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5 things you need to know in SA business today and the top 10 countries with the most ultra-wealthy people, ranked

Business Insider SA
 Oct 02, 2019, 06:44 AM

1. The rand sank to R15.31/$ overnight. International investors are bailing on South African bonds.  Overseas ownership of SA government debt fell to 37% of the total at the end of August, the lowest level since February 2017. Investors are expecting Moody’s to downgrade SA to junk, perhaps as soon as next month. More.

2. Even more horrific news: Sentiment in the manufacturing industry fell to the lowest level in more than a decade in September and it will probably get worse. More.

3. Bloomberg reports that Engen may be listed on the JSE in the first six months of next year. More.

4. The German conglomerate Aton has given up on its hostile bid to buy Murray & Roberts. Aton owns around a third of M&R and last year launched a bid to buy M&R. M&R’s board fought back against the bid, claiming that the offer was opportunistic. More.

5. Classic FM has started business rescue proceedings. AME, who bought a 46% stake in Classic for R7m last year and is a "substantial creditor" to the radio station, wrote down its interest in Classic to zero. More.

The top 10 countries with the most ultra-wealthy people, ranked

Reported by Hillary Hoffower

The rich are everywhere. But you can find nearly three-quarters of them across just 10 countries.

Seventy-two percent of the global ultra-wealthy population (265,490 individuals) was spread across 10 countries in 2018, according to Wealth-X's 2019 World Ultra Wealth Report. The report analyzed data from Wealth-X's global database of more than one million records of the world's richest people.

It defines the world's ultra-wealthy population as those with $30 million or more in net worth. While the top 10 countries added a net 1,365 ultra-wealthy individuals since 2017, the combined net worth of all on the list declined by $362 billion (1.5%). However, these changes are close to the global average.

Take a look at which countries worldwide have the biggest ultra-wealthy populations, ranked in ascending order. Note that Hong Kong ranked in both Wealth-X's top countries and top cities lists, as it's a semi-autonomous, special administrative region of China.


10. Switzerland's rich took a hit from the late capital-market slump.

Number of ultra-high-net-worth individuals: 6,145 (down 4%)

Total wealth: $808 billion (down 7.8%)

Switzerland attracts businesses because of its technological innovation and favourable tax rates, according to The Culture Trip.


9. Italy saw an increase in both its ultra-wealthy population and their collective wealth since 2017.

Number of ultra-high-net-worth individuals: 6,270 (up 5.1%)

Total wealth: $708 billion (up 2.2%)

In addition to housing nearly 50 billionaires, Italy is home to many destinations frequented by the super rich, including the Amalfi coast, Portofino, Positano, Capri, Cinque Terre, Milan, and Venice.


8. Hong Kong has a significantly higher density of ultra-wealthy individuals than all other countries on this list, though the number of the rich and their collective worth did see a decline.

Number of ultra-high-net-worth individuals: 8,950 (down 10.6%)

Total wealth: $1.18 trillion (down 9%)

Hong Kong benefits from its status as a global financial center, its proximity and trading links to China, and its close ties with Europe and the US.


7. The United Kingdom experienced a rise in its ultra-wealthy population.

Number of ultra-high-net-worth individuals: 9,575 (up 2.2%)

Total wealth: $1.01 trillion (down 2.4%)

A resilient stock market and new opportunities for wealth creation factored into the UK's increase in ultra-wealthy individuals.


6. France saw a moderate fall in total net worth compared to the previous year.

Number of ultra-high-net-worth individuals: 10,145 (up 0.1%)

Total wealth: $1.05 trillion (down 3%)

Many French billionaires, like LVMH founder and CEO Bernard Arnault, are wealthy from success in the global luxury and fashion business, Hugh Carnegy reported for Financial Times.


5. Canada saw a decline in both its ultra-wealthy population and its collective wealth.

Number of ultra-high-net-worth individuals: 10,395 (down 4.1%)

Total wealth: $1.05 trillion (down 8.8%)

Canada's wealthy are getting richer faster than the rest of the population, according to CBC.


4. Germany witnessed an increase in its ultra-wealthy population and their collective wealth.

Number of ultra-high-net-worth individuals: 15,685 (up 4%)

Total wealth: $1.85 trillion (up 1.7%)

Germany's economic prospects fell significantly during the second half of 2018.


3. Japan saw modest falls in its ultra-wealthy population and collective net worth compared to last year.

Number of ultra-high-net-worth individuals: 17,855 (down 0.3%)

Total wealth: $1.67 trillion (down 0.8%)

While wealth in Japan was affected by a weaker demand in China and downturn in the global consumer electronics cycle, strengthening of the yen against the dollar helped balance it out.


2. China saw a rise in the number of ultra-wealthy residents since 2017, but a drop in collective wealth.

Number of ultra-high-net-worth individuals: 24,965 (up 1.3%)

Total wealth: $3.76 trillion (down 1.3%)

A stock-market slump and downward currency pressure against the dollar brought wealth portfolios down.


1. The United States accounts for 31% of the global ultra wealthy population.

Number of ultra-high-net-worth individuals: 81,340 (up 2.2%)

Total wealth: $9.84 trillion (down 0.1%)

The total net worth of the ultra wealthy in the US exceeds the combined wealth of the five preceding highest-ranked countries.

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