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Johannesburg - The majority of South Africa's new multimillionaires - those individuals worth more than R300m - earned their money from telecoms, insurance, healthcare and banking.
This is according to research by the wealth consultancy New World Wealth.
The company's research shows that South Africa is the wealthiest country on the continent of Africa.
About 48% of SA's multimillionaires (individuals with a net worth of more than R300m) live in Johannesburg.
This group increased from 230 individuals recorded in 2007 to 285 currently.
The bulk of these individuals live in the Sandton area, particularly Sandhurst, Hyde Park, Bryanston and Houghton, according to New World Wealth analyst Andrew Amoils.
The rich face a unique challenge in trying to protect their assets, according to the New World Wealth research.
When it comes to protecting the assets of these high net worth individuals, it should actually be treated as a business risk, according to Warwick Scott-Rodger, head of brokers at MUA Insurance Acceptances.
"It is important to implement proactive risk management - traditionally reserved for commercial risks - into the insurance process, to better ensure the sufficient level of cover required for high net individuals," said Scott-Rodger.
Some of the very rich enjoy highly public roles, entertaining guests at parties, fundraisers and art exhibitions. Others may collect vintage automobiles, rare pieces of jewelry or expensive pieces of art.
Insurance risks
The risks that confront each individual's personal assets can, therefore, vary.
"Both wealthy consumers and high net individual brokers can make false assumptions about the level of risk, he said.
"The assumption of the insured is that buying the most insurance will take care of all threats to personal wealth. Unfortunately, this is not always the case."
The types of risks could include discovering that the alarm system does not cover all areas of the property.
A further example would be cracks that appear in the wall, indicating a lack of maintenance.
Any claim that arises as a direct result of poor maintenance will be repudiated, because it is the homeowner's responsibility to keep the property in an insurable condition.
This is according to research by the wealth consultancy New World Wealth.
The company's research shows that South Africa is the wealthiest country on the continent of Africa.
About 48% of SA's multimillionaires (individuals with a net worth of more than R300m) live in Johannesburg.
This group increased from 230 individuals recorded in 2007 to 285 currently.
The bulk of these individuals live in the Sandton area, particularly Sandhurst, Hyde Park, Bryanston and Houghton, according to New World Wealth analyst Andrew Amoils.
The rich face a unique challenge in trying to protect their assets, according to the New World Wealth research.
When it comes to protecting the assets of these high net worth individuals, it should actually be treated as a business risk, according to Warwick Scott-Rodger, head of brokers at MUA Insurance Acceptances.
"It is important to implement proactive risk management - traditionally reserved for commercial risks - into the insurance process, to better ensure the sufficient level of cover required for high net individuals," said Scott-Rodger.
Some of the very rich enjoy highly public roles, entertaining guests at parties, fundraisers and art exhibitions. Others may collect vintage automobiles, rare pieces of jewelry or expensive pieces of art.
Insurance risks
The risks that confront each individual's personal assets can, therefore, vary.
"Both wealthy consumers and high net individual brokers can make false assumptions about the level of risk, he said.
"The assumption of the insured is that buying the most insurance will take care of all threats to personal wealth. Unfortunately, this is not always the case."
The types of risks could include discovering that the alarm system does not cover all areas of the property.
A further example would be cracks that appear in the wall, indicating a lack of maintenance.
Any claim that arises as a direct result of poor maintenance will be repudiated, because it is the homeowner's responsibility to keep the property in an insurable condition.
