The Joburg rand, often heralded as the mightiest breed of South African currency by Vaalies coming to Cape Town over December and January.
Of course it’s well known that Jozi folk tend to earn a little more than us layabouts down here in the Cape, but is that reflected by the amount of dollar millionaires calling the respective cities home?
Commercial & residential property group Knight Frank recently released a report outlining just that, with this below taken from a report on Business Tech. First some definitions so we are all on the same page with what each term means:
- Millionaires are individuals with a net worth over US$1 million
- Multi-millionaires have a net worth over US$10 million
- Ultra-high net worth individuals (UHNWIs) have a net worth over US$30 million
- Centi-millionaires have a net worth over US$100 million and
- Billionaires have a net worth over US$1 billion.
Right, now let’s examine which city is bringing home the bacon:
South Africa has the 36th most millionaires in the world, down 5% from 2014 – either due to difficult economic conditions or to emigration…
Looking at South African cities, Joburg is by far the best city for super wealthy individuals, accounting for half of the super rich across most categories.
Joburg has 23,400 dollar millionaires, 1,030 multi-millionaires, and 320 UHNWIs – half of South Africa’s totals.
Cape Town has 8,900 dollar millionaires, 390 multi-millionaires and 121 UHNWIs, the report said.
If you want to look at the real ballers SA has 87 centi-millionaires and 6 billionaires. Don’t go puffing up your chests just yet Egoli, there’s a little twist:
While Cape Town has a smaller HNWI population than Joburg, that changes significantly over the December period, as thousands of super wealthy people flock to the city for holiday.
Knight Frank’s data shows that Cape Town sees a peak multi-millionaire population of 2,690 people over December, compared to its lowest month (June), where only 380 multi-millionaires are present.
Shall we call it a draw?
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