Global property consultancy firm group Knight Frank’s 2021 Wealth Report shows that there were 44 605 dollar millionaires living in South Africa as of December 2020. This is a drop compared to the 52 109 recorded in the country in 2019.
Knight Frank, however, estimates that the number will grow to 63 400 by 2025.
The number of multi-millionaires, who are individuals with a net worth of over $30-million or R436-million, stood at 742 individuals at the end of 2020.
In its 2021 report, the group specifically looked at “frequently cited, sometimes maligned” one-percenters – those individuals that are the top earners or most wealthy in the world. According to Frank Knight, the level of net wealth that is the entry point for such an exclusive and wealthy community varies widely among different countries and territories.
In South Africa individuals who earn $180 000 (R2 702 944) and more find themselves among the elite.
Monaco has the world’s densest population of the rich, and the principality’s entry to the 1% club begins at $7.9-million net worth. In Switzerland, the number for entry to the 1% club is $5.1-million, and in the US, a net worth of $4.4-million puts you in the club.
Developing economies – Indonesia and Kenya specifically – have thresholds that are below 1% of the level of Monaco at $60 000 (R872 000) and $20 000 (R291 000) respectively.