Which SA city boasts the most millionaires?

By admin
08 March 2016

Ever wondered if South Africa has its own Bill Gates or Richard Branson? Well, judging by this list, it seems we do.

Commercial and residential property group Knight Frank has published a new report for 2016 which measures South Africa’s wealth over the past 10 years from 2005 to 2015, and according to this document we boast almost 47 000 millionaires.

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But what exactly does the word “millionaire” mean? The property group classifies wealth in different categories:

Millionaires: Individuals with a nett value of more than $1 million.

Multimillionaires: Individuals with a nett value of more than $10 million.

People with an ultra-high nett value: Those with a nett value of more than $30 million

Centi-millionaires: Individuals with a nett value of more than $100 million.

Billionaires: Individuals with a nett value of more than $1 billion.

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America came out top with a jaw-dropping 4,2 million millionaires. South Africa is 36th on the list of countries with the most super-rich.

Although South Africa is one of the countries that have got the short end of the stick in the past few years due to slow economic growth, the country’s millionaire population has grown by a solid 82 per cent between 2005 and 2015 – from 25 500 to 46 500.

And when you look at the cities these super-rich call home, the City of Gold is way out in front. About half of South Africa’s super-rich live in Johannesburg.

It’s long been common knowledge those who work there earn more than those in Cape Town, but during December thousands of super-rich flock to the Mother City on holiday – and Cape Town then boasts at least 2 690 multimillionaires.

Shall we just call it a draw between Cape Town and Johannesburg?

Sources: businesstech.co.za, 2oceansvibe.com

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