Joburg has the most dollar millionaires in Africa

2014-03-30 14:00

Between 2003 and 2013, about 800 dollar millionaires from Ghana, Zimbabwe, Uganda and Nigeria settled in South Africa, according to new research from New World Wealth.

About 600 of them made their home in Johannesburg, said Andrew Amoils, senior analyst at New World Wealth.

Dollar millionaires are those with net assets of $1 million (R10.5?million) or more, excluding their primary residences.

Johannesburg has the most dollar millionaires in Africa, but is only 65th in the world ranking of cities with the most wealthy. The city currently has 23 000 millionaires, according to the research. Cape Town does not feature in the top 100 cities.

In the fourth quarter of last year, buyers from other countries in Africa south of the Sahara accounted for 19% of total home buyers in South Africa, according to John Loos at First National Bank.

Amoils said large numbers of South Africa’s wealthy left in the 1980s and 1990s, but in the past decade this had significantly decreased.

Britain remains the top immigration destination of the rich and has acquired 114 100 wealthy immigrants in the past decade. Amoils said most of the rich come from elsewhere in Europe, China, India and South Africa. London has 339 200 dollar millionaires, making it the city with the most millionaires.

Singapore is the second most popular destination.

The country with the largest exodus of wealthy was China, whose wealthy move mainly to Britain, Hong Kong and Singapore.

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