SOUTH Africa has 543 ultra-rich individuals with an average wealth of $132m per person and a total wealth of $72bn, new figures from business information provider WealthInsight showed on Monday.
NTSAKISI MASWANGANYI | BDLIVE
Classified as "ultra high net worth individuals" are those with wealth of $30m or more, including equities, bonds, cash and deposits, fixed-income products, property, alternative assets and business interests.
Among the 543 people who qualify in South Africa, there were four billionaires, 153 centimillionaires and 386 millionaires by the end of 2011.
According to WealthInsight, 75 of these individuals, or 14%, came from previously disadvantaged groups.
During the period under review, the number of ultra-wealthy individuals increased by 20%, the report said. It found that the number of billionaires declined by 15.8%, while the number of centimillionaires and millionaires increased by 18.4% and 21.3%, respectively.
Between 2011 and 2016, WealthInsight expects the number of ultra-wealthy individuals in South Africa to rise 43%, to reach 775 in 2016.
The number of billionaires is expected to increase by 56%, while the numbers of centimillionaires and millionaires are set to increase 45% and 42%, respectively.