AFRICANGLOBE – At the end of 2014, there were approximately 46,800 high net worth individuals (HNWIs) living in South Africa, with a combined wealth of US$184 billion.
HNWIs are defined as people who have a net worth of US$1 million or more, according to metrics used by research firm, New World Wealth.
This equates to roughly 31% of South Africa’s total individual wealth.
But who are the wealthy? Where do they live? How did thy make their money?
We provide a list of 10 things we know about South Africa’s super rich.
1. How the rich make their money in SA
A report published by New World Wealth revealed the industry from which South African multi-millionaires have acquired their wealth.
Unsurprisingly, the financial services industry is the primary source of wealth for 20% of local multi-millionaires.
NWW defines wealth as the net value of assets, which includes financial holdings, business interests and tangible assets. The group excludes primary residences from it’s valuation.