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Africa

South Africa is bleeding rich people – but it’s still where the money’s at

22 April 2021 11:45 AM
Tags:
Billionaires
Refilwe Moloto
wealth
Arabile Gumede
Breakfast with Refilwe Moloto
Africa Wealth Report 2021
high net worth individuals
HNWI
millionaires
Stellensbosch

Despite the drain, the country is still home to over twice as many dollar millionaires as any other African country.

South Africa has lost about 4200 dollar millionaires – mainly to the United Kingdom, Australia and the United States – in the past 10 years, according to the Africa Wealth Report 2021.

Other countries that are popular among emigrating dollar millionaires are Switzerland, Israel, Mauritius, New Zealand and the United Arab Emirates.

Despite the drain, South Africa still has 36 500 dollar millionaires - more than twice that of any other country in Africa.

Wine tasting in Stellenbosch, the wealthiest small town in Africa. © NejroN/123rf

Africa has 125 000 dollar millionaires of which 6200 have a net worth exceeding $10 million.

The Continent has 22 dollar billionaires of which five reside in South Africa.

Johannesburg has 15 100 dollar millionaires and two dollar billionaires.

Cape Town has 6500 dollar millionaires and one dollar billionaire.

The comparatively small Winelands towns of Stellenbosch, Franschhoek and Paarl (total population according to Stats SA: 155 733) have 2800 dollar millionaires and two dollar billionaires.


RELATED: How Stellenbosch became a breeding ground for Afrikaner billionaire businessmen


African cities ranked by total wealth held by individuals:

  • Johannesburg – $226 billion

  • Cape Town – $123 billion

  • Cairo - $118 billion

  • Lagos - $88 billion

  • Durban and Umhlanga - $55 billion

  • Stellenbosch, Paarl, Franschhoek - $47 billion

  • Nairobi - $47 billion

  • Pretoria - $42 billion

  • Casablanca - $39 billion

  • Accra - $34 billion

Refilwe Moloto interviewed Arabile Gumede about this and other business news making headlines.

Listen to the interview in the audio below [skip to 3:58].




22 April 2021 11:45 AM
Tags:
Billionaires
Refilwe Moloto
wealth
Arabile Gumede
Breakfast with Refilwe Moloto
Africa Wealth Report 2021
high net worth individuals
HNWI
millionaires
Stellensbosch

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