SA super-rich rise by 14% over 6 years

Comment on this story
IOL BR_br jhb0 Independent Newspapers. Nearly half of South Africans worth more than $30m live in Joburg. Photo: Antoine de Ras.

The number of South Africans with more than $30 million (R326m) in net assets climbed 14 percent in the past six years following equity and commodity price gains and increasing black ownership of the economy, according to the consultancy New World Wealth.

Johannesburg accounted for 48 percent of the 600 ultra-high-net-worth individuals, with more than half the city’s super-rich living in the suburbs that comprise Sandton, it said in a report yesterday.

Another 18 percent live in Cape Town and 6 percent in Durban.

Andrew Amoils at New World Wealth said: “High-net-worth individual growth was influenced by a rise in new business formation, particularly in the black economic empowerment arena, solid local stock exchange returns and rising commodity prices.”

The government has encouraged companies to increase black ownership to make up for the discrimination suffered during apartheid. – Bloomberg

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines