New information from New World Wealth, in association with MasterCard, has disclosed which classic cars are favoured by South Africa’s wealthiest people.
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.
Singled out in the report, South Africa was also recorded as having 522 affluent millionaires (net worth more than US$30 million), 91 centimillionaires (net worth more than US$100 million) and seven billionaires (net worth more than US$1 billion).
With a combined net worth of US$73 billion, South Africa’s Ultra-HNWIs hold 46% of the total wealth held by the country’s richest people.
In 2015, UHNWI wealth grew by 40%, and NWW anticipates it will grow even further – increasing 19% to US$86 billion by 2017.
While South African HNWIs spend their money on many collectables – including Art, wine and luxury items – classic cars saw the largest growth in HNWI spending since 2007.
Between 2007 and 2015, classic car prices rose by 163%, making it the best performing investment class for HNWIs over that period. Local classic car auctions often take place in Johannesburg, Cape Town and Knysna, NWW said.
These are the most popular classic cars, favoured by South African HNWIs (listed by price).
Morgan Roadster (1960s) – $100,000
Porche 911 (1960s) – $130,000
Ferrari Dino (1970s) – $250,000
Jaguar E Type (1960s) – $300,000
Lamborghini Countach (1980s) – $400,000
Lamborghini Miura (1970s) – $800,000
Aston Martin DB5 (1960s) – $1.0 million
Aston Martin DB4 (1950s) – $1.3 million
Porche 959 (1980s) – $1.5 million
Mercedes Gullwing 300sl (1950s) – $1.5 million
Porche 550 Spyder (1950s) – $2 million
McLaren F1 (1990s) – $10 million
Ferrari 250 GT California Spider (1960s) – $18 million
Ferrari 250 GTO (1960s) – $24 million
source: Business Tech