Where the rich live

2014-01-19 14:00

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Johannesburg is the city many SA multimillionaires call home.

Johannesburg is still the home of most of South Africa’s multimillionaires.

Research also shows that this is the city with the greatest financial growth?–?in other words, a place where the rich keep getting richer.

New World Wealth is an international company whose annual studies make the financial affairs of various countries known to all.

According to its latest figures, 48% of the country’s “super- rich” (individuals with a net worth of more than R300?million) live in Johannesburg.

Of a total of 599 of these super-rich, 285 live in Johannesburg.

Cape Town is second with 110 (18%) of the country’s super-rich living there permanently.

Andrew Amoils, a senior analyst at New World Wealth, says: “No holiday homes and no properties owned by foreigners are included.

“We register these people throughout the year on the basis of their primary residence.

“Many rich people have more than one property, but we do not take that into account for this survey.”

Durban has 33 super-rich (6%) while there are 31 in Pretoria (5%).

There are 140 (about 23%) who live permanently in other prestigious locations like Knysna, Umhlanga, Plettenberg Bay, Hermanus, Stellenbosch, Franschhoek and La Lucia.

In Johannesburg, the number of super-rich has also grown much more rapidly over the past five years than anywhere else in the country.

In 2007, there were 230 people in the super-rich category in Johannesburg. This figure climbed to last year’s record of 285.

Cape Town’s figure of 110 was at 100 in 2007. Although the Cape does not have as many super-rich, it does have most of the rich residences.

Camps Bay holds the record of 155 expensive residential dwellings with a value of more than R20?million each.

Knysna is second with 133 properties.

This is followed by Sandhurst (127), Hyde Park (112), Clifton (98), Bryanston (88), Bishopscourt (86), Constantia and Tokai (78), Franschhoek (76), Bantry Bay (70) and Plettenberg Bay (66).

New World Wealth’s latest research for Africa shows that South Africa is the richest country on the continent.

Our country’s total wealth stands at $571?billion (R6.203?trillion) with Egypt second at $368?billion.

The country with the least money is Zimbabwe with $7?billion in the bank.

We have the highest per capita wealth (the richest people) on the continent with an average of $11?310 a person.

Libya is hot on our heels with $11?040 a person.

Ethiopia’s population is the poorest at $260 a person.

However, we are far below the world average of $27?000 a person, let alone the wealthiest countries like Switzerland and Australia.

Their average wealth sits comfortably at over $250?000 a person.

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