VENTURES AFRICA – More than 2000 South Africans have wealth of $10 million and more, according to research released on Wednesday.
A higher percentage of these people are based in Johannesburg, South Africa’s economic hub situated in the Gauteng Province, the richest province in the country and the most populated.
The normal time of life of these multi-millionaires is 55 years in South Africa. This is somewhat below the global average of about 56 years, according to New World Wealth’s 3rd annual wealth report on South Africa. This report was released on Wednesday.
[pro_ad_display_adzone id=”10″]
Of the 2000 millionaires, 124 (6 percent) are 40 years and younger, while nine percent are over the age of 70. The majority (37 percent) are aged between 51 and 60 years of age.
According to Fin24, the biggest group (48 percent) of South Africa’s millionaires live in Johannesburg. 18 percent live in Cape Town while six percent live in Durban.
Financial services according to the report, is the main source of affluence for 20 percent of local millionaires. The other main sources of wealth include real estate and construction at 16 percent, basic materials at 14 percent and diversified at 12 percent, Fin24 reported.
Fin24 added on Wednesday that quickest growing economic sectors for South African millionaires over the period under review included telecoms, insurance (part of financial services) and healthcare.
Over the forecast period, New World Wealth expects the fastest growing sectors to be healthcare and media, according to Fin24.