Where do South Africa's wealthy spend their money?

The first SUV made by Rolls-Royce, the Rolls-Royce Cullinan, on display at the Gallery at the MGM Grand in Detroit on January 13, 2019 at an event that officially opened the North American International Auto Show.

The first SUV made by Rolls-Royce, the Rolls-Royce Cullinan, on display at the Gallery at the MGM Grand in Detroit on January 13, 2019 at an event that officially opened the North American International Auto Show. The Cullinan, a reference to the world’s largest gem-quality diamond, has a starting price at US$ 325,000.
 

AFP

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

 

This photo taken on March 21, 2018 in Basel, Switzerland, shows a watch displayed on a giant screen at the stand of Swiss watchmaker Patek Philippe during press day, on the eve of the opening of the Baselworld watch and jewellery show.

File: South Africa's wealthy prefer Swiss watchmaker Patek Philippe.

AFP

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
Source
eNCA