Durban - While Durban lags behind Johannesburg and Cape Town in the wealth stakes, it is still home to more than 2 000 millionaires.
This is according to World Cities: The wealthiest cities in the world, a report compiled by the market research company New World Wealth.
Researchers said the total wealth held by the city amounted to $45 billion (R613 billion).
“The city is home to 2 700 millionaires and one billionaire. Our figures for Durban include Umhlanga, Ballito and La Lucia. Major sectors in the city include: health care, construction, retail and transport,” said the report.
Total wealth, it said, referred to the private wealth held by individuals.
“It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures.”
Millionaires were those with net assets of $1 million, while billionaires were those who possessed net assets worth $1 billion.
But Durban is not the only KwaZulu-Natal locale rich in high-earning residents.
In a separate report by the same company - titled Top 10 residential estates in South Africa- Zimbali Coastal Resort receives the second-highest rating in the country.
“It is arguably the most picturesque estate in the country, with its own natural lagoon and forest. House prices range from R5 million to R50 million.”
The criteria used to determine the rating included security, activities, facilities on offer, quality of houses, space, views and appeal to wealthy buyers.
And despite Durban’s impressive figures, it was bested by the country’s other major cities. Johannesburg’s total wealth amounts to $243 billion, and it is home to 17 600 millionaires and two billionaires.
Cape Town’s wealth is valued at $130 billion and it has 7 400 millionaires. It is home to two billionaires.
South Africa, in total, holds $580 billion in terms of wealth. It is home to 40 400 millionaires and seven billionaires.
“Over the next decade, South Africa is expected to benefit from strong growth in the local technology and media sectors. The 10-year growth forecast: 40%.”
While the millionaires and billionaires are not named in the report, there are several South Africans who are known for their high net worth.
The Forbes Billionaires List included Nicky Oppenheimer and family ($6.5 billion from diamonds); Christoffel Wiese ($5.7 billion from retail); Johann Rupert and family ($5.4 billion from luxury goods); Koos Bekker ($1.5 billion from media and investments); and Stephen Saad, who hails from Durban ($1 billion from pharmaceuticals).
THE MERCURY