to 185,860.<\/p>\n

The biggest rises are forecast in Poland with 61%, and Sweden with 59%.<\/p>\n

Africa is expected to see the second-biggest regional five-year UHNWI growth rate \u2013 33% \u2013 led by Zambia and South Africa.<\/p>\n

Despite the forecasts for growth, the most recent data shows that South Africa, and a number of other countries, saw a drop in millionaires last year\u00a0 spurred by the Covid-19 pandemic.<\/p>\n

As of December 2020 there are 44,605 dollar millionaires living in the South Africa, down from 52,109 recorded in 2019. By 2025, this is expected to increase to 63,400.<\/p>\n

In terms of multi-millionaires \u2013 individuals with a net worth of over $30 million (R436 million) \u2013 South Africa has also seen a decline, with Knight Frank recording 742 individuals at the end of 2020, down from 768 the year before.<\/p>\n

The group forecasts that to be a top 1% earner in South Africa, you need to earn $180,000 (R2.6 million) a year.<\/p>\n

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Read: Workers head to R1 million-a-month resorts while waiting for vaccines<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Global property consultancy group Knight Frank has published its 2021 Wealth Report, showing how wealth is set to grow in countries around the world over the next five years.<\/p>\n","protected":false},"author":10,"featured_media":74328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,7585],"class_list":["post-471496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-knight-frank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/471496","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=471496"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/471496\/revisions"}],"predecessor-version":[{"id":471512,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/471496\/revisions\/471512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/74328"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=471496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=471496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=471496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}