Business
South Africa’s private wealth plunges─── 05:29 Fri, 23 Apr 2021
Despite South Africa being home to more than twice as many dollar millionaires or high-net-worth individuals than any other African country, the total private wealth held in the country declined by 25% between 2010 and 2020.
This is according to the recent Africa Wealth Report 2021, published by wealth intelligence firm New World Wealth and Mauritius-based AfrAsia Bank.
The report notes that South Africa has around 36 000 millionaires or high-net-worth individuals, 1 930 multi-millionaires (people with wealth over $10 million), and five dollar-billionaires.
But alarmingly, around 4 200 high-net-worth individuals have left South Africa over the past decade.
This, together with the depreciation of the rand, poorer economic growth levels, as well as the impact of Covid-19 last year, contributed to the 25% plunge in privately held wealth.
Moneyweb
