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

South Africa’s wealthy prefer Swiss watchmaker Patek Philippe. (Photo by FREDERICK FLORIN / AFP)

 

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