The city of Durban has shown the greatest growth in the number of millionaires living in the city, according to the South Africa 2015 Wealth Report.<\/p>\n
South Africa’s millionaires increased from 19,900 to 46,800 from 2000 to 2014, showing a 135% increase, the report showed.<\/p>\n
The new super rich of Durban<\/strong><\/p>\n \u201cMillionaire numbers there [in Durban] have grown by 200% since 2000, compared to the national average growth rate of 135%,” said report analyst Andrew Amoils on Thursday.<\/p>\n “Durban\u2019s strong growth was fueled by massive millionaire growth in the Umhlanga and La Lucia areas, especially among the local Indian community.\u201d<\/p>\n \u201cThe north coast of KwaZulu-Natal [immediately north of Durban] is also becoming increasingly popular for the super-rich, especially in the second home market. Specifically, areas such as Ballito and Zinkwazi are new hotspots for investment,\u201d said Amoils.<\/p>\n According to the New World Wealth\u2019s latest report, titled The South Africa 2015 Wealth Report, there are about 46 800 millionaires [high net worth individuals or HNWIs] living in South Africa – as of December 2014 – with combined wealth holdings of R2.2bn.<\/p>\n This equates to roughly 31% of South Africa\u2019s total individual wealth.<\/p>\n The report notes that millionaires or high net worth individuals are individuals with a net asset of R12m (US$1m) or more.<\/p>\n Johannesburg leads the pack<\/strong><\/p>\n The report found Johannesburg led the pack with 23 400 dollar millionaires, followed by Cape Town (8 900), Durban (2 700) and Pretoria (2 500).<\/p>\n According to the report, 14 700 (31%) of South Africa\u2019s millionaires hail from the previously disadvantaged groups.<\/p>\n The average age of the country\u2019s multi-millionaires is 55 years, with a fifth of them making their fortunes in the financial sector.<\/p>\n South Africa has the highest number of HNWIs in Africa.<\/p>\n According to the report, South Africa\u2019s millionaires keep almost 20% of their wealth abroad in countries such as the United Kingdom, the Channel Islands, Switzerland, the Bahamas and the Cayman Islands.<\/p>\n Fin24<\/a><\/p>\n Surprising number of South Africans in the world\u2019s richest 10%<\/strong><\/a><\/p>\n How much the world\u2019s super wealthy are worth<\/a><\/strong><\/p>\n\n\n
\n City<\/strong><\/td>\n Resident HNWIs<\/strong><\/td>\n % of total<\/strong><\/td>\n<\/tr>\n \n Johannesburg<\/td>\n 23 400<\/td>\n 50%<\/td>\n<\/tr>\n \n Cape Town<\/td>\n 8 900<\/td>\n 19%<\/td>\n<\/tr>\n \n Durban<\/td>\n 2 700<\/td>\n 6%<\/td>\n<\/tr>\n \n Pretoria<\/td>\n 2 500<\/td>\n 5%<\/td>\n<\/tr>\n \n Other<\/td>\n 9 300<\/td>\n 20%<\/td>\n<\/tr>\n \n Total<\/strong><\/td>\n 46 800<\/strong><\/td>\n 100%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n City growth<\/h3>\n
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\n City<\/strong><\/td>\n Resident HNWIs 2007<\/strong><\/td>\n Resident HNWIs 2014<\/strong><\/td>\n %\u00a0change<\/strong><\/td>\n<\/tr>\n \n Durban<\/td>\n 2 100<\/td>\n 2 700<\/td>\n 29%<\/td>\n<\/tr>\n \n Johannesburg<\/td>\n 20 700<\/td>\n 23 400<\/td>\n 13%<\/td>\n<\/tr>\n \n Pretoria<\/td>\n 2 300<\/td>\n 2 500<\/td>\n 9%<\/td>\n<\/tr>\n \n Cape Town<\/td>\n 8 500<\/td>\n 8 900<\/td>\n 5%<\/td>\n<\/tr>\n \n Other<\/td>\n 9 200<\/td>\n 9 300<\/td>\n 1%<\/td>\n<\/tr>\n \n Total SA<\/strong><\/td>\n 42 800<\/strong><\/td>\n 46 800<\/strong><\/td>\n 9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n More on South Africa’s rich<\/h3>\n