2 people living in Joburg have wealth of more than R18.3bn – each
IF YOU HAVE ever wondered where most of South Africa’s multimillionaires and billionaires are living, then here is your answer: Johannesburg.
That’s right, even though Cape Town is home to the most expensive and exclusive residential areas in the country, new research shows that Jozi has the fastest-growing millionaire population.
In the bigger scheme of things though, the South African city is 56th on the list of countries with the fastest-growing millionaire populations.
The data from Henley & Partners in the World’s Wealthiest City Report 2023 – based on figures from New
World Wealth – shows that Johannesburg is followed by Cape Town (70th), Durban (78th), the Cape Winelands (79th), the Garden Route (80th), Pretoria (82nd) and the Whale Coast (86th).
New York City tops the list, with 340 000 High Net Worth Individuals (HNWI) that have investable wealth exceeding $1 million (about R18m).
The city has 724 centimillionaires – those that have wealth of more than $100m, and 58 billionaires with wealth of more than $1bn.
“New York City wears the crown as the world’s top city with the most millionaires in 2023. Seven of the World’s Top 10 cities listed are in countries that host formal investment
migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights,” the report states.
New York is followed by Tokyo, Japan; The Bay Area, USA; London, UK; and Singapore.
From 2012 to 2022, the number of HNWI in New York grew by 40%, while Japan had dropped by 5%. The growth in volume of the individuals during the period was 68% in The Bay Area and 40% in Singapore. The number in London declined by 15%.
In terms of South Africa, the report shows that Johannesburg is home to 14 600 HNWIs, 30 centimillionaires, and two billionaires. Remember, these
figures are based in US dollars, not South African rand, so the figures will be much higher when comparing those with wealth in our local currency.
For clarity, a HNWI, according to this study, has investable wealth of more than R18.3m, a centimillionaire R1.8bn, and a billionaire R18.3bn.
The number of HNWIs in Johannesburg, however, declined by 40% from 2012 to 2022.
The report reveals the following data for these South African cities:
CAPE TOWN
Cape Town is home to:
7 200 HNWIs
26 centimillionaires
1 billionaire
The number of HNWIs increased by 10%.
DURBAN
Durban is home to:
3 600 HNWIs
10 centimillionaires
0 billionaires
The number of HNWIs declined by 6%.
CAPE WINELANDS
Cape Winelands is home to:
3 400 HNWIs
15 centimillionaires
2 billionaires
The number of HNWIs increased by 18%.
THE GARDEN ROUTE
The Garden Route is home to:
3 000 HNWIs
5 centimillionaires
0 billionaires
The number of HNWIs increased by 22%.
PRETORIA
Pretoria is home to:
2 400 HNWIs
2 centimillionaires
0 billionaires
The number of HNWIs decreased by 35%.
THE WHALE COAST
The Whale Coast is home to:
1 100 HNWIs
5 centimillionaires
0 billionaires
The number of HNWIs increased by 25%.
Africa’s top five wealthiest cities in terms of the number of HNWIs are:
1. Johannesburg, South Africa
2. Cairo, Egypt
3. Cape Town, South Africa
4. Lagos, Nigeria
5. Nairobi, Kenya
When it comes to seasonal hot spots, the research shows that Cape Town ranks 12th, with more than 100 centimillionaires from other parts of the country and world staying in the city during holiday seasons. The visitors include residents and second homeowners, but exclude those staying in hotels.
The report adds: “By 2050, 70% of the global population will live in cities, and governments will compete to attract and retain highly skilled, entrepreneurial, and affluent residents to their urban centres to ensure they thrive in the volatile 21st century and beyond.
“Of the world’s Top 10 wealthiest cities, seven are in countries… welcoming foreign direct investment in return for residence or citizenship rights. Rising numbers of global investors are benefiting from this mechanism, securing location optionality for their families, enabling them to live and conduct their businesses across a range of jurisdictions.”
The city, which also has 30 centimillionaires, is 56th on the list of countries with the fastest-growing millionaire populations
BY BONNY FOURIE bronwyn.fourie@inl.co.za
Western Cape is SA’s ultimate province to live in – here’s why
Many semigrants are seeing the light when it comes relocating to the province
arterial bleed.
IF YOU are looking for the best region in South Africa to invest in property, then the Western Cape is where you should be setting your sights.
In November, Lightstone reported that most South African semigrants were choosing the Western Cape as their destination of choice.
This is because the business and lifestyle incentives being offered by the City of Cape Town are appealing, says High Street Auctions director Greg Dart.
“It has 60% less load shedding than the rest of the country, a cash-for-power plan buying electricity from businesses that feed back into the grid, and an across-the-board property rates relief package peaking at 52% for homes valued below R5 million.”
It therefore “doesn’t take a rocket scientist” to understand why a decade of trickling semigration from Johannesburg to Cape Town, has become a flood.
“South Africa had 35 days of load shedding in 2020 and 48 days in 2021. These were enough to cause the financial equivalent of a flesh wound, but we were more focused at the time on triaging Covid’s economic
BY BONNY FOURIE bronwyn.fourie@inl.co.za“Last year, though, Eskom fell off a cliff and 207 days of load shedding ensured that much of our fragile economy went with it. Longer outages compounded the devastation, with assembly and production lines across most of the country stopping for up to 12 hours a day.”
The notable exception, however, was and continues to be Cape Town, which Dart says cut outage hours for residents and local industry by nearly 60% between February and November last year, according to figures released by Mayor Geordin Hill-Lewis.
“Migration to Cape Town has been a matter of survival for many Joburg businesses that have relocated, and I predict thousands more will follow in the short- to medium term.”
Statistics SA data reveals that the Western Cape’s 6.9% employment increase in the past quarter was the largest rise in the country.
Dart says other South African metros “will be hard-pressed” to stem the flood of investment moving to Cape Town, because of the City’s plan to mitigate at least four stages of Eskom load
shedding has been years in the making. Cape Town is already well on its way to reaching its three-year grid security target.”
He says Lightstone figures show that in 2022, more people moved to the Western Cape than to Gauteng and KwaZuluNatal combined.
Citing Lightstone data further, Dart says South Africa’s formal property stock volume totals 6.8 million and is valued at R6.1 trillion.
“The demand for property in the Western Cape is evident in that the province accounts for a substantial 29% of the national value, with only 18% of the stock.
“Cape Town’s annual residential property values have risen over the national average for several years, but apartments under R1m can still be found. And on the Western Seaboard, in the southern and the northern suburbs, freehold properties are available for under R2m.”
He adds that New World Wealth’s 2023 Africa Wealth Report published by Henley & Partners shows that South Africa’s five most expensive suburbs are in Cape Town:
✦ Clifton at an average property
price of R88 000m²
✦ Bantry Bay at R82 000m²
✦ Fresnaye at R60 000m²
✦ Camps Bay/Bakoven at R54 000m²
✦ Llandudno at R52 000m²
Meanwhile, the Re/Max National Housing Report for the first three months of 2023 reveals that the Western Cape was the most search-for province in which to buy property on the agency’s website.
The top five most searched areas in the country:
✦ Claremont
✦ Parklands
✦ Rondebosch
✦ Sea Point
✦ Sunningdale
The BetterBond Property Brief states that the national average price of a home for first-time buyers, based on the group’s home loan applications for the 12 months ending March 2023, is R1.2m. And although chief executive Carl Coetzee says firsttime buyers in the Western Cape pay more for their homes than buyers elsewhere in the country, in terms of price difference between these and other buyers, they are getting more bang for their buck.
BetterBond data for March 2023 puts the average first-time home purchase price in the Western Cape at R1.5m.
When it comes to changes in average home prices, the report, which contains analysis from property economist Roelof Botha, states that, in nominal terms, all BetterBond regions across South Africa recorded positive growth for the 12 months ending March 2023.
“When adjusting for inflation, however, only the Western Cape figures remain positive.
“During the preceding 12 months (ending March 2022), greater Pretoria significantly outperformed the rest of the country, with an increase of 13% in average home prices, followed by the Eastern Cape (8%) and Mpumalanga (7%).”
Viewed from the perspective of first-time homebuyers, the report says the areas of South Africa where average home prices have increased the most remained similar for the two years ending March 2023.
In 2022/23, the Western Cape was the top-performing region and in 2021/22, greater Pretoria was number one.
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RHON D A R AA D PRO PE R TI ES
RONDEBOSCH R2,2 MILLION
RONDEBOSCH R2,6 MILLION
ROSEBANK R1,65 MILLION
RONDEBOSCH R3,1 MILLION
SOLD BY US
VIEW BY APPOINTMENT PLEASE
Art Deco Security Complex in pretty garden setting. Charming Two Bedroomed apartment (99m²) with Fitted Kitchen & Bathroom with Shower Cubicle and Basin. *Separate Toilet. *Many extra features.*Close to Leading Schools, UCT, Shops, Kelvin Grove and Transport.
Small Security Complex. Two Spacious Bedroomed Apartment with lounge leading to large Balcony. Fitted Kitchen & Full Bathroom. *Parking Bay. Close to Dean Street Shops, Restaurant and Jammie Shuttle Stop.
Small Security Complex above the Main Road. Large modernised Bachelor converted to One Bedroomed Apartment (46m²) with Kitchenette, Built-in Cupboards and Balcony. Shower Bathroom. Walk to UCT, Jammie Shuttle, Shops & Transport.
Charming Two Bedroomed Apartment with Fitted Kitchen (with built-in Oven, Hob and Extractor Fan) open plan to Lounge and Balcony. Two Bedrooms with Ample Cupboards. Bathroom with Shower over Bath, Toilet and Basin. **Plus Carport. Academic Mile - Walk to UCT!.
Spacious North-Facing Two Bedroomed Apartment with Lounge and Balcony with Mountain Views. Bathroom with Shower over Bath. Fitted Kitchen. *Garage. *Walk to Shopping Centres, Restaurants, UCT and Transport.
Security Complex above Main Road. Large Three Bedroomed Apartment (127m²) with mountain views. Fitted Kitchen and Lounge with Balcony. *Plus Garage. *Close to UCT, Schools, Shops and Transport.
Charming and Large Modernised Three Bedroomed, Two Bathroomed Apartment with Entrance Hall, Lounge and Balcony Modern Fitted Kitchen with built-in Oven, Hob and Extractor Fan. Close to Kelvin Grove Club, Newlands Cricket Stadium, leading Schools, Shops and Transport.
CONTACT: RH ONDA C: 082 4 48779 5 T: 021 6 8 5 221 2 E : rr p sa l es@m web. c o.z a/ ww w. rh ond araa dp rop ert i es .co.z a
CONTACT: RHONDA C: 082 448 7795 T: 021 685 2212 E: RRPSALES@MWEB.CO.ZA / WWW.RHONDARAADPROPERTIES.CO.ZA
RL12114
THE FRENCH COUNTRYSIDE TUCKED AWAY
This beautiful, secure architecturally designed home offers breathtaking views over the greenbelt and mountains. Designed with an easy open flow
KEITH ANDERSON 083 540 5033
KENILWORTH UPPER - R3.699 MILLION
Web Ref: RL12444
EXCLUSIVE
SUPERB LOCK ‘N LEAVE - DON’T MISS THIS ONE
North facing open-plan living & dining room with maintained parquet flooring, has access to expansive balcony overlooking a magical treed garden & scented shrubs
LANA HOLT 071 035 9458
082 608 3388 LESLEY 061 439 8225 Web
WYNBERG
DOUBLE-STOREY VICTORIAN IN CUL-DE-SAC
BECKER 083 283 2466
R 1 295 000
2 BEDROOMS | 2 BATHROOMS
SPACIOUS APARTMENT IN DIEP RIVER.
2 bedroom 2 bathroom apartment in Clarewood, Diep River, a short walk to the station, Martins Bakery and other local amenities, above the railway line.
• Fitted kitchen with electric oven, hob and extractor and plumbing for washing machine.
• Open-plan lounge with parquet flooring
•Two double bedrooms with an en-suite bathroom complete with bath and shower. • Covered Parking bay. • Prepaid electricity
ERF: 1471m2 | HOME: 70m2 | RATES: R 450 p/m | LEVIES: R 1500 p/m
PLEASE CONTACT: Collin Mbiriri on 071 879 8564 or email cmbiriri@gmail.com or mmnyandoro@gmail.com
Bidding opens 3rd May 2023 at 12h00
https://bidlive.maskell.co.za
AUCTION OF A 3-BEDROOM UNIT WITH SEA VIEWS LOCATED IN THE PRISTINE SIMBITHI ECO-ESTATE, BALLITO
In the ex parte application of: The National Director Of Public Prosecutions, Applicant, Section No. 63 as shown and more fully described on Sectional Plan No. SS708/2006 in the scheme known as ILALA, Held under Deed of Transfer No. ST000040760/2013 (also known as 6 3 Ilala, 3 Sicklebush Lane, Simbithi Estate, Ballito), Case no. D1685/2022
Section No. 63 also known as 63 Ilala, 3 Sicklebush Lane, Simbithi Estate, Ballito) in extent of 209sqm
The property is a semi-detached unit comprising of:
• An open plan lounge kitchen
• Three bedrooms with the main being en suite
• Small study
• Second full bathroom
• Large veranda area with sea views.
• Double lock up garage.
• Paved driveway
• Pool located in the complex
Contact Danielle Hoskins (Candidate Property Practitioner l Registered with the PPRA) on 082 801 6827 / 033 397 1190 • R50 000 buyer's card deposit payable by EFT • 10% deposit on each purchase price payable on fall of hammer • FICA to be provided • Terms are subject to change without prior notice • Sale subject to confirmation • “E&OE” • *Bidding is subject to Automatic staggered ending times
Section 18, in extent of 304m², together with its undivided share in the common property (Door no 8, 1st Floor, Building C) The property is situated on the eastern corner of the 1st floor & accessed via a staircase / elevator The unit has been split into two areas: The larger portion comprises a reception with archives room and kitchenette The unit has partitioned offices centered by a large common office The smaller of the two areas has a reception and further partitioned offices . There are 5 exclusive -use basement parking bays and 7 shaded parking bays
AGENTS’ DIRECTORY
DOGON GROUP PROPERTIES
Atlantic Seaboard Office 021 433 2580
thekings@dogongroup.com
www.dogongroup.com
RHONDA RAAD PROPERTIES
Cape Town Office 082 448 7795
Email: rrpsales@mweb.co.za
www.rhondaraadproperties.co.za
ASKA PROPERTY GROUP
Sandown, Milnerton Estates Office 071 604 8493
Email: corlia@aska.co.za
www.askaproperty.co.za
DOGON GROUP RENTALS
Sea Point Office 021 433 2580
enquiries@dogongroup.com
www.dogongroup.com
DE PLATTEKLOOF
Cape Town 060 960 0100
Email: live@deplattekloof.co.za
www.deplattekloof.co.za
IRENE PORTER PROPERTIES
Simon’s Town Office 021 786 3947
Debbie 073 140 2543
www.ireneporterproperties.co.za
DOGON GROUP PROPERTIES
Southern Suburbs, Claremont Office 021 671 0258
southernsuburbs@dogongroup.com
www.dogongroup.com
PETER MASKELL AUCTIONEERS
KZN
Office: 033 397 1190
Email: info@maskell.co.za
www.bidlive.maskell.co.za
MURAMBI HOUSE
Wynberg Office
murambihouse@telkomsa.net
www.murambi.co.za
Address:
DOGON GROUP PROPERTIES
Western Seaboard
Office: 021 556 5600 or 021 433 2580
enquiries@dogongroup.com
www.dogongroup.com
VAN’S AUCTIONEERS
Gauteng Office 086 111 8267
www.vansauctions.co.za
www.iolproperty.co.za
WIDENHAM RETIREMENT
VILLAGE South Coast, KZN 066 306 0669 / 066 306 0612
www.hibiscusrv.co.za
www.widenhamretirementvillage.co.za