Almost half of African millionaires make South Africa their home

Johannesburg, founded as it was on the rich seam of gold that makes up the Witwatersrand, has long been known as the City of Gold. More than a hundred years since the days of instant fortune in the mining town, it is the top place that African millionaires call their home.

 johannesburg_millionaires_hotspots_article Johannesburg is the top city in Africa for dollar millionaires. (Image: Media Club South Africa)
Publishing Media Club South Africa stories - click here

Text: Melissa Javan

Graphic: Mary Alexander

Almost half of Africa’s dollar millionaires live in four of South Africa’s cities, according to a report by global research company New World Wealth.

The report was released earlier this week. It found that the country’s city of gold, Johannesburg, was the home of most of Africa’s millionaires, with 23 400 living there. Cape Town (8 900), Durban (2 700) and Pretoria (2 500) were also all in the top 10 of the list.

As of June 2015, there were about 163 000 millionaires living in Africa, with combined wealth holdings of $670-billion (R9.09-trillion). Of that number, nearly 42% lived in South Africa.

Cairo, Egypt had the second highest number of millionaires, with 10 200), followed by Lagos, Nigeria with 9 100 millionaires.

The Ghanaian city of Accra was expected see the biggest growth in millionaires in the next decade, with numbers forecast to increase from 2 300 in 2015 to 4 100 in 2025, the report found.

Nairobi (71% increase from 6 200 to 10 600) and Durban (48% increase to 4 000) had the next highest projected growth.

Colin Grieve, the chief representative officer at AfrAsia Bank, said African cities were emerging as epicentres of growth and opportunity. “(They are) places where growing numbers of consumers with disposable income are congregating,” he said.

“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so, generating wealth for themselves and their communities.”

Click on the image below for a larger view.

Image description

Sources: New World Wealth

In another report released in July, Plettenberg Bay, on the Garden Route was named the top second home hotspot in South Africa for the super-rich, with over 120 homes valued at R20-million or more. It is the highest of any town in the country with the exception of Johannesburg and Cape Town.

New World Wealth reported that other second home hotspots for the super-rich were Umhlanga and La Lucia (230) in Durban, Knysna on the Garden Route (230), Stellenbosch in Western Cape (170) and Franschoek in Western Cape (70). In these towns, local and foreign buyers made their second homes. These statistics exclude major cities.

Multimillionaires or the super-rich refer to individuals with net assets of $10-million (R120-million) or more.

This article was originally posted on the News24 wire.