South Africa is home to 43600 millionaires.
Photo: File
South Africa is home to 43600 millionaires. Photo: File

This is how many millionaires reside in SA

By Staff Reporter Time of article published Apr 6, 2018

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DURBAN - New World Wealth has released its South African Wealth Report for 2018.

The report shows how wealth trends have changed among South Africa's most wealthy.

South Africa is presently home to 43 600 high net worth individuals (HNWI), people who have a total wealth of more than $1 million (R11,93 million), at the end of last year.

The number of HNWI has increased from the recorded number of 38 500 in 2015 and 40 400 in 2016.

The growth in HNWI is in line with the overall wealth growth in South Africa.

Total private wealth grew from $670 billion at the end of 2016 to $722 billion at the end of 2017. Of this, HNWI wealth increased from $284 billion to $306 billion, staying at 42% of the total private wealth.

South African HNWI stats at the end of 2017

1. The total private wealth held in South Africa amounts to approximately $722 billion. Around $306 million of the $722 billion is held by the HNWI.

2.The average South African has net assets of $12 900 (R153 897) wealth per capita, which is the second highest level in Africa, Mauritius holds the top spot.

3. 43600 HNWIs are found in South Africa. Each HNWI has net assets of $1 million (R11,93 million) or more.

4. South Africa is home to 2200 multimillionaires that each have net assets of $10 million (R119,3 million) or more.

5. South Africa has 5 billionaires each with net assets of $1 billion ($11,93 billion) or more.

The growth was backed by a rand that is strengthening, the rand moved from R13,30 to the dollar to R12.20 against the dollar by year-end.

The JSE All Share index is gaining significantly, in dollar terms at 30%.

But the picture changes when HNWI growth is examined over a 10 year period.

Between 2007 and 2017, the number of dollar millionaires increased by 2%. This takes into account the global crash in 2008 and the slow recovery afterwards as well as the political situation of 2015 and 2016.

The 10-year review was negatively impacted by a depreciating rand that dropped from R6,90 in 2007 against the dollar to R12,30 in 2017.

Other factors that negatively impacted the review include a sluggish property market and poor performance from key sectors, particularly mining, according to New World Wealth.

On the flip side, the JSE all share index grew by 17% over the 10-year period, while there was strong growth in the professional services sector.


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