How many multi-millionaires live in South Africa

Commercial and residential real estate group Knight Frank has published its wealth report for 2022, which shows the number of people with high net worth currently living in South Africa.

The report shows that South Africa has seen a steady increase in high net worth individuals (HNWIs) over the last five years – with this trend expected to continue over the coming decades. By comparison, the number of ultra-rich people in the country has continued to fall.

High net worth individuals are defined as having a net worth of at least $ 1 million (R15.3 million), including their primary residence.

The report shows that the number of HNWIs in South Africa now stands at 31,852 people in 2021 – an increase of 14% compared to 2020 (28,043). The figure has continued to grow since 2016 (26,649) and is expected to reach 34,064 by 2026.

While many people in South Africa – and around the world – took a major financial blow due to the impact of the global Covid pandemic, the report shows that global elites have substantially increased their wealth.

Asset price increases, from real estate markets to stock markets to luxury collectibles, have all helped boost the fortunes of those rich enough to hold investment portfolios, it said.

Few suggested at the start of the Covid-19 crisis that we would experience the V- or “Nike Swoosh” -shaped recovery that saw many economies look back to pre-pandemic levels by the end of 2021 This may explain why our respondents are so bullish – 83% expect the wealth of their clients to increase in 2022.

It added that the ease with which investments can now be made and the speed of innovation will help to create new fortunes worldwide.

“But away from the asset-rich ranks, the disparities are even stronger with global inequality levels, exacerbated by rising energy and food costs, increasing – even in the developed world.

“Some are mumbling ominously about revolution, and a group of American millionaires are calling for even more taxation (see page 24) to help correct the imbalance. Against this background, it would be wise to recognize that wealth creation cannot continue in a vacuum, “the group said.

To read: South Africa sees big drop in ultra-rich people

How many multi-millionaires live in South Africa

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