Joburg - Sandhurst in Sandton is home to 36 of South Africa’s multi-millionaires, more than any other suburb in the country, according to new research.
It also has the highest multi-millionaire population density in the country, with one in every 20 residences being owned by a multi-millionaire, according to the research from WealthInsight.
“A combination of large plots, safety and location make Sandhurst the top suburb in South Africa for the ultra rich,” according to WealthInsight analyst Andrew Amoils.
According to the research, Joburg areas dominate the list of wealthiest suburbs with the other top spots going to Bryanston with 31 multi-millionaires, otherwise known as “ultra high net worth individuals” or UHNWI, Hyde Park (26 UNHWIs), and Westcliff (20 UNHWIs).
Central Cape Town, which includes the Waterfront, City Bowl, Greenpoint and Sea Point, rounds off SA’s top 5 wealthiest areas with 17 multimillionaires residing there.
The report defines multi-millionaires - those UHNWIs - as those individuals with net assets of US$30 million (about R250m) or more, excluding their primary residences.
According to the WealthInsight report, South Africa has the highest number of millionaires in Africa.
As of 2011, there were just over 44,700 millionaires in the country, with a combined wealth of US$188 billion, accounting for roughly 25% of South Africa's total individual wealth (US$740 billion).
Included in this total are 543 multi-millionaires, each with wealth of over US$30 million.
Joburg is home to the largest portion of these individuals (48% or 261 multi-millionaires).
There are also sizable South African multi-millionaire populations in Cape Town (103 multi-millionaires), Durban (31 multi-millionaires) and Pretoria (28 multi-millionaires). - IOL
* WealthInsight provides detailed data and insightful analysis on the world's High Net Worth Individuals and wealth sector.
|South Africa's Richest Suburbs|
|UHNWI = Multi-millionaires, otherwise known as "ultra high net worth individuals", are individuals with net assets of US$30 million or more excluding their primary residences|
|No. UHNWIs*||% UHNWIs||Population|
|No. UHNWIs||% UHNWIs||Population|
|Central Cape Town**||17||17%||27,650|
|Constantia & Tokai***||9||9%||8,820|
|** includes Waterfront, City Bowl, Greenpoint and Sea Point|
*** includes Steenberg and West Lake