Durban is the place for Millionaires!

Durban in the TOP 3 Cities for Dollar Millionaires by 2025. Durban is in Africa’s top 10 for the most dollar millionaires, and in the TOP 3 for the fastest growing cities with millionaires by 2025. These facts were according to a report released by AfrAsia Bank and wealth intelligence and market research company New […]

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Durban in the TOP 3 Cities for Dollar Millionaires by 2025.

Durban is in Africa’s top 10 for the most dollar millionaires, and in the TOP 3 for the fastest growing cities with millionaires by 2025. These facts were according to a report released by AfrAsia Bank and wealth intelligence and market research company New World Wealth. New World Wealth provides information on the global wealth sector, with a special focus on high growth markets.

The report which was released in September places Durban at number seven, with approximately 2 700 millionaires in our city.

Johannesburg is the city with the most millionaires on the continent, with 23 400, while Cape Town has 8 900.

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The great news is that the research forecasts that going forward Durban will be in the TOP 3 cities with the most millionaires by 2025, with an expected 4 000 millionaires.

The wealth is measured by a person having a net asset wealth of $1 million, which is about R14 million.

There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion. Note: “Millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more. As evidenced in the below table, Johannesburg is the top African city for millionaires. There are also sizeable millionaire populations living in Cairo, Lagos and Cape Town.

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City                            Country                   Number of Millionaires
1. Johannesburg       South Africa           23 400

2. Cairo                      Egypt                      10 200

3. Lagos                      Nigeria                   9100

4. Cape Town             South Africa         8900

5. Nairobi                   Kenya                     6200

6. 
Luanda                   Angola                    4900

7. Durban                  South Africa            2700

8. Pretoria                South Africa           2500

9.Casablanca             Morocco                 2400

10.Accra                     Ghana                      2300

Note: Figures refer to June 2015. Rounded to nearest 100. Excludes Libyan and Tunisian cities.
Source: New World Wealth

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Durban – The Place for Millionaires!

Growth for New Millionaires by 2025

Among major cities for millionaires, Accra is expected to be the fastest growing going forward.

City                      Growth %         No. of millionaires, 2015                    No. of Millionaires 2025
Accra                   78%                   2 300                                                      4 100
Nairobi               71%                    6 200                                                      10 600
Durban               48%                   2 700                                                       4 000
Lagos                  46%                   9 100                                                       13 300
Pretoria             44%                   2 500                                                       3 600
Casablanca         42%                  2 400                                                       3 400
Luanda               41%                   4 900                                                       6 900
Johannesburg   39%                  23 400                                                      32 600
Cape Town          38%                8 900                                                      12 300
Alexandria          35%                 2 000                                                      2700

Note: Table above only includes cities with 2,000 or more millionaires, so fast growing cities such as Maputo, Lusaka, Abidjan, Dar Es Salaam and Addis Ababa are excluded.

Definitions:

–  “Millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more.
– “Wealth” or “net assets” is defined as the net value of assets (assets less liabilities). It includes all assets except primary residences.
– For the purposes of this report, local millionaires include all individuals who are living or working in each country, including expats.
– Excludes Libyan and Tunisian cities due to instability in those countries.

Source: afrasiabank.com