SA's rich nestled in Sandton, Cape Town | Fin24
 
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SA's rich nestled in Sandton, Cape Town

Dec 11 2012 11:00


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 South Africa.

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.



property  |  wealthy
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