Do you live in a millionaire’s hot spot?
Nine SA towns are destined to become home to the rich and famous
While most of the ‘millionaire hot spots’ in South Africa can be found in the Western Cape, just a handful – three to be exact – are located in KZN.
From their humble ‘seaside town’ beginnings, Ballito, La Lucia and uMhlanga have, over the last two decades or so, spawned into meccas for the wealthy, and continue to draw the top echelons of society.
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This is according to the 2022 Africa Wealth Report recently published by New World Wealth (NWW).
NWW refers to the report as the ‘benchmark of luxury sector research in Africa, and says knowing where affluent individuals live, understanding their spending habits, and being aware of their preferences are critical to the providers of wealth management and luxury services on the African continent and beyond.
South Africa, Egypt and Morocco are well-established wealth hubs on the continent, with Rwanda and Mauritius emerging.
Apart from the three KZN towns featuring on this year’s report, Hermanus, Paarl, Franschhoek, Stellenbosch, Plettenberg Bay, Knysna, George, Wilderness and Nature’s Valley also play home to the rich and famous.
In the report, Ballito was heralded as a world leader in estate living, with the town being home to numerous top estates, and a number of exclusive estates under construction.
uMhlanga has, according to the report, been a top second-home destination for many wealthy Johannesburg residents since the 1970s, and became a major business hub following the construction of the Gateway Theatre of Shopping in 2001.
Now in its seventh year, the Africa Wealth Report this year quantified the continent’s total private wealth at USD 2.1-trillion, saying this figure is expected to increase by 38% over the next ten years.
Africa’s ‘Big 5’ private wealth markets – South Africa, Nigeria, Egypt, Morocco, Kenya – together make up over 50% of the continent’s total private wealth.
For the full report, click here
https://www.henleyglobal.com/publications/africa-wealth-report-2022
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