Commercial and residential property group, Knight Frank has published its Wealth Report for 2017, showing how many dollar millionaires live in South Africa.
Knight Frank defines a millionaire as an individual with a net worth over US$1 million. It found that South Africa had 40,400 millionaires in 2016, up from 38,500 in 2015, while that number is expected to grow to 52,500 over the next decade – to 2026.
However, Knight Frank’s report, published a year ago showed South Africa to have 46,500 millionaires, significantly more than the 38,500 millionaires in it its 2017 report.
The data is likely changed to reflect the dollar exchange rate year-to-year.
According to Knight Frank, Africa had 145,100 dollar millionaires in 2016, up marginally from 145,700 in 2015. The property group said it expects that number to grow to 198,000 across the continent over the next decade.
The report found that globally, there were 13,645,400 dollar millionaires in 2016, led by the US, with 4,389,000 millionaires, Japan (1,166,000), and Germany, with 774,600 millionaires.
Looking at South African cities, Joburg is by far the best city for super wealthy individuals – 18,200 millionaires in 2016 – down from 23,400 in 2015.
Cape Town’s millionaires total in 2016 was 8,200, from 8,900 in 2015 as reported in Knight Frank’s report a year ago.