Durban Is Showing Us The Money As New Statistics Show That Durban Is Producing Millionaires Faster Than Any Other City In South Africa!!
Money was all the talk this weekend as statistics released showed that Durban is producing millionaires faster than any other city in South Africa. Being hailed as the new city of gold, Durban currently holds 2 700 high net-worth individuals with net assets worth more than R11 million or $1m, with the number expected to grow by 35 percent over the next decade.
Although Durban ranks third, with Cape Town and Joburg still holding the highest number of millionaires, the percentage growth of high rollers in Durban precedes the other two cities. This is based on statistics calculated since 2007. The announcement was made by finance research company New World Wealth in their 2014 Africa Wealth Report.
Since 2007, Durban has produced a 43% growth in individuals with net assets of $30m (R336m), compared with Joburg’s growth of 24 percent. That is almost double the growth of Joburg. Reports also show that there are 33 people in Durban who fall in the $30m category, known as ultra high net-worth individuals.
The Africa Report also highlighted Umhlanga, Zimbali, Umdloti, Mount Edgecombe, Morningside and Durban North as the wealthiest areas in Durban, with Umhlanga and Zimbali experiencing massive top-end wealth growth over the past five to 10 years.
How Are We Doing It!
According to the national treasury, Kwa-Zulu Natal is the second largest GDP contributor to the economy, generating an estimated R322bn. Joburg still contributes the highest amount to the country’s GDP, with an input of 34.8%.
According to Mike Mabuyakhulu, The MEC for Economic Development, Tourism and Environmental Affairs, “We are seeing this growth because we handle more than 80 percent of South Africa’s imports and exports, they are coming through Durban and Richards Bay. This indicates that if you want to do business and succeed you should be located in this province. We are the only province to pass an investment protocol which clearly outlines a roadmap for investors and simplifies investment in this province,” he said.
By reducing the cost of doing business in Kwa-Zulu Natal, the investment in logistics in the province makes it highly profitable to do business here. The province aims to be the economic base of the country, enticing many more large corporates to set up headquarters in the province.
The statistics released in this report can only make it more appealing to business leaders to look at investing more into Durban. This will mean huge boosts for the provincial economy, as investors will want to root themselves here to grow with the economic rush.
*information source from www.iol.co.za