The AfrAsia Bank South Africa Wealth Report 2018 provides insights gathered by our research partner, New World Wealth, on wealth trends in South Africa over the past 10 years.
Despite being only the fifth-largest country in Africa in terms of population and ninth-largest by land area, South Africa is by far the most advanced and richest country on the continent. Notably, South Africa has over twice as many millionaires (HNWIs) as any other African country.
2017 was a solid year for South African HNWIs – HNWI volumes in the country rose by 8% during the year, reaching 43,600 by the end of 2017. This growth rate was in line with the rise in overall wealth held in the country – total private wealth held in South Africa rose from US$670 billion at the end of 2016 to US$722 billion at the end of 2017, whilst HNWI wealth rose from US$284 billion to US$306 billion.
Performance over the past 10 years was less impressive with HNWI numbers rising by only 2% over the 10 year period between 2007 and 2017. It should however be noted that this period takes into account the global financial crisis in 2008 which damaged wealth numbers in most countries.
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