Ramaphosa not really a multimillionaire

South African Deputy President Cyril Ramaphosa attends the Farlam Commission, in Centurion, outside Pretoria August 11, 2014. Ramaphosa is facing a probe into the 2012 Marikana killings of striking miners. REUTERS/Siphiwe Sibeko (SOUTH AFRICA - Tags: POLITICS CRIME LAW BUSINESS EMPLOYMENT)

South African Deputy President Cyril Ramaphosa attends the Farlam Commission, in Centurion, outside Pretoria August 11, 2014. Ramaphosa is facing a probe into the 2012 Marikana killings of striking miners. REUTERS/Siphiwe Sibeko (SOUTH AFRICA - Tags: POLITICS CRIME LAW BUSINESS EMPLOYMENT)

Published Sep 20, 2014

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Johannesburg - If you raised your eyebrows when you heard Deputy President Cyril Ramaphosa has assets worth R76 million, then you might be surprised to know that – even at that figure – he is not considered a multimillionaire.

Well, not according to a survey done by New World Wealth, a company that provides information on the global wealth sector.

The company has just released a report on where the world’s wealthiest choose to buy a second home. For the purpose of the study, a millionaire is an individual with net assets of R10m or more and a multimillionaire an individual with net assets of at least R100m.

The South African portion of the study was based on a sample of 600 multimillionaires who have second homes in South Africa.

According to the report of the 49 000 millionaires living in South Africa this year, about 2 060 were classified as multimillionaires. There are also about 2 500 foreign multimillionaires who have bought second homes in South Africa.

“This means that during peak holiday months South Africa can be home to over 4 500 multimillionaires in total.”

We pale in comparison with the rest of the world, where in total about 495 000 people are classified as multimillionaires.

The cities with the highest number of resident multimillionaires is Hong Kong (15 400), New York (14 300) and London (9 700).

The cities with more super-rich individuals who buy second homes than anywhere else in the world is London, with 22 300 multimillionaires, followed by New York with 17 400, Hong Kong (14 800), Singapore (11 200) and Dubai (8 200).

 

South Africa’s wealthiest mainly live in Joburg (990), followed by Cape Town (380), Durban (115) and Pretoria (105).

 

The area most popular for a multimillionaire to buy a second home is Knysna, with 320 homes, this is followed by Umhlanga (250), Camps Bay (220) and Plettenberg Bay (180). The popular Joburg suburbs for the super-rich are Sandhurst, with 130 homes, Hyde Park (120), Bryanston (120) and Houghton (60).

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The Star

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