New World Wealth and Henley & Partners have published their African Wealth report for 2022, detailing the spending and travel trends of South Africa’s wealthiest citizens.
The report focuses on high net worth individuals with a wealth of $1 million or more. Total wealth refers to the private wealth held by all the individuals living in each country. It includes all their assets – property, cash, equities, business interests – less liabilities.
Its low crime rate would explain its appeal. Affluent parts of Hermanus include Eastcliff, Voelklip, Kwaaiwater, Onrus and Fernkloof Estate, according to the report.These three towns are in close proximity to each other. Combined, they form one of the fastest-growing areas in South Africa for HNWIs. Umhlanga has been the top second-home hotspot for wealthy Johannesburg residents since the 1970s. Following the construction of the Gateway Theatre of Shopping mall in 2001, Umhlanga has become a major business hub in which wealthy residents live and work.
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