{"id":49478,"date":"2013-11-14T13:58:09","date_gmt":"2013-11-14T11:58:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=49478"},"modified":"2013-11-14T14:00:04","modified_gmt":"2013-11-14T12:00:04","slug":"racial-spread-of-sa-millionaires","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/49478\/racial-spread-of-sa-millionaires\/","title":{"rendered":"Racial spread of SA millionaires"},"content":{"rendered":"
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New research finds that although South Africa has\u00a07,800 millionaires from previously disadvantaged groups in 2013 – however, this equates to only 16% of South Africa\u2019s total millionaire population.<\/p>\n

The authors of the report, New World Wealth, a global wealth consultancy, pointed to that figure as\u00a0representing\u00a0a relatively low percentage, considering that these groups make up 90% of the national population.<\/p>\n

However, the report, entitled: \u201cSouth Africa\u2019s 2013 Wealth Book: The Future of South African HNWIs\u201d, found that\u00a0previously disadvantaged millionaire volumes have risen by as much as 81% over the review period (2007-2013) which is well above the overall rate of 14% for all millionaires.<\/p>\n

\u201cMillionaires\u201d otherwise known as \u201chigh net worth individuals\u201d or \u201cHNWIs\u201d refer to individuals with net assets of US$1 million or more, excluding their primary residences.<\/p>\n

South Africa has the highest number of HNWIs in Africa. As of 2013, there are over 48,700 HNWIs in South Africa with a combined wealth of US$200 billion, accounting for roughly 31% of South Africa\u2019s total individual wealth (US$650 billion),\u00a0New World Wealth said.<\/p>\n

Report author, wealth analyst Andrew Amoils said: “Despite transformation efforts over the past 20 years, South Africa\u2019s wealth distribution remains far from equal.”<\/p>\n

Over the four year forecast period, the number of South Africa\u2019s HNWIs is expected to grow by 28%, to reach over 62,400 in 2017.<\/p>\n

HNWI wealth will see a larger percentage increase, growing by 30% to reach US$259 billion in 2017,\u00a0New World Wealth said.<\/p>\n

South Africa: HNWIs \u2013 Racial Distribution, 2007\u20132013<\/h3>\n
\n\n\n\n\n\n\n
Demographics<\/strong><\/td>\nHNWIs 2007*<\/b><\/strong><\/td>\nHNWIs 2013*<\/b><\/strong><\/td>\nGrowth 2007-2013<\/b><\/strong><\/td>\n<\/tr>\n
White Male<\/td>\n35,000<\/td>\n36,500<\/td>\n4%<\/td>\n<\/tr>\n
Previously Disadvantaged<\/td>\n4,300<\/td>\n7,800<\/td>\n81%<\/td>\n<\/tr>\n
White Female<\/td>\n3,500<\/td>\n4,400<\/td>\n26%<\/td>\n<\/tr>\n
Total<\/strong><\/td>\n42,800<\/strong><\/td>\n48,700<\/strong><\/td>\n14%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

* Rounded to nearest 100 | Source: New World Wealth<\/small><\/p>\n

Other key findings:<\/span><\/p>\n

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