JOHANNESBURG – Wealthy South Africans hold a total private wealth of US$649 billion, that’s R9-trillion.
This is as of December 2018 and its according to AfrAsia Bank South Africa Wealth Report 2019.
The figure above, however, shows a decline in the trend of at least 10 percent, according to the study.
The report shows that 39,200 South Africans had assets of $1-million (R14-million) or more; 2,070 had net assets of $10-milliion (R140-million) or more, and 649 had net assets of $100-million (R1.4-billion) or more in private wealth.
So where do they spend their money? Where do they live, eat, dine and drive?
The top three cities with dollar-millionaires:
- Johannesburg
- Cape Town
- Durban
Destinations:
- Kruger Park area
- Cape Town
- Umhlanga
- Garden Route
Hobbies for the wealthy:
- Golf
- Fly-fishing
Cars:
Although they drive luxury vehicles, wealthy South African prefer SUVs and this is due to their space and safety concerns.
Popular SUV brands – top 3
- Rolls Royce Cullinan
- Bentley Bentayga
- Lamborghini Urus
Luxury Cars brands – top 3
- Porsche
- Ferrari
- Bentley
Shopping:
This class prefers to shop in Sandton City and Hyde Park in Johannesburg, V&A Waterfront in Cape Town and Gateway in Umhlanga.
This category is dominated by luxury brands such as L’Occitane, Paul Smith, Burberry, Louis Vuitton and many others.
Food and restaurants:
Woolworths dominates this sector for the wealthy
Other foods stores include:
- The Bread Basket
- Jacksons Real Food
- Thrupps
Restaurants:
- La Colombe – Cape Town
- Cleopatra Mountain Farmhouse -KZN Drakensberg
- Tortellino d’Oro – Johannesburg
- Cafe Bon Bon – Franschhoek
- La Petite Colombe – Franschhoek
- Emily Moon – Plettenberg Bay
Watch brands for collectors:
- Patek Philippe
- Breguet
- Vacheron Constantin
Banks:
The wealthy use private banking.
Top three wealth management:
- Investec
- RMB
- PSG
Source: ENCA
