South Africa is bleeding rich people – but it’s still where the money’s at
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.
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.
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].
Source : https://www.123rf.com/photo_51338043_wealthy-couple-in-a-classic-convertible.html?vti=mliy7kcg3ev3q6l6cr-1-1