According to the 2019 Africa Wealth Report shows that Umhlanga is more expensive than Sandton. It is reported that the residential property constitutes between 25% and 30% of the net asset of an average HNWI (High net worth individual) in Africa.
HNWI is defined as those individuals with a wealth of US$1 million or more, and there are approximately 140 000 HNWIs living in Africa. The report covers 17 major African markets.
[ht_message mstyle=”info” title=”Reports” show_icon=”true” id=”” class=”” style=”” ]World wide’s private wealth is amounted to approximately US$204 trillion and there are 2140 billionaires worldwide with a net asset of US$1 billion or more.[/ht_message]
Africa has 23 billionaires and approximately 6900 multi-millionaires with net assets of US$10 million or more, and 310 centi-millionaires with a net asset of U$100 million or more. In Africa, the ‘Big 5’wealth markets are South Africa, Kenya, Morocco, Nigeria, and Egypt.
Most luxurious areas in Africa include Sandton and Umhlanga, Camps Bay, etc. According to the total wealth ranking report in 2018, There are 5 billionaires in South Africa, and over 39 200 HNWIs, 2070 Multi-millionaires, and 94 centi-millionaires. Total wealth in Africa increased by 14% over a period of 10 years (2008 – 2018).
Johannesburg’s total worth amounts to US$248 billion, most of which is focused in Sandton (Home of the JSE and has head offices of some of the largest banks in Africa).
Cape Town has a total wealth of US$133 billion, with the most exclusive and expensive suburbs such as Cliffton, Bishopscouty, Camps Bay and Bantry Bay. Durban and Umhlanga’s total wealth amounts to US$54 billion.
In Johannesburg alone, according to the 2018 report, there are 2 billionaires and just 1 in Cape Town. Cape Town has the most expensive property on the continent at $5600 per square metre (Approximately R78 280.00 – This depends on the Currency Exchange)
Umhlanga, according to AfrAsia Bank and New World Wealth, is more expensive than Sandton at $2800 per square metre. Sandton is standing at $2600 per square metre – using the US$ price per square meter in a 200-400 square metre apartment in the most exclusive and expensive part of each city.
Top Selling luxury cars in South Africa are Porsche, Ferrari, Bentley, Rolls Royce, Aston Martin, Lamborghini and Mclaren according to the New World Wealth report in 2018. The main wealth management hub in Africa is in South Africa (Johannesburg) with US$85 billion in AuM, thus South Africa is the wealthiest county in Africa according to 2018 reports.