Cape Town - Sandhurst and central Cape Town are the
preferred suburbs for South Africa's multi-millionaires, according to a report
by a London-based consultancy.
The report, published in Business Report, found that 36
multimillionaires reside in Johannesburg's leafy northern suburbs of Sandhurst,
with Bryanston following in close second.
The survey measures the proportion of the city's ultra high
net worth individuals (UHNWIs).
The report also notes that a number of firms have moved their
headquarters to Sandton, most notably the Johannesburg Stock Exchange,
following a rise in crime in Johannesburg's city centre.
In contrast Cape Town's super rich reside in the CBD, with
the Waterfront Marina, Green Point, Oranjezicht and Tamboerskloof boasting the
highest proportion (17%) of UHNWIs. Camps Bay came in second and Clifton came
in third place.
According to the report, Camps Bay also boasts the largest
number of homes worth more than R20m, while Clifton has the highest number of
houses worth more than R50m, making it the most expensive residential area in
The report, carried out by WealthInsight also notes that
Clifton and Bantry Bay are playgrounds for foreign billionaires, who also own
homes in these suburbs.
It was also reported that UHNWIs, represented less than 0.1% of the population, yet accounted for roughly 27% of South Africa’s total individual wealth of $740bn.
It noted that this confirms that South Africa was one of the world's most unequal societies.
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