Cape Winelands Has Highest Wealth Density in South Africa
The Stellenbosch, Paarl & Franschoek area has the highest percentage of $ millionaires in South Africa at 1,3% of the local population - whilst the Garden Route has the second most at 0,7%.
According to an article in BusinessTech, research done by WealthInsight shows the geographical location of South Africa's dollar millionaires and points especially to the recent inflow into the Cape Winelands area (Stellenbosch, Paarl & Franschoek).
It is especially noteworthy that in terms of the wealth density ($ millionaires as % of total population measured) the Winelands area compares favourably to the top 20 global cities outlined in WealthInsight‘s report when it comes to wealth density - having a density of 1,3% which is e.g. higher than that of Copenhagen.
The report pointed to Paarl, Franschoek and Stellenbosch as the fastest growing region in the country in terms of private wealth creation over the past decade – home to 3,000 US$ millionaires. It is estimated that here are now about 400 more dollar millionaires living in the Winelands than in Pretoria and only 200 less than in the Durban region (including Umhlanga) - confirming the semi-gration experienced during especially the last 2 years towards Cape Town and the Cape Winelands.
The WealthInsight report defined millionaires as people living in each city with net assets – not including the value of their first home – worth $1 million or more.
Internationally the principality of Monaco has the highest millionaire density in the world – in fact one in three (30.6%) residents have a net worth exceeding $1 million. Monaco exceeds its closest rivals when it comes to wealth density – with the Swiss cities of Geneva (6%), Zurich (5%) and Zug (4%) ranking above London (3%) to close out the top five places.
Other cities in the top 20 spots are:
6. Hong Kong (3%) / 7. Singapore (2%) / 8. Frankfurt (2%) / 9. New York (2%) / 10. Paris (2%) / 11. Toronto (2%) / 12. Oslo (2%) / 13. Sydney (2%) / 14. Houston (2%) / 15. Dublin (2%) / 16. Auckland (2%) / 17. Rome (2%) / 18. San Frisco (2%) / 19. Doha (2%) / 20. Copenhagen.
Closer to home, data published recently by advisory firm New World Wealth showed how many super-wealthy people live in South Africa, breaking the figure down into major cities.
It noted that South Africa had a total of 40,400 dollar millionaires in 2016, led by Johannesburg with 18,200 millionaires – with a density of 0,4%, Cape Town (8 200 / 0,2%) and Durban (3 200 / 0,1%).