Durban has done it again, according to a report released by AfrAsia Bank and wealth, intelligence and market research company New World Wealth said South Africa’s play ground was placed at number seven with 2700 millionaires.
The research foresees Durban with 4 000 millionaires by the year 2025, so I guess we’ll be seeing more Lamborghini’s on Durban roads in the near future.
Other cities that made it on the list include The City of Gold, Johannesburg with a staggering 23 400, making it the city with the most millionaires in the continent. Ghana’s capital, Accra rounded off the top 10 with 2 300 millionaires. The report also revealed that Africa as a whole has 163 000 millionaires living in the continent, talk about living it large.
So the way that this works is that the wealth is measured by a person who has a net asset wealth of 1 million dollars, which is about R14 million.
Dumile Cele, the Chief Executive of Durban Chamber of Commerce said that the number of millionaires in Durban did not surprise her at all. “KwaZulu-Natal boasts the third highest export propensity, and the second highest level of industrialisation in the country, contributing on average 16% to national GDP after Gauteng, according to Statistics South Africa in 2014,” and that a third of South Africa’s manufactured exports were produced in KZN, she said.
On the poor economic climate affecting the number of millionaires Durban had, Cele said: “The current low levels of economic growth in our country are sounding warning bells to all role-players to make a more concerted effort to turn this dire situation around.”
She said that the government and businesses are enthusiastic to work together to create economic growth, which means more millionaires. “If all social partners work together to address the social ills of unemployment, poverty and inequality, the by-product of increased economic growth will be more millionaires,” she said