Cape Town - It is easy to find where the ultra-rich - those with wealth of $10m (about R120m) and more - hang out in Johannesburg and Cape Town.
The latest South Africa 2018 Wealth Report released by AfrAsia Bank and New World Wealth on Thursday lists the suburbs in these two cities where most of these ultra-rich individuals live.
The report defines HNWIs as those individuals with wealth of $1m (about R12m) or more. "Wealth” is defined as net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.
Rounded off to the nearest 10, in Cape Town the suburbs of Camps Bay/Bakoven has the most ultra-rich residents (80); followed by the City Bowl (70), which includes Higgovale, Oranjezicht, Tamboerskloof and the V&A Marina.
Bishopscourt and Constantia/Tokai are up next with 40 ultra-rich residents each.
Clifton, Bantry Bay and Fresnaye have 30 ultra-rich residents each, followed by Green Point, Llandudno, Sea Point/Three Anchor Bay and Granger Bay/Mouille Point with 30 each.
Noordhoek and Hout Bay round off the list with 10 ultra-rich residents each.
The report points out that on top of these ultra-rich residents, suburbs like Camps Bay, Clifton, Bantry Bay, Fresnaye, Llandudno and Sea Point are also popular second home hotspots for the wealthy.
In Johannesburg, you will find the most ultra-rich with wealth of about R120m and more in Houghton (130), followed by Sandhurst (120), Hyde Park (110) Bryanston (90) and Westcliff (50).
Next up is Park Town and Saxonwold with 20 each.
* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER