Three South African cities including Durban, Johannesburg and Cape Town have been named as cities to watch, according to The Centi-Millionaire Report 2024.
The report has been released by wealth and investment migration advisors Henley & Partners and features exclusive data from New World Wealth, global wealth intelligence firm.
There are currently 29,350 individuals worldwide with liquid investable assets of $100 million (R1.7 billion) or more. These individuals are called centi-millionaires.
These are the three cent-millionaire hotspots to watch in South Africa and the number of centi-millionaires in each city:
– Cape Town: 28 centi-millionaires
– Johannesburg: 25 centi-millionaires
– Durban, Umhlanga, and Ballito: 11 centi-millionaires
According to the report, these wealth hubs are worth keeping an eye on for companies that operate in sectors like luxury goods, wealth management, and hi-tech spaces.
Looking ahead to 2040, the growth trajectory of centi-millionaire populations paints an intriguing picture of wealth accumulation and migration.
Cape Town in particular has the highest wealth growth in South Africa with more than 150% wealth growth potential, according to the report.
On the other hand, Durban has high wealth growth between 100% and 150% and Johannesburg has moderate wealth grow of 50% to 100%.
The report shows that emerging markets are also set to make their mark as Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years.
There are also several Asian and Middle Eastern cities are poised for explosive growth including Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi which are projected to see growth of over 150% in their centi-millionaire communities.
According to Dr. Juerg Steffen, CEO, Henley & Partners, nearly two-thirds of the Top 50 Cities for centi-millionaires are found in countries that offering investment migration programs.
“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” Steffen said.
“In an era of unprecedented uncertainty, the importance of building a strategic portfolio of complementary residence permits and citizenships that provide you with personal access rights to a wide range of different jurisdictions has never been more evident for centi-millionaires.”
IOL Business