New data from New World Wealth, in association with MasterCard, has revealed which South African suburbs are home to the most super-wealthy citizens.
NWW’s data shows that at the end of 2015, there were 38,500 millionaires in South Africa (people with a net worth over US$1 million) – down 18% from 46,800 recorded at the end of 2014.
Of these High Net Worth Individuals (HNWIs), 2,030 are multi-millionaires (with a net worth of US$10 million or more), who are largely settled around the country’s economic hub – Johannesburg.
According to NWW, Joburg is home to 970 multi-millionaires – almost half (47%) of the multi-millionaire population. This is followed by Cape Town, with 360 multi-millionaires (18%) and Durban, with 120 (6%).
As the richest city in South Africa, Joburg is home to four of the five richest suburbs in the country, led by Sandhurst and Hyde Park, which have approximately 120 multi-millionaires living within their boundaries, each.
These are suburbs which South Africa’s multi-millionaires call home (primary home):
|Constantia and Tokai||30||CT|
According to NWW, looking outside of Johannesburg and Cape Town, there are a number of hot-spots for second homes owned by multi-millionaires.
Top among these areas is Plettenburg Bay, which has 260 second homes owned by these individuals, 120 of which are homes that are worth more than R20 million – the highest number of homes valued at this price outside of Cape Town and Johannesburg.
Other popular second-home hotspots include Umhlanga, Knysna, Stellenbosch and George.
The group noted that there was keen interest in some up-coming hotspots among multi-millionaires, particularly in these areas: Zinkwazi (KZN), Greyton (WC), Tulbacg (WC), Keurbooms (South Coast), Umdloti (KZN) and Salt Rock (KZN).
Top multi-millionaire second home locations
|Location||Multi-millionaires with second homes|
|Umhlanga and La Lucia||250|
|St. Francis Bay||20|
|Margate and Ramsgate||20|
source: Business Tech