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Thursday Aug 30, 2012

Where the super-rich live in SA

If you are the richest of SA's rich, Sandhurst is where you choose to live. Anew study shows there are 36 multimillionaires, with a worth of more than R240 million, living in the suburb.

The statistics are from London-based global wealth consultancy WealthInsight's research and part of its report, South Africa - The Future of HNWIs (high net worth individuals) to 2016: The Rise of African Wealth.

Analyst Andrew Amoils says wealth is so evident in this suburb that one in every 20 residences is owned by a multimillionaire.

Bryanston comes in second with 31 multimillionaires and Hyde Park is third with 26.

Amoils says the figures do not include the many international multimillionaires who own property in many of Cape Town's prestigious suburbs.

The study found that SA has the highest number of millionaires in Africa, making it the continent's hotspot for luxury brands.

As of last year, there were just more than 44 700 millionaires in the country, with a

Icombined wealth of R1 583 billion, accounting for roughly 25 percent of SA's total individual wealth.

Included in this total are 543 multimillionaires, the majority of whom live in Joburg.

The city is home to 261 multimillionaires, while Cape Town has 103, Durban 31 and Pretoria 28.

Amoils says the company collected the information via open source websites on the world's most wealthy and compiled databases of their addresses and calculated wealth.

They then put these details into statistical formulas that extrapolate results without ever consulting these extremely wealthy people.

This new information will inform brands and companies globally where to open businesses if they want to target the richest of the rich.

"They know that if they want to set up a wealth management office or a luxurygoods company like Prada, they would be best off doing it in an area with high wealth," said Amoils.

The Star


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