Joburg boasts $243bn wealth

WHILE Durban lags behind Joburg and Cape Town in the wealth stakes, it is still home to more than 2 000 millionaires, according to a report compiled by market research company New World Wealth.

Researchers said the total wealth held by the city amounted to $45 billion (R623bn).

“The city is home to 2 700 millionaires and one billionaire. Our figures for Durban include uMhlanga, Ballito and La Lucia. Major sectors in the city include healthcare, construction, retail and transport,” said the report, titled “World cities: the wealthiest cities in the world”.

Total wealth referred to the private wealth held by all the individuals in each country or region.

“It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures.”

Millionaires were those with net assets of $1 million, while billionaires possessed net assets of $1bn.

Durban is not the only KwaZuluNatal locale rich in high-earning residents. In a separate report by the same company – Top 10 residential estates in South Africa – Zimbali Coastal Resort in Ballito receives the second-highest rating in the country.

“It is arguably the most picturesque estate in the country, with its own natural lagoon and forest. House prices range from R5m to R50m.”

The criteria used to determine the rating included security, activities, facilities, quality of houses, space, views and appeal to wealthy buyers.

Joburg’s total wealth amounts to $243bn, and it is home to 17 600 millionaires and two billionaires.

Cape Town’s wealth is valued at $130bn and it has 7 400 millionaires and two billionaires.

South Africa, in total, holds $580bn (as of June) in terms of wealth. It is home to 40 400 millionaires and seven billionaires altogether.

“Over the next decade, South Africa is expected to benefit from strong growth in the local technology and media sectors,” the report said.

While the millionaires and billionaires aren’t named in the report, there are several South Africans who are known for their high net worth. The Forbes Billionaires List included Nicky Oppenheimer and family ($6.5bn); Christo Wiese ($5.7bn); Johann Rupert and family ($5.4bn); Koos Bekker ($1.5bn); and Stephen Saad ($1bn).