These are South Africa’s richest towns and suburbs

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New World Wealth recently published its annual Rich Cities Review, revealing which countries and cities around the world are home to the wealthiest individuals, including South Africa.

Johannesburg was found to be Africa’s richest city by a recent New World Wealth review.

He said Johannesburg’s total wealth now stands at $ 235 billion.

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The main sectors of the city include financial services, such as banking, and professional services, such as law firms and consultants.

HNWI wealth, however, has focused on a few select suburbs, including:

  • Sandhurst
  • Hyde Park
  • Houghton
  • Westcliff

Cape Town has been named the second richest city in Africa, with a total wealth of $ 130 billion. New World Wealth said most of this wealth is concentrated in the following suburbs:

  • Clifton
  • Bantry Bay
  • Fresnaye
  • Llandudno
  • Camps Bay
  • Bishopscourt
  • Constantia

The group said Cape Town is also home to several high-end lifestyle areas, including Steenberg, Atlantic Beach and Silverhurst Estate. The main sectors of the city include real estate and fund management.

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“Wealth” is defined as a person’s net assets and includes all of their assets (property, cash, stocks, business interests) less liabilities.

Last year, the New World Wealth report defined wealthy individuals as those with net assets of US $ 1 million (approximately Rand 14.5 million) or more.

Of these, there are around 1,800 people with net assets of US $ 10 million (around Rand 145 million) or more and 86 with net assets of US $ 100 million or more.

Most of them are based in Johannesburg (Sandton in particular), Cape Town, Umhlanga and Pretoria.

SA IN FRONT OF GREECE, PORTUGAL AND TURKEY.

As of September last year, it was estimated that there were just over 35,000 of these wealthy people living in South Africa, twice as many as in any other African country.

South Africa ranks 30th in the world by this measure, ahead of countries like Greece, Portugal and Turkey.

Various factors attract wealthy people to South Africa, including aspects of lifestyle such as weather, beaches and scenery.

The media, deemed to be free, are also considered to help disseminate reliable information to investors.

This sets South Africa apart from most other emerging markets in the world, the report says.

He also said that last year the SA also had one of the 20 largest exchanges in the world in terms of market capitalization, as well as a well-developed banking system and a large fund management sector, which in turn has makes a stable hub for doing business in and with the rest. of Africa.

ALSO READ: SA remains an attractive destination for the world’s super-rich


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