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South Africa’s ultra-rich<\/strong><\/p>\n Boston Consulting Group defines ultra-rich individuals as those whose personal wealth exceeds $100 million – or around R1.5 billion.<\/p>\n In monetary terms, the group’s data shows that South Africa’s ‘ultras’ have about 8% of the country’s financial wealth of $700 billion – or $56 billion. In rand terms, this means the average ultra has approximately $430.8 million (R6.4 billion)<\/strong>.<\/p>\n In 2020, more than 6,000 people globally became ‘ultras’, it said, on the back of year-on-year growth of 9% since 2015.<\/p>\n “As it stands, South Africa has a small pool of ultras compared to the global, and Middle East & Africa average: the country\u2019s ultras comprise 8% of its financial wealth segments, compared to 13% and 27%respectively,” it said.<\/p>\n This translates to 130 ultra-high-net-worth individuals in South Africa – a figure that is expected to grow at a CAGR of 5% to approximately 160 by 2025.<\/p>\n “Despite the relatively small number of ultra-high-net-worth individuals in the country, they are the fastest-growing financial wealth segment \u2013 and their wealth increased due to the lockdown,\u201d the group said.<\/p>\n “They also make up 4.7% of South Africans\u2019 total wealth, and this will grow to 5% by 2025.”<\/p>\n