These are the most expensive South African locations
Five South African destinations are among Africa's top 10 most expensive places.
In the latest report by wealth and investment migration advisors Henley & Partners, the company revealed the ten most expensive locations for centi-millionaires in Africa.
According to Henley & Partners
https://www.henleyglobal.com/?page=ppc_Global_gsn_brand_brand_tier1&gad=1&gclid=Cj0KCQjwm66pBhDQARIsALIR2zDBblyg2CDmF8zCTFDX51u_JTWcygqskWeodjtXVHu_h_rU8XkGpnsaAsh_EALw_wcB
, 'centi-millionaires' refers to individuals with investable wealth of $100-million or more.READ: The universities that produced the wealthiest people in the world
A recent report by New World Wealth states that these individuals are typically the founders of large multinational companies or the heirs to vast family fortunes.
So, to put it plainly, the report showed the ten most expensive places in Africa and South Africa made up half of the list.
Here are the most expensive SA locations in Africa:
1. Cape Town
2. Hermanus
3. Plettenberg Bay
4. Umhlanga
5. Central Sandton
Below is the complete list of the ten most expensive locations in Africa:
According to the report, there are 28,420 centi-millionaires worldwide (as of June 2023), so it's a very elite club.
READ: 31% of SA’s population not counted in 2022 census
The report also states that the centi-millionaire wealth band is a much more accurate reflection of what is called the "super-wealthy community" in certain countries.
"In a large number of emerging market countries, there are very few billionaires, which makes the billionaire wealth band largely irrelevant," said Andrew Amoils, Head of Research at New World Wealth.
"However, these same countries often have large numbers of centi-millionaires.
"For instance, Kenya has no billionaires but has 15 centi-millionaires, whilst South Africa has only 5 billionaires but has 102 centi-millionaires.
"The centi-millionaire wealth band is therefore a far more accurate reflection of the ‘super-wealthy’ community in these countries."
Tune in to the 'Breakfast with Martin Bester', weekdays from 06:00 - 09:00. Stream the show live here or download our mobile app here.