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Where do South Africa’s wealthy spend their money?

JOHANNESBURG – Wealthy South Africans hold a total private wealth of US$649 billion, that’s R9-trillion.

This is as of December 2018 and its according to AfrAsia Bank South Africa Wealth Report 2019.

The figure above, however, shows a decline in the trend of at least 10 percent, according to the study.

The report shows that 39,200 South Africans had assets of $1-million (R14-million) or more; 2,070 had net assets of $10-milliion (R140-million) or more, and 649 had net assets of $100-million (R1.4-billion) or more in private wealth.

So where do they spend their money? Where do they live, eat, dine and drive?

The top three cities with dollar-millionaires:

Johannesburg
Cape Town
Durban
Destinations:

Kruger Park area
Cape Town
Umhlanga
Garden Route
Hobbies for the wealthy:

Golf
Fly-fishing
Cars:

Although they drive luxury vehicles, wealthy South African prefer SUVs and this is due to their space and safety concerns.

Popular SUV brands – top 3

Rolls Royce Cullinan
Bentley Bentayga
Lamborghini Urus
Luxury Cars brands – top 3

Porsche
Ferrari
Bentley
Shopping:

This class prefers to shop in Sandton City and Hyde Park in Johannesburg, V&A Waterfront in Cape Town and Gateway in Umhlanga.

This category is dominated by luxury brands such as L’Occitane, Paul Smith, Burberry, Louis Vuitton and many others.

Food and restaurants:

Woolworths dominates this sector for the wealthy

Other foods stores include:

The Bread Basket
Jacksons Real Food
Thrupps
Restaurants:

La Colombe – Cape Town
Cleopatra Mountain Farmhouse -KZN Drakensberg
Tortellino d’Oro – Johannesburg
Cafe Bon Bon – Franschhoek
La Petite Colombe – Franschhoek
Emily Moon – Plettenberg Bay
Watch brands for collectors:

Patek Philippe
Breguet
Vacheron Constantin
Banks:

The wealthy use private banking.

Top three wealth management:

Investec
RMB
PSG

Where do South Africa’s wealthy spend their money?




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