Joburg is the place of millionaires
JOBURG - AfrAsia Bank and the New World Wealth Report has released statistics which reveal that Johannesburg is the best African city for millionaires to live – but City Buzz knew that already.
According to the report, South Africa was home to about 19 900 millionaires in 2000.
Today, however, that number has more than doubled as, according the report, the country currently has 46 800 millionaires who reside within its borders.
“These patterns are in line with our expectations,” Colin Grieve, chief representative officer of AfrAsia Bank said.
“African cities are emerging as epicentres of growth and opportunity; places where growing numbers of consumers with disposable income are congregating. Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so, are generating wealth for themselves and their communities.”
This year, AfrAsia Bank and New World Wealth Report revealed that there are 23 400 millionaires living in Johannesburg alone – we guess it’s not called the City of Gold for nothing.
The city, which has the second most number of millionaire residents in Africa, is Cairo with 10 200.
While Johannesburg is thriving, the report expects that the Ghanaian city, Accra, will see its millionaire population grow by 78 percent in the next 10 years – more than any other African city with a population of less than 5 000 residents.
In the next 10 years, Johannesburg is still expected to have the most millionaires residing in the city at an estimate of 32 600.
