There are now more dollar millionaires in Stellenbosch and Paarl than in the whole of Pretoria
- Durban, Ballito and Umhlanga have seen the strongest growth in wealth over the past decade, a new report shows.
- The Western Cape towns of Stellenbosch, Franschhoek and Paarl now host more than 3,000 dollar millionaires - compared to only 2,700 in Pretoria.
- For more, go to Business Insider SA.
Gauteng is bleeding millionaires as they move to other parts of the country.
A new report into South African wealth, released by AfrAsia Bank, shows that Durban, Ballito and Umhlanga, together, showed the biggest growth in wealth among SA's dollar millionaires over the past decade, with wealth held there rising by 25%.
The Western Cape towns of Paarl, Franschhoek and Stellenbosch have also seen rapid growth and now host almost 3,000 South Africans who are worth more than $1 million (R14.3 million).
In Pretoria, which has a population of 2 million, there are only 2,700 dollar millionaires.
“Our research shows that over the last ten years South Africa’s two main wealth markets, namely Johannesburg and Cape Town, have performed relatively poorly,” said Andrew Amoils, head of research at New World Wealth, which compiled the report. “Johannesburg has lost a large number of HNWIs to other parts of the country while more recently, Cape Town has been harmed by the ongoing drought which has hurt the city’s real estate market and deterred migration to the city.”
The total wealth in Johannesburg grew by only 9% in the past ten years, and by only 11% in Cape Town.
Wealth grew by 21% in the Boland – driven by a number of tech companies and Capitec, whose head office is in Stellenbosch. The implosion of Steinhoff, also headquartered in Stellenbosch, may have put the brakes on some local wealth creation, though.
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