{"id":74304,"date":"2014-11-24T23:55:40","date_gmt":"2014-11-24T21:55:40","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=74304"},"modified":"2014-11-24T16:23:39","modified_gmt":"2014-11-24T14:23:39","slug":"how-rich-is-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/74304\/how-rich-is-south-africa\/","title":{"rendered":"How rich is South Africa?"},"content":{"rendered":"

South Africa’s Ultra High Net Worth (UHNW) population has grown over the past year, and now accounts for almost 20% of the country’s total wealth.<\/p>\n

According to the 2014 Wealth-X Ultra Wealth Report, South Africa is the 33rd richest country in terms of the population worth more than US$30 million – the highest ranking African country.<\/p>\n

South Africa is home to 835 UHNW individuals – up 7.7% from 775 individuals in 2013 – worth US$112 billion.<\/p>\n

This represents 17.8% of South Africa’s total wealth, which the research group lists at US$630 billion.<\/p>\n

“South Africa remains Africa\u2019s largest UHNW country, accounting for just under 30% of the region\u2019s total UHNW population,” Wealth-X said.<\/p>\n

“One of the reasons why South Africa has long been Africa\u2019s wealthiest economy is its relatively developed financial infrastructure. In fact, the financial sector accounts for almost a quarter of South Africa\u2019s GDP, and over 30% of the country\u2019s UHNW population have derived their fortunes from this sector.”<\/p>\n

Top 10 UHNW countries in the world 2014<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Country<\/strong><\/td>\nUHNW population<\/strong><\/td>\nUHNW wealth<\/strong><\/td>\nPopulation change<\/strong><\/td>\nWealth change<\/strong><\/td>\n<\/tr>\n
United States<\/td>\n69,560<\/td>\n9,630<\/td>\n6.2%<\/td>\n6.0%<\/td>\n<\/tr>\n
Germany<\/td>\n19,095<\/td>\n2,580<\/td>\n7.2%<\/td>\n10.0%<\/td>\n<\/tr>\n
Japan<\/td>\n14,720<\/td>\n2,430<\/td>\n3.2%<\/td>\n4.1%<\/td>\n<\/tr>\n
United Kingdom<\/td>\n11,510<\/td>\n1,445<\/td>\n5.5%<\/td>\n5.1%<\/td>\n<\/tr>\n
China<\/td>\n11,070<\/td>\n1,565<\/td>\n3.7%<\/td>\n3.3%<\/td>\n<\/tr>\n
India<\/td>\n8,595<\/td>\n1,013<\/td>\n9.5%<\/td>\n8.3%<\/td>\n<\/tr>\n
Switzerland<\/td>\n6,635<\/td>\n790<\/td>\n4.8%<\/td>\n5.3%<\/td>\n<\/tr>\n
Canada<\/td>\n5,305<\/td>\n635<\/td>\n6.5%<\/td>\n6.7%<\/td>\n<\/tr>\n
France<\/td>\n4,750<\/td>\n565<\/td>\n5.8%<\/td>\n7.6%<\/td>\n<\/tr>\n
Brazil<\/td>\n4,225<\/td>\n820<\/td>\n5.2%<\/td>\n6.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

In the UHNW population break-down, the group noted that 77% of SA’s super wealthy are self-made, with only 6% claiming their fortunes from inheritance. 17% of the UHNW group gained wealth from both inheritance and their own ventures.<\/p>\n

This self-made wealth helped most of the country’s wealthy avoid significant impact from high inflation, government debt and the end of American financial stimulus, which negatively impacted the country\u2019s economy, Wealth-X noted.<\/p>\n

“In fact, for some UHNW individuals, the decrease in the value of the South African rand helped boost revenue, as exports became more competitive.”<\/p>\n

South Africa ranks ahead of other African nations such as Nigeria (2nd, with 645 UHNWIs), Egypt (3rd, 595), Kenya (4th, 170) and Tanzania (5th, 120).<\/p>\n

Africa has 3,005 super wealthy individuals, worth over US$395 billion.<\/p>\n

The continent has the fewest UHNWIs and the least UHNW wealth, but along with the Middle East showed the largest growth in the past year.<\/p>\n

\"Global<\/a>

Global Ultra Wealth Population map<\/p><\/div>\n

Top UHNWI countries in Africa 2014<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Country<\/strong><\/td>\nUHNW population
\n<\/strong><\/td>\n		UHNW wealth (US$ billion)
\n<\/strong><\/td>\n		Population change
\n<\/strong><\/td>\n		Wealth change
\n<\/strong><\/td>\n<\/tr>\n
South Africa<\/td>\n835<\/td>\n112<\/td>\n7.7%<\/td>\n12.0%<\/td>\n<\/tr>\n
Egypt<\/td>\n645<\/td>\n90<\/td>\n7.5%<\/td>\n12.5%<\/td>\n<\/tr>\n
Nigeria<\/td>\n595<\/td>\n80<\/td>\n16.7%<\/td>\n23.1%<\/td>\n<\/tr>\n
Kenya<\/td>\n170<\/td>\n20<\/td>\n9.7%<\/td>\n11.1%<\/td>\n<\/tr>\n
Tanzania<\/td>\n120<\/td>\n16<\/td>\n4.3%<\/td>\n6.7%<\/td>\n<\/tr>\n
Angola<\/td>\n115<\/td>\n15<\/td>\n4.5%<\/td>\n7.1%<\/td>\n<\/tr>\n
Tunisia<\/td>\n65<\/td>\n8<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Libya<\/td>\n65<\/td>\n8<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Ethiopia<\/td>\n60<\/td>\n7<\/td>\n9.1%<\/td>\n0.0%<\/td>\n<\/tr>\n
Morocco<\/td>\n35<\/td>\n8<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Algeria<\/td>\n35<\/td>\n5<\/td>\n0.0%<\/td>\n60.0%<\/td>\n<\/tr>\n
Rest of Africa<\/td>\n265<\/td>\n26<\/td>\n3.9%<\/td>\n0.0%<\/td>\n<\/tr>\n
Africa total<\/strong><\/td>\n3,005<\/strong><\/td>\n395<\/strong><\/td>\n8.3%<\/strong><\/td>\n12.9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Lagos, Nigeria, is the top African city for UHNWIs, with 520 super wealthy people calling it home. Johannesburg and Cairo rank as the next top two cities in Africa for UHNWI’s, with each city home to 450 and 445 super wealthy individuals, respectively.<\/p>\n

Top 5 UHNWI cities in Africa 2014<\/h3>\n
\n\n\n\n\n\n\n\n
#<\/strong><\/td>\nCity<\/strong><\/td>\nCountry<\/strong><\/td>\nUHNW population
\n<\/strong><\/td>\n<\/tr>\n
1<\/td>\nLagos<\/td>\nNigeria<\/td>\n520<\/td>\n<\/tr>\n
2<\/td>\nJohannesburg<\/td>\nSouth Africa<\/td>\n450<\/td>\n<\/tr>\n
3<\/td>\nCairo<\/td>\nEgypt<\/td>\n445<\/td>\n<\/tr>\n
4<\/td>\nCape Town<\/td>\nSouth Africa<\/td>\n150<\/td>\n<\/tr>\n
5<\/td>\nNairobi<\/td>\nKenya<\/td>\n135<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

More on the super wealthy<\/h3>\n

SA dollar millionaires vs Africa<\/a><\/strong><\/p>\n

Top cities for South Africa\u2019s dollar millionaires<\/a><\/strong><\/p>\n

Where South Africa\u2019s multi-millionaires live<\/a><\/strong><\/p>\n

South African dollar millionaires hits 49,000<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa’s Ultra High Net Worth (UHNW) population has grown over the past year, and now accounts for almost 20% of the country’s total wealth.<\/p>\n","protected":false},"author":10,"featured_media":74328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26,6441,853,7036],"class_list":["post-74304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-headline","tag-millionaires","tag-south-africa","tag-wealth-x"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/74304","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=74304"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/74304\/revisions"}],"predecessor-version":[{"id":74334,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/74304\/revisions\/74334"}],"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=74304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=74304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=74304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}