《Henley & Partners:2022年非洲财富报告(英文版)(40页).pdf》由会员分享,可在线阅读,更多相关《Henley & Partners:2022年非洲财富报告(英文版)(40页).pdf(40页珍藏版)》请在三个皮匠报告上搜索。
1、Africa WealthReport 2022April 2022This report is provided for general information purposes only.It should not form the basis of any decision.No part of this report may be reproduced in any form or by any means without prior written permission.2022 by Henley&Partners.The H&P monogram and Henley&Partn
2、ers logo are among the registered and unregistered trademarks of Henley&Partners.All rights reserved.Published by Introduction 5 The new world of African wealth 7The push and pull factors driving wealth migration in Africa 9The move to futureproof families and legacies 11The multiple yields of domic
3、ile diversification 13Benchmarking Africas private wealth 15 Country wealth rankings 17 Wealth growth trends 21 Africas wealthiest cities 25 Luxury market 29Wealth management sector 37 Best ways to contact HNWIs 39 The coronavirus impact 39 The rise of lifestyle estate living 41 Spotlight on South A
4、frica 45 Drivers of wealth growth 71 Wealth versus GDP 72 Research and methodology 73 About Henley&Partners 75Africa Wealth Report 2022Contents56Wealth tiersDefinitionBillionairesIndividuals with wealth of US$1 billion or more.Centi-millionairesIndividuals with wealth of US$100 million or more.Multi
5、-millionairesIndividuals with wealth of US$10 million or more.Millionaires(HNWIs)Individuals with wealth of US$1 million or more.Mass affluentIndividuals with wealth of US$100,000 or more.IntroductionAfrica Wealth Report 2022Africa Wealth Report 2022The Africa Wealth Report is published by Henley&Pa
6、rtners,the global leader in residence and citizenship by investment,in partnership with South African wealth intelligence firm New World Wealth.The report provides a comprehensive review of the wealth sector in Africa,including trends among high-net-worth individuals(HNWIs),the luxury market,and the
7、 wealth management sector on the continent.The wealth tiers opposite are considered in our analysis.The Africa Wealth Report is the benchmark of luxury sector research in Africa.Knowing where affluent individuals live,understanding their spending habits and being aware of their preferences is critic
8、ally important to the providers of wealth management and luxury services in Africa and globally.Africa is home to some of the worlds fastest growing markets,including the likes of Rwanda and Mauritius.There are also several well-established wealth hubs on the continent,including South Africa,Egypt a
9、nd Morocco,that already host large numbers of HNWIs.HNWIs in Africa are extremely mobile and their movements provide a valuable insight into future economic trends in each country.For instance,countries such as Mauritius that attract HNWIs through migration have a significant economic advantage over
10、 the rest.Source:New World Wealth.Introduction678The new world of African wealthAfrica Wealth Report 2022Africa Wealth Report 2022The pursuit of wealth is among the most universal of human endeavors.Regardless of their culture,their time of existence or the value system of their society,throughout c
11、ivilizations and whichever deity they may have praised,humankind has pursued wealth.In todays world of rapid advancements in disruptive technologies,shortened life cycles of companies and globalized market volatility,designing a strategy to preserve your wealth is both a science and an art.Throw int
12、o this salad bowl of complexity the emerging asset classes of the world,the democratization of capital markets,the digitization of money and the generous supply of influencers who have no track record of successfully managing client wealth,and you have a festival of financial potholes to fall into a
13、t every turn.So,the message is clear:investors beware.But although times are treacherous,they are also good.In many respects,we have been lulled into a false sense of security by the longer-than-average period of global peace that humanity has enjoyed and the global hegemon of the USA.However,we are
14、 also living in a world where global inequality,slave-wage-fueled forced labor and the lack of diversity,equity and inclusion in the financial markets are real threats to the sustainability of the system of wealth creation and distribution.The continent of Africa and Africans themselves have a rathe
15、r curious relationship with wealth.Pop culture,musicians and celebrity status have sold a brand of wealth accumulation that is simply not attainable for the vast majority of Africans.What started out as an aspirational culture has fast become a status quo of attaining relevance for the clout chasers
16、 found in the popular arts and culture.Africas story is more one of polar domination,with the largest wealth management centers traditionally situated in the most extreme south,South Africa,and the most extreme north,Egypt and Morocco.The rise of frontier economies that are attracting new wealth by
17、positioning themselves as preferred investment destinations is challenging this narrative.Mauritius and the Seychelles have recently been the most deliberate with this strategy.While the number of millionaires on the continent over the past decade has not increased exponentially,the number of centi-
18、millionaires and billionaires has shot up.This theme supports the idea that the continent needs to deal with the legacy industries whose ownership structures perpetuate inequality.Not only that but it also supports the notion that the continent needs to increase the exposure of and education regardi
19、ng financial markets to ordinary households.The populations of most countries on the continent have asymmetric knowledge of finance,which constrains the growth of retail participation in financial markets.The tide is swinging in the direction of smaller emerging economies.The delta in new wealth cre
20、ation has been strongest in countries such as Mauritius and Rwanda.Key drivers of this trend are the recognition by these economies that they can attract substantial capital if they have the right regulatory framework.This regulatory regime includes preferential terms for capital gains tax and inher
21、itance tax and an environment that allows for ease of doing business.The disaggregation of the nation state and the rise of megacities whose economies are larger than the budgets of many mid-sized countries have also been themes that have driven the creation,preservation and flow of wealth across th
22、e continent.Civic authorities are positioning their cities as preferred destinations for wealth in order to stimulate inflows of capital,talent and prosperity.All these factors also spur an increase in consumption and consumption-led growth,while the inflow of talent generally leads to an increase i
23、n productivity.As an investor myself,the emergence of specialist investment offices staffed by highly skilled advisors,transactors and brokers has been a welcome trend in the marketplace.This network of firms provides one with access to alternative asset classes such as rare art,vintage cars,and lim
24、ited-edition timepieces whose price escalation has proven a good hedge against the most insidious of wealth destruction tools:inflation.What is exciting about the prospects for wealth in future for the African continent is the diversification of the sources of creating wealth.The new economies that
25、are built on technologies,driving inclusion and the now in-vogue environmental,social and corporate governance criteria are attracting new capital into the fold and creating more liquidity in the secondary capital markets.Over the next decade,the trend of accumulating wealth will continue,but the un
26、answered question is whether this growth will be more evenly spread and begin to reduce inequality.The new world of African wealthThe rise of frontier economies and megacities along with the diversification of wealth-creating sources are just some of the trends driving the creation,flow and preserva
27、tion of capital across the continent.Vusi ThembekwayoVenture capitalist,global business speaker,author and CEO,MyGrowthFund Venture Partners910The push and pull factors driving wealth migration in Africa Africa Wealth Report 2022Africa Wealth Report 2022The 2020s have heralded an era of extreme inst
28、ability across the globe.Since the decade began,two Cs have consistently driven interest in residence and citizenship by investment:Covid and climate change.In Africa,a third C conflict has also been a push factor for some time.Yet in 2022,conflict took center-stage as a global driver.The shockwaves
29、 that followed Russias invasion of Ukraine have reverberated across the world,creating even greater levels of uncertainty and volatility for With private wealth on the continent set to rise by 38%over the next decade,investors are embracing investment migration as a means of enhancing their global m
30、obility and mitigating regional risk.individuals,families,businesses,investors and governments alike.While the coronavirus appears to be in retreat,it remains an unpredictable adversary.On the other hand,the Intergovernmental Panel on Climate Change is very clear in its severe warnings on impending
31、climate breakdown,recently confirming that the world will warm by 3.2 C this century.Our own research in the Henley Global Mobility Report 2022 Q2 revealed that many sub-Dominic VolekGroup Head of Private Clients Henley&PartnersThe push and pull factors driving wealth migration in Africa Saharan cou
32、ntries are doubly disadvantaged,being among the most vulnerable to climate change as well as having poor global mobility,with their passports ranking consistently low on the Henley Passport Index.Regional conflict,meanwhile,is ever present.Political instability has seen the continent plagued by mult
33、iple coups in the past year alone.These events and circumstances impact the lives of people in multiple ways,including their mobility and economic activity.In Africa,we see this impact reflected in the decline in total wealth on the continent over the past decade,as this report reveals.But there is
34、optimism for the future,as New World Wealth predicts that the total private wealth held in Africa will rise by 38%over the next 10 years,to reach US$3 trillion by 2031.One thing is very clear in our new Age of Uncertainty governments and investors alike must focus on building resilience.Preparing fo
35、r the next shock is imperative,and one proven means of doing so is via investment migration,whereby investors can acquire and secure an alternative residence or second citizenship in a different jurisdiction in return for investing in a host country.Last year was a record-breaking year all around fo
36、r Henley&Partners,in which we assisted clients representing 79 different nationalities,including citizens of 15 African countries ranging from Algeria to South Africa,and from Liberia to Ethiopia.The investment migration industry has been growing steadily for over 25 years.This positive trend has co
37、ntinued in 2022.Henley&Partners has seen a significant spike in interest in residence and citizenship by investment programs globally,with a healthy 55%increase in enquiries in Q1 2022 compared to Q4 2021.Africa is no exception and continues its trajectory as a growth market for investment migration
38、.We saw an overall increase of 18%in enquiries from Africans seeking alternative residence and/or citizenship last year,and by the end of Q1 2022,we had already received over 29%of total 2021 enquiries.We predict that this trend will continue throughout the year as wealthy investors continue to conc
39、entrate on diversifying their domiciles at the same time as their investment portfolios to secure greater global access and optionality as a hedge against unrelenting market and political volatility.From a global perspective,South Africa,Nigeria and Egypt were among the top 15 nationalities in terms
40、 of the enquiries Henley&Partners received last year.South Africa was in 5th place globally,with growth of 38%in 2021,Nigeria in 7th place with growth of 15%and Egypt in 14th place with growth of 25%.Looking at the exclusive New World Wealth country wealth rankings in this report,it is no coincidenc
41、e that the top four of the Big 5 wealth markets in Africa were also the top four investment migration markets in terms of the applications Henley&Partners received last year.The African countries that occupied the top three places were South Africa,then Nigeria,followed by Egypt.Algeria and Morocco
42、were joint-4th,and Ghana took 5th place in terms of the number of applications we received for investment migration programs.Today,residence and citizenship by investment programs are widely accepted wealth management and legacy planning tools.The range of programs is steadily increasing as governme
43、nts tap into their capital-and talent-boosting potential.Nineteen of the G20 nations offer some form of mechanism to encourage inward investment in exchange for residence rights.The 20th G20 member is the EU,and 60%of EU member states offer investment migration options.The appeal of investment migra
44、tion for affluent families is truly universal due to its many benefits,ranging from domicile diversification to global mobility enhancement,to accessing world-class education and healthcare,to having a plan B in times of turmoil.No matter where you were born,or where you currently reside,wealthy inv
45、estors can futureproof themselves and their families for whatever might lie ahead through investment migration.1112Africa Wealth Report 2022Africa Wealth Report 2022Appetite for investment migration in markets beyond Southern Africa has been growing steadily over the past few years.Nigeria was the s
46、econd-largest market(after South Africa)in terms of enquiries received by Henley&Partners in 2021,with growth of 15%.Three Northern African countries Egypt,Morocco and Algeria came in third,fourth and fifth,in terms of the number of enquiries last year,with respective growth of 25%,19%and 33%.In 202
47、2,we are seeing a significant spike in interest in investment migration in Nigeria,which was the leading African country in terms of the number of enquiries we received in Q1,overtaking South Africa,which came in second,followed by Algeria,Egypt and Morocco,which make up the rest of the top five.The
48、re has also been a notable surge of interest from countries in North Africa this year,particularly from citizens of Algeria and Tunisia.By the end of Q1 2022,we had already received 63%of the enquiries made by Algerians in the whole of 2021,and a remarkable 70%of the enquiries we received from Tunis
49、ians.According to Henley&Partners data,the top three investment migration programs that African investors applied for last year were the Antigua and Barbuda Citizenship by Investment Program,the Portugal Golden Residence Permit Program and the St.Kitts and Nevis Citizenship by Investment Program.In
50、2022,while Antigua and Portugals programs remain the top two,the Montenegro Citizenship by Investment Program in Europe has risen to third place in terms of applications an interesting new trend to follow.Antigua and Barbudas highly successful investment migration offering has perennially been the t
51、op program overall in terms of the number of applications we receive from citizens of African countries.It remains one of the Caribbeans most competitive programs,as options start at US$100,000 in the form of a non-refundable contribution to the dual-island nations National Development Fund.There is
52、 also an attractive real estate investment route,whereby investors can purchase real estate with a minimum value of US$200,000,which must then be held for at least five years.In return,successful applicants benefit from acquiring citizenship of a country that ranks consistently highly on the Henley
53、Passport Index,with visa-free access to approximately 150 destinations including Europes Schengen Area,Hong Kong,Singapore and the UK.The physical presence requirements are not onerous.Investors only need to spend five days in Antigua and Barbuda during the first five years of citizenship which is n
54、ot much of an obligation given the islands are considered among the most beautiful places in the world.The application process can take as little as three to four months,making this a highly efficient choice,adding to its appeal.Most investment migration programs enable investors to include family m
55、embers in their applications,and some allow qualifying siblings,parents and grandparents as well,making these programs an ideal mechanism for protecting loved ones by ensuring that they have optionality in terms of where they can live,work,study and retire to in the years ahead.New World Wealth has
56、predicted a healthy wealth growth of 38%for Africa in the next decade,and several Eastern African countries stand out with over 60%growth expected in Uganda and Rwanda by 2031,and over 50%in Kenya and Zambia.This increase is likely to supercharge the investment migration industry across the continen
57、t.In addition to the traditional benefits of enhanced global mobility,for the African investor,residence and citizenship by investment programs offer a proven diversification strategy in terms of wealth and legacy management and domicile optionality,and many programs also include the option to inves
58、t in real estate,which itself has multiple yields.Stuart WakelingManaging Partner Head of Henley&Partners NigeriaChidinma OkebalamaSenior Consultant Henley&Partners Nigeria The move to futureproof families and legaciesThe move to futureproof families and legaciesAfrican HNWIs place a particularly hi
59、gh value on family and leaving a lasting legacy for the benefit of future generations.1314Africa Wealth Report 2022Africa Wealth Report 2022Southern African countries predominated the growth markets on the continent in 2021.We saw the highest level of growth in Zimbabwe,with a remarkable increase of
60、 48%in enquiries in 2021 compared to 2020.Neighboring South Africa reported the second-highest level of growth,with an increase of 40%in enquiries,and had a record-breaking year in terms of the total number of enquiries ever received by Henley&Partners from South African citizens.In 2022,the Caribbe
61、an island nations of St.Kitts and Nevis,Antigua and Barbuda and Grenada are the top three most popular citizenship by investment programs that African nationals are enquiring about.Other favorites are the Montenegro Citizenship by Investment Program,which offers citizenship in Europe and all its ass
62、ociated benefits,such as visa-free travel to Europes Schengen Area countries,and the Turkey Citizenship by Investment Program,which has the added appeal of enabling eligibility for an E-2 Investor Visa in the USA for a five-year renewable period.In terms of residence by investment,the Portugal Golde
63、n Residence Permit Program remains one of the most popular programs overall for African high-net-worth investors.Successful applicants and their families are granted full residence rights,including the right to live,work and retire in Portugal,along with visa-free travel across Europes Schengen Area
64、.They are also eligibile to apply for citizenship after five years as a legal resident while keeping their other citizenship(s).The country offers excellent international schools and universities,with a high quality of life,a rich culture,a mild climate and a high level of security as well as intern
65、ational-quality healthcare clinics and hospitals.On the supply side,as one of just two investment migration programs in Africa,the Mauritius Residence by Investment Program is also attracting a great deal of interest from investors.This appeal is not surprising given that over the past decade,Maurit
66、ius was the fastest growing wealth market in Africa in percentage growth terms,with growth of 74%between 2011 and 2021.The multicultural Indian Ocean island nation also has the highest wealth per capita in Africa of US$34,500.Investment migration programs such as those offered by Mauritius and Portu
67、gal,which have the option of real estate investment as a pathway to residence rights or citizenship acquisition,are particularly popular among African investors.International real estate has always been a reliable and attractive asset class due to its great staying power.Real estate-linked investmen
68、t migration programs have the added advantages of enhancing your global mobility through the acquisition of multiple passports,and expanding your personal access rights as a resident or a citizen of additional jurisdictions.The combined effect is increased optionality in terms of where you and your
69、family can live,work,invest,study and retire.The possible gains over the lifetime of the investment include the core value of the real estate asset,potential rental yields and extended global access,giving you the opportunity to diversify your assets,grow your business and enhance your lifestyle.Ama
70、nda SmitManaging Partner Henley&Partners South AfricaThe multiple yields of domicile diversificationThe multiple yields of domicile diversificationAfrican investors have shown a preference for real estate-linked investment migration programs as a hedge against unrelenting currency,market and politic
71、al volatility on the continent.1516Africa Wealth Report 2022Africa Wealth Report 2022Benchmarking Africas private wealthTotal private wealth held on the continent.Approximate number of multi-millionaires living in Africa,each with net assets of US$10 million or more.Billionaires living in Africa,eac
72、h with net assets of US$1 billion or more.Approximate number of millionaires(HNWIs)living in Africa,each with net assets of US$1 million or more.Centi-millionaires living in Africa,each with net assets of US$100 million or more.Private wealth refers to an individuals net assets,namely all their asse
73、ts(property,cash,equities,and business interests)less any liabilities.US$2.1 trillion6,700 21 136,000 305 Benchmarking Africas private wealth Africa statistics(for December 2021)Note:HNWI numbers rounded to nearest 1,000.Includes only people living in Africa(residents).Figures for December 2021.Sour
74、ce:New World Wealth.2021136,0002020125,0002019138,0002018140,0002017148,0002016145,0002015135,0002014140,0002013142,0002012147,0002011138,0002.12.02.22.22.32.22.12.32.32.42.2YearHNWIs(US$1m+)Total wealth in Africa(US$trillion)1718Africa Wealth Report 2022Africa Wealth Report 2022Country wealth ranki
75、ngsThe table opposite ranks major African countries by their total wealth.Larger countries have an obvious advantage because of their higher populations.As reflected,the Big 5 wealth markets in Africa are:South Africa,Egypt,Nigeria,Morocco and Kenya together these five countries account for over 50%
76、of Africas total wealth.Total wealth refers to the private wealth held by all the individuals living in a country,Country wealth rankings Notably,South Africa is home to over twice as many millionaires as any other African country,while Egypt has the most billionaires on the continent.including all
77、their assets(property,cash,equities and business interests)less any liabilities.We exclude government funds from our figures.The table overleaf ranks major African countries on a wealth per capita basis.Mauritius is the wealthiest country in the region,followed by South Africa and Namibia.South Afri
78、caEgyptNigeriaMoroccoKenyaGhanaTanzaniaAngolaUgandaEthiopiaNamibiaZambiaMauritiusMozambiqueRwandaCte dIvoireBotswanaCountryBillionaires(US$1bn+)Total private wealth(US$bn)HNWIs (US$1m+)Multi-millionaires(US$10m+)Centi-millionaires(US$100m+)653249534437201439,30010,0008,5002,400
79、2,9002,5001,7002,10070016,9005,0002,9002,4004,8001,5001,1008002,08050060803088022060309428436812541731Notes:HNWI numbers rounded to nearest 100.Multi-millionaire figures rounded to nearest 10.Includes only people living in each country(residents).Figures for December
80、 2021.Source:New World Wealth.1920Africa Wealth Report 2022Country wealth rankingsCountryWealth per capita(US$)Mauritius34,500South Africa10,970Namibia9,320Botswana7,880Morocco3,380Egypt 3,000Ghana1,890Kenya1,700Angola1,620Cte dIvoire1,610Nigeria1,100Tanzania940Rwanda850Uganda820Zambia760Mozambique6
81、50Ethiopia540Note:Figures for December 2021.Refers to the average wealth of a person living in each country.Rounded to nearest 10.Source:New World Wealth.2122Africa Wealth Report 2022Africa Wealth Report 2022Wealth growth trendsFollowing several decades of strong growth,Mauritius now ranks as the we
82、althiest country in Africa by a significant margin(on a wealth per capita basis).This amounted to US$34,500 as at December 2021,which is well above second-placed South Africa(US$10,970).Our growth projections for Mauritius are strong we expect the country to experience wealth growth of 80%over the n
83、ext decade(to 2031).This will make it one of the fastest growing high-income markets in the world over this period(in%growth terms),together with Australia,New Zealand,Switzerland and Malta.By 2031,HNWI numbers in Mauritius are expected to reach over 8,000.The total wealth held in Africa has fallen
84、by 7%over the past decade(2011 to 2021).Performance was constrained by poor returns in the three largest African markets,namely South Africa,Egypt and Nigeria.Angola also performed poorly.Source:New World Wealth.Spotlight on MauritiusWealth growth trendsEase of doing business in the country Mauritiu
85、s ranks 1st in Africa and 13th worldwide in the World Banks 2020 Doing Business Report.Low taxes,which encourage business creation and appeal to retirees.Notably,there is no inheritance tax or capital gains tax in Mauritius.Safety Mauritius was recently rated by New World Wealth as the safest countr
86、y in Africa,along with Namibia and Botswana.Notably,safety is one of the key drivers of wealth growth in any country.Strong millionaire growth a large number of wealthy individuals has relocated to Mauritius over the past decade.In addition,many locally born HNWIs have been created as the economy ha
87、s grown.Mauritius is now home to around 4,800 HNWIs,compared to 2,700 HNWIs a decade ago.A fast-growing local financial services sector and stock market(SEMDEX).High per capita income levels.In July 2020,the World Bank officially classified Mauritius as a high-income country.Possible reasons for Mau
88、ritius high wealth per capita10-year growth rate of total wealth in Africa74%-5%-6%-7%-12%-23%-24%-27%60%52%50%43%36%34%25%20%18%Mauritius Namibia Zambia Botswana South Africa Egypt Angola NigeriaRwanda Ethiopia Uganda KenyaGhanaTanzania Cte dIvoire Mozambique Morocco Mauritius was the fastest growi
89、ng market in Africa during the review period(in percentage growth terms),followed by Rwanda.Ethiopia came in at 3rd place.It should be noted that wealth in Ethiopia grew rapidly until 2019,but has struggled over the past two years(2020 and 2021).2324Africa Wealth Report 2022Wealth growth trendsTotal
90、 private wealth held in Africa is expected to rise by 38%over the next 10 years,reaching US$3 trillion by 2031.We expect Mauritius,Rwanda and Uganda to be the strongest performing wealth markets in Africa during this period (60%+growth rates).Strong growth is also forecast in Kenya,Morocco,Mozambiqu
91、e and Zambia (50%+growth rates).The other countries on our list should all see positive wealth growth of between 20%and 40%over the forecast period.Forecasts to 2031Our overall 38%growth forecast for Africa is very healthy when compared to most other regions globally.It will be driven by especially
92、strong growth in the technology and professional services sectors in Africa.020401032526Africa Wealth Report 2022Africa Wealth Report 2022Africas wealthiest citiesAfricas wealthiest citiesWe recently reviewed the wealthiest cities in Africa by total wealth.Total private wealth refers to the private
93、wealth held by all the individuals living Africas two wealthiest cities are in South Africa.Johannesburg is the wealthiest,with total private wealth of US$239 billion,while Cape Town in second place has total private wealth of US$131 billion.Notes:HNWI numbers rounded to nearest 100.Multi-millionair
94、e figures rounded to nearest 10.Includes only people living in each city(residents).Figures for December 2021.Source:New World Wealth.CityTotal private wealth(US$bn)HNWIs (US$1m+)Multi-millionaires(US$10m+)Centi-millionaires(US$100m+)Billionaires(US$1bn+)Johannesburg23916,000840342Cape Town1316,9004
95、20251Cairo1288,200440294Lagos975,500290173Durban and Umhlanga603,70023011Nairobi485,40026012Pretoria452,6001102Casablanca432,500120132Accra352,4001104Luanda322,0009031Abidjan251,900902Dar Es Salaam241,3005071Alexandria231,70010081Kampala16900406Addis Ababa13700402Gaborone121,200502Marrakesh 12600305
96、1Tangier12600303Abuja11700303Windhoek111,000402Maputo10800401Lusaka8400202Mombasa7800402in each city,including all their assets(property,cash,equities and business interests)less any liabilities.2728Africa Wealth Report 2022Africa Wealth Report 2022Africas wealthiest citiesAfricas wealthiest citiesF
97、ollowing several decades of strong growth,Mauritius now ranks as the wealthiest country in Africa by some margin(on a wealth per capita basis).Our growth projections for Mauritius are strong-we expect it to experience wealth growth of 80%over the next decade(to 2031).This will make it one of the fas
98、test growing high-income markets in the world The wealthiest city in Africa.Most of Johannesburgs HNWI wealth is concentrated in the suburbs of Sandhurst,Hyde Park and Westcliff.Major sectors in the city include financial services(banks)and professional services(law firms,consultancies).Home to many
99、 of Africas most exclusive suburbs including Clifton,Bantry Bay,Fresnaye,Llandudno,Camps Bay,Bishopscourt and Constantia.Home also to a number of top-end lifestyle estates including Steenberg,Atlantic Beach and Silverhurst Estate.Major sectors include real estate and fund management.Located along th
100、e Nile River,Cairo is one of the worlds most important cities historically.It is also home to more billionaires than any other city in Africa.Major sectors there include financial services,telecoms,retail,tourism and basic materials.The largest city in Africa(in terms of its overall population)and t
101、he economic hub of West Africa.Affluent parts of Lagos include Ikoyi and Victoria Island.Major sectors in the city include basic materials,oil and gas,transport and financial services.Our figures for this area include wealth held in Durban,South Africas third-largest city,and the residential towns o
102、f Umhlanga,La Lucia and Ballito,which lie to the north of Durban.Umhlanga is especially affluent and is home to a large number of HNWIs.Nairobi is the economic hub of East Africa and one of the fastest growing cities in the world.Affluent parts of Nairobi include Runda Estate,Lavington,Kitisuru,Kare
103、n and Muthaiga.Major industries there include financial services,real estate,tourism,media,clothing,textiles,processed foods,beverages and cigarettes.This measure amounts to US$34,500 as at December 2021,which is well above second placed South Africa(US$10,970).Spotlight on MauritiusJohannesburgCape
104、 TownCairoLagosDurban and UmhlangaNairobiover this period(in%growth terms),along with Australia,New Zealand,Switzerland and Malta.By 2031,HNWI numbers in Mauritius are expected to reach over 8,000.Possible reasons for Mauritius high wealth per capita:29Africa Wealth Report 202212The luxury hotel sec
105、tor is one of the most important sectors in Africa as it brings in a large amount of forex spending to the continent.It also creates a large number of well-paying jobs for local hoteliers,chefs,game rangers,waiters etc.Much of this income is seasonal in the form of tips.The coronavirus outbreak has
106、severely impacted on this sector and hotel occupancy rates are down substantially in most African countries.A lack of international visitors has forced many luxury hotels and lodges to lower their prices to appeal to the local population.South Africa is the main luxury tourist destination in Africa.
107、Major South African destinations for wealthy people include South Africa is home to the largest luxurymarket in Africa by revenue,followed by Kenya and then Morocco.Major components of this include luxury hotels and lodges,cars,clothing and accessories,watches,private jets and yachts.Luxury hotels a
108、nd lodgesLuxury marketCape Town,Umhlanga,Franschhoek and the Kruger National Park area(especially Sabi Sands).Major destinations for HNWIs in the rest of Africa include Marrakech in Morocco,Cairo in Egypt,the Serengeti in Tanzania,Sharm El Sheikh in Egypt,the Masai Mara in Kenya,Livingstone in Zambi
109、a and the Okavango Delta in Botswana.Gorilla safaris in the Virunga Mountains in Rwanda and the Bwindi Forest in Uganda are also popular.Popular hotel groups for HNWIs visiting Africa include Singita,&Beyond,Red Carnation,Sanctuary Retreats,Belmond,Wilderness Safaris,Virgin Limited Edition,Four Seas
110、ons and the Royal Portfolio.31Africa Wealth Report 2022Luxury marketTop safari lodges in AfricaThe Africa Wealth Reports top 10 safari lodge choices for 2022 are shown below(in no particular order).&Beyond Kleins Camp TanzaniaSingita Sabora Tented Camp TanzaniaSingita Mara River Tented Camp Tanzania
111、Ratings criteria these lodges score highly in the following Reputation for quality and service Location,views and scenery Authentic bush feel Biodiversity:birdlife and wildlife experienceLondolozi South AfricaSanctuary Gorilla Forest Camp UgandaCottars 1920s Camp Kenya&Beyond Bateleur Camp Kenya&Bey
112、ond Xaranna Okavango Camp BotswanaSanctuary Chiefs Camp BotswanaChobe Game Lodge Botswana33Africa Wealth Report 2022Luxury marketLuxury carsLuxury car brands with a presence in Africa are listed below,ranked by the number of dealerships.As reflected,Porsche has dealerships in South Africa,Kenya,Egyp
113、t,Mauritius and Morocco.Porsche usually sells around 2,000 cars in Africa per annum(of which about 1,200 are sold in South Africa).PorscheSouth Africa,Kenya,Egypt,Mauritius,MoroccoDealership locations BrandsRolls-RoyceSouth AfricaBentleySouth Africa,Egypt,MoroccoLamborghiniSouth AfricaFerrariSouth A
114、frica,MoroccoMcLarenSouth AfricaAston MartinSouth Africa,Egypt,MoroccoLuxury SUVs are especially popular in Africa.Reasons for their popularity includeSource:New World Wealth.High road clearance.SUVs handle speed bumps,potholes and poorly maintained roads better than luxury sedans and sports cars Sa
115、fety aspects Space for children Useful for holidays off road,game drives etc.Some of the more popular SUVs for HNWIs in Africa include Range Rover(all models)Porsche Cayenne Mercedes GLE BMW X6 Bentley Bentayga Rolls-Royce Cullinan Lamborghini Urus Aston Martin DBX35Africa Wealth Report 2022Africa W
116、ealth Report 2022Luxury marketLuxury marketLuxury clothing and accessory brandsA large number of exclusive brand stores were put up in Africa between 2002 and 2007 during the global consumer boom period.Growth in this sector has since slowed.Notable luxury brands with stores in Africa are listed in
117、the following table(ranked by number of stores).Most of these stores are based in exclusive shopping centers such as Sandton City in Johannesburg and the V&A Waterfront in Cape Town.Prada had a store in South Africa(Sandton City),which it closed in 2020.ZegnaMens clothingSouth Africa,Nigeria,EgyptSp
118、ecialtyStore locationsBrandsSalvatore FerragamoClothing and accessoriesSouth Africa,EgyptLouis VuittonClothing and accessoriesSouth Africa,MoroccoPaul SmithMens clothingSouth AfricaBurberryClothing and accessoriesSouth Africa,EgyptDolce&GabbanaJimmy ChooPatek PhilippeClothing and accessoriesSouth Af
119、ricaWomens shoesSouth AfricaWatchesSouth AfricaGucciClothing and accessoriesSouth Africa,MoroccoSource:New World Wealth.3738Africa Wealth Report 2022Wealth management sectorFamily offices are a fast-growing wealth management segment in Africa and throughout the world.They traditionally provide a mor
120、e customized service than wealth managers and private banks.Services they offer include:Managing household staff Property management Philanthropy coordination Managing family education Usually,only individuals with net assets of over US$50 million are wealthy enough to have family offices.Spotlight
121、on family officesAmount of HNWI wealth tied up with wealth managers in Africa.Assets under management(AuM)in the main wealth management hub in Africa South Africa.Typically,wealth managers in Africa target individuals with over US$500,000 in investable assets.Services that are most in demand from th
122、em include asset management,financial planning and inheritance planning.Estimated growth of the African wealth management market over the next decade,driven by strong AuM growth in South Africa,Kenya and Mauritius.US$140 billionUS$80 billionUS$500,00060%Intergenerational transfer Legal and tax servi
123、ces Investment services Typically,family offices are exclusively for family members and family related trusts,foundations and venture capital companies.They are especially popular in South Africa.3940Africa Wealth Report 2022Best ways to contact HNWIsThe coronavirus impactApart from the human cost,t
124、he coronavirus outbreak has had a severe economic impact on the continent.The travel,hospitality and entertainment sectors have been the most severely affected,and HNWIs involved in these sectors have lost significant portions of their wealth.The pandemic has also caused HNWIs in Africa to change th
125、eir habits.Recent new trends include:A move towards private jet travel,especially among the super-rich(i.e.centi-millionaires and billionaires).This is a global trend seen also in the Americas and Europe.The most effective way to contact HNWIs in Africa is via their brokers.It is therefore important
126、 to build strong relationships with individual brokers to obtain exposure.12Another practical way of contacting HNWIs is via their foundations and venture capital companies.Usually,only individuals with net assets of over US$50 million are wealthy enough to have such organizations,which are often li
127、nked to their family offices.Opting to work remotely and live in smaller towns and more remote locations.Less international tourism.The luxury hotel sector in each country has as a result become more dependent on local HNWIs.Countries with fewer local HNWIs have suffered the most.Outdoor hobbies and
128、 sports that allow for easy social distancing(such as golf,hiking,fishing,cycling and bird-watching)have become more popular.41Africa Wealth Report 2022Lifestyle estate living is on the rise in Africa,especially among the wealthy.South Africa is a global pioneer in estate living and is home to many
129、of the worlds best lifestyle estates,including the likes of Val de Vie,Steyn City,Fancourt,Pezula and Steenberg.Estate living is also very popular in Mauritius,especially among wealthy expats.Notable top-end estates in the Estate living is also starting to take off in several other African countries
130、,including Morocco and Egypt.Reasons for its rising appeal across Africa include:Security and privacyaccess gate,private security personnel.Lifestyle and communitylarge open spaces,communal leisure facilities,childrens playgrounds and schools.The rise of lifestyle estate livingcountry include Anahit
131、a Mauritius,Mont Choisy Le Parc and the One&Only Le Saint Gran Private Homes.Thanks to recent strong price growth,luxury estate apartments in Mauritius are now among the most valuable in Africa,with prime prices reaching as high as US$5,000 per square meter,similar to prices in Clifton and Bantry Ba
132、y(the most exclusive property sectors of Cape Town in South Africa).Apartments in Mauritius are now among the most valuable in Africa,with prime prices reaching as high as US$5,000 per square meter.Facilitieson-site gyms,spas,golf courses,horse riding,tennis,cycling,fishing and jogging paths.Limited
133、 and controlled traffic greater safety for children.43Africa Wealth Report 2022Lifestyle estates with parklands and wilderness areas have become more popular(as buyers seek more open space).Many HNWIs have chosen to work remotely and live in smaller towns.For instance,a large number of South African
134、 HNWIs are now working remotely from affluent small towns such as Hermanus,Plettenberg Bay and Franschhoek.Lifestyle estates in these towns have benefited.The rise of lifestyle estate livingRecent lifestyle estate trends in South AfricaNotable lifestyle estate trends linked to the coronavirus includ
135、eBased on latest estimates(for June 2021),48%of South African HNWIs either live or have second homes on lifestyle estates.This percentage has been rising steadily over the past decade in 2011 it stood at about 30%.Affluent buyers in South Africa are increasingly moving towards estates that have apar
136、tments.In line with this,most new luxury estate developments in South Africa focus on apartment living rather than houses.There is a general movement away from traditional golf estates and towards wildlife and parkland estates.Retirement estates(for over 60s)are also becoming more popular.Most devel
137、opers are now creating small neighborhoods within their lifestyle estates,as opposed to the old model where houses were spaced evenly around the entire property.The new model allows for more parkland and open spaces in between neighborhoods.0204010345Africa Wealth Report 2022Despite a tough decade t
138、o date,South Africa is still home to more than twice as many millionaires as any other African country.South Africa ranks 28th in the world by this measure,ahead of major economies such as Turkey,Argentina,Malaysia and Thailand.Weather,beaches and sceneryWell-established top-end residential areas su
139、ch as Camps Bay,Constantia,Umhlanga and SandtonOne of the 20 biggest stock exchanges in the world(by market cap)A large,free media that supports the dissemination of reliable information to investors.This sets South Africa apart from most other emerging markets globallyA well-developed banking syste
140、m and wealth management sectorFactors that attract HNWIs to South AfricaSpotlight on South Africa4748Africa Wealth Report 2022Africa Wealth Report 2022Spotlight on South AfricaSpotlight on South AfricaTotal wealth and HNWI figuresWealth trendsHNWI migration trends202165139,300Total wealth(US$bn)HNWI
141、s(US$1m+)Year201772243,600202060436,500201666540,400201963638,400200,50077046,80077379573946,90048,20044,800201864939,200Note:HNWI numbers rounded to nearest 100.Includes only people living in country(residents).Figures for year end.Source:New World WealthA declining currencyth
142、e Rand depreciated from R8.10/US$at the end of 2011 to R15.90/US$at the end of 2021.Approximately 4,500 HNWIs have left South Africa over the past decade(2011 to 2021).Most of these individuals have gone to the UK,Australia,and the USA.Significant numbers have also gone to Portugal,Switzerland,Israe
143、l,Mauritius,New Zealand,the UAE,Canada,Monaco and Malta.A sluggish local property marketprime residential indices are down significantly when measured in US$terms.In particular,a large number of South African billionaires have left the country over the past 10 to 20 years.Notably,there are 15 South
144、African born billionaires in the world,but only 5 of them still live in South Africa.A large number of local businesses closed down during the period,especially in the small and medium-sized enterprise sectors.It should be noted that South Africa is by no means alone in losing wealthy people.All the
145、 BRICS countries have lost large numbers of HNWIs to migration over the past decade.Egypt,Turkey and Nigeria have also lost a substantial number.The ongoing migration of wealthy people out of the country(see below).On a positive note,there is a trend of wealthy people returning to South Africa,in pa
146、rticular from the UK.This is a notable trend that we are tracking and we should have more statistics available for this in the next report.0202040401010303South Africas performance over the past decade has been poor,with total private wealth held in the country declining by 12%from US$739 billion in
147、 2011 to US$651 billion in 2021.Performance was negatively impacted by:4950Africa Wealth Report 2022Africa Wealth Report 2022Spotlight on South AfricaSpotlight on South AfricaSouth Africa:Drivers of wealth (in US$)for the period 2011 to 2021Key findingsSources:US$indicesGDP PER CAPITAMSCI WORLD EQUI
148、TY INDEXJSE ALL SHARE INDEXSouth Africas GDP per capita was down heavily over the past decade.According to the World Bank,this measure dropped from US$8,800 in 2011 to US$5,700 in 2020(at current US$prices).The MSCI World Equity Index rose dramatically during the review periodit went from 1,180 in D
149、ecember 2011 to 3,230 in December 2021.This rise was driven by strong growth in global tech stocks.In Rand terms,the JSE All Share Index was up by a healthy 120%over the review period(the index rose from 33,800 in December 2011 to 73,700 in December 2021).However,in US$terms the index was up by only
150、 11%.US$5,7003,23073,700 MSCI World IndexMarkets by Business Insider.Classic Car IndexNew World Wealth.Our classic car index tracks the prices of 14 highly sought-after classic car models(see Spotlight on classic cars).Gold priceThe Economist.JSE All Share IndexTrading Economics.South African wealth
151、New World Wealth.(see Research and methodology).MSCI World Index173%84%17%11%-12%-30%-35%-49%SA WealthClassic Car IndexSA Prime ResidentialGoldSA GDP Per CapitaUS$/LCJSE All Share Index South African GDP per capitaThe World Bank(at current US$prices).South African prime residentialNew World Wealth.O
152、ur residential index tracks the square meter prices of prime 200 to 400 square meter apartments in South Africa.Prime refers to top-end residential units in elite areas.US$/LCThe Economist.5152Africa Wealth Report 2022Africa Wealth Report 2022Spotlight on South AfricaSpotlight on South AfricaThe tab
153、le below ranks South African areas by total wealth.Note that total wealth refers to the private wealth held by all the individuals living in each area.It includes all their assets(property,cash,equities and business interests)less any liabilities.Notes:HNWI numbers rounded to nearest 100.Multi-milli
154、onaire figures rounded to nearest 10.Includes only people living in each area(residents).Figures for December 2021.Source:New World Wealth.Fastest growing areas in South AfricaArea definitionsDespite the overall decline,there were still a number of South African areas that experienced positive US$we
155、alth growth over the past decade.The Cape Whale Coast was the top performer,driven by strong HNWI growth in the Hermanus area.The Cape Winelands towns of Paarl,Franschhoek and Stellenbosch also grew strongly,as did the Garden Route(especially Plettenberg Bay)along the countrys south-eastern coast.Th
156、ere was also solid HNWI growth in Umhlanga and Ballito in KwaZulu-Natal.Johannesburg Our figures for Johannesburg include Sandton.Durban and Umhlanga Our figures for this area include wealth held in Durban,Umhlanga,Ballito and La Lucia.The Garden Route This stretches from Mossell Bay to Storms River
157、 on the south coast.Notable towns include Plettenberg Bay,George,Knysna,Wilderness,Natures Valley,Keurboomstrand and Mossell Bay.The Cape Whale Coast The area between Cape Town and the Garden Route.Notable towns include Hermanus,Rooi Els and Bettys Bay.The Sunshine Coast The area around Gqeberha(for
158、merly known as Port Elizabeth).This includes Gqeberha,Kenton-on-Sea,St.Francis Bay,Makhanda(formerly known as Grahamstown)and Port Alfred.Top 10 areasTotal wealth(US$bn)HNWIs (US$1m+)Multi-millionaires(US$10m+)Centi-millionaires(US$100m+)Billionaires(US$1bn+)Johannesburg23916,000840342Cape Town1316,
159、900420251Durban and Umhlanga603,70023011Paarl,Franschhoek and Stellenbosch533,200180142The Garden Route462,8001103Pretoria452,6001102The Cape Whale Coast26900704The Sunshine Coast14300401Pietermaritzburg and Natal Midlands720020Bloemfontein3100105354Africa Wealth Report 2022Africa Wealth Report 2022
160、Spotlight on South AfricaSpotlight on South AfricaSource:New World Wealth.-10%Cape Town-13%The Sunshine Coast-14%Bloemfontein-18%Pretoria-25%Johannesburg-10%Pietermaritzburg and the Natal Midlands20%Paarl,Franschhoek and Stellenbosch32%The Cape Whale Coast18%The Garden Route2%Durban and UmhlangaWeal
161、th growth rate from 2011 to 2021(US$)5556Africa Wealth Report 2022Africa Wealth Report 2022Spotlight on South AfricaSpotlight on South AfricaUp-and-coming towns in South AfricaHermanusUmhlanga and La LuciaPaarl,Franschhoek and StellenboschBallitoPlettenberg BayKnysnaGeorgeWildernessNatures ValleyOth
162、er emerging HNWI hotspots in South Africa include:The following South African towns and villages are becoming increasingly popular among HNWIs.The fastest growing South African town for HNWIs.A significant number of wealthy Cape Town,Pretoria and Johannesburg residents have relocated to Hermanus ove
163、r the past decade.As probably the safest town in South Africa,this would explain its appeal.Affluent parts of Hermanus include Eastcliff,Voelklip,Kwaaiwater,Onrus and Fernkloof Estate.These three towns are situated very near one another.Combined,they form one of the fastest growing areas in South Af
164、rica for HNWIs.Notably,a large number of retired HNWIs have moved to these towns over the past decade.There are also several exclusive residential estates in this area that have attracted HNWIs,including Val de Vie,De Zalze and Domaine des Anges.In addition,many of South Africas wealthiest families(
165、especially centi-millionaires)own wine farms in this area.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 li
166、ve and work.Apartments on Lagoon Drive in Umhlanga are some of the most exclusive in South Africanotable top-end complexes in the area include the Oysters,the Bermudas and Edge of the Sea.Ballito is a world leader in estate living and home to many top estates including Zimbali Coastal Estate,Simbith
167、i Eco-Estate,Brettenwood Coastal Estate and Dunkirk Estate.Princes Grant Golf Estate is also in the vicinity(between Ballito and Zinkwazi).There are,in addition,a number of exclusive estates under construction.Plettenberg Bay(otherwise known as Plett)is a major HNWI hotspot on the Garden Route.After
168、 Johannesburg and Cape Town,it is the top location in South Africa for ultra luxury homes,with over 150 homes valued at over R20 million(South African Rand)in the small town.Beachyhead Drive is especially affluent.There are several top-end estates in the area that have attracted HNWIs,including Whal
169、e Rock Ridge,Brackenridge Estate,Whale Rock Heights and De Meermin.Knysna is situated on the Garden Route,just west of Plettenberg Bay.Affluent parts of Knysna include The Heads,Leisure Island and top-end lifestyle estates such as Pezula Private Estate,Simola Golf and Country Estate and Thesen Islan
170、ds.George is the largest town on the Garden Route and a major retirement destination for wealthy South Africans.It is home to some of South Africas top lifestyle estates,including Fancourt and Oubaai Golf Estate.Wilderness is a small coastal town on the Garden Route,situated about 5km east of George
171、.It is home to some of the most spectacular beachfront houses in the country.Natures Valley is an up-and-coming HNWI hotspot on the Garden Route,a 30-minute drive east of Plettenberg Bay.The forest and lagoon in the area are relatively untouched,which appeals to nature lovers.Notably,no motorboats a
172、re allowed on the lagoon,which is a hotspot for canoeing.Keurboomstrand on the Garden Route in the Western Cape Zinkwazi Beach on the north coast of KwaZulu-Natal Kenton-on-Sea on the Sunshine Coast in the Eastern Cape Umdloti on the north coast of KwaZulu-Natal5758Africa Wealth Report 2022Spotlight
173、 on South AfricaHNWI demographics in South Africa30%Law(LLB,LLM)28%Finance and Accounting (B.Com,MBA,CA,CFA)7%Medicine and Science7%Computers and Information Technology5%Engineering3%Mathematics and Statistics20%OtherNote:Refers to the last degree or certification achieved by the HNWI.Figures for De
174、cember 2021.Source:New World Wealth.Fields of study pursued by South African HNWIs The chart below shows the most common degrees and certifications held by South African HNWIs.As revealed,high percentages of South African HNWIs have law and finance qualifications.5960Africa Wealth Report 2022Africa
175、Wealth Report 2022Spotlight on South AfricaSpotlight on South Africa*Financial and Professional Services includes banks,law firms,consulting firms,fund managers and wealth managers.Note:Figures for December 2021.Source:New World Wealth.Note:Refers to last university attended by the HNWI.Figures for
176、December 2021.Source:New World Wealth.20%University of Cape Town(UCT)35%Financial and Professional Services*12%Real Estate10%Technology and Telecoms8%Basic Materials18%University of the Witwatersrand(Wits)13%Stellenbosch University(SU)9%Rhodes University(RU)8%University of South Africa(UNISA)7%Unive
177、rsity of Pretoria(UP)4%University of Johannesburg(UJ)4%US universities (Harvard,Yale,MIT etc.)3%UK universities (Oxford,Cambridge etc.)7%Healthcare5%Retail4%Fast-Moving Consumer Goods (FMCGs)4%Media3%Manufactur-ing3%Transport and Logistics2%Hotels and Leisure7%Diversified14%OtherTop universities for
178、 producing HNWIsThe chart below provides a breakdown of the top universities for producing South African HNWIs.Main industries The chart below provides a breakdown of the main industries in which HNWIs in South Africa have acquired their wealth.6162Africa Wealth Report 2022Africa Wealth Report 2022S
179、potlight on South AfricaSpotlight on South AfricaSouth African prime property indexThe rise of luxury apartmentsOur in-house residential index tracks the square meter prices of prime 200 to 400 square meter apartments in South Africa.Prime refers to top-end residential units in elite areas.Running c
180、ostsSafety and securityMaintainanceIn local currency(Rand)terms,South African prime residential prices were up by 37%over the past decade.However,when measured in US$terms,prime prices were down by 30%.Notably,luxury apartments have been the best performing residential segment in South Africa over t
181、he past decade as many buyers have moved away from purchasing houses.Apartments in Umhlanga,Hermanus and Plettenberg Bay have performed especially well.Possible reasons for the poor performancePossible reasons for the shifting trend from houses to apartments in South AfricaA dip in the top-end marke
182、t.In particular,free-standing houses valued at over R10 million have become very difficult to sell.Increased utility bills(rates,electricity and water),which have risen by more than three times over the 10 year period.This has discouraged people from buying property and has forced many people to dow
183、nsize.High transfer duties of up to 13%.Notably,for properties valued at R10 million and over,transfer duty exceeds R900,000.Threats of land redistribution without compensation,which may have discouraged people from making large scale property purchases.High crime levels,which have deterred people f
184、rom buying free-standing houses,in particular.Municipal rates and taxes tend to be lower on apartments than houses.Apartments generally have only one access point,which makes them safer.Apartments are usually smaller and easier to maintain,with less cleaning and repair work required.6364Africa Wealt
185、h Report 2022Africa Wealth Report 2022Spotlight on South AfricaSpotlight on South AfricaMost expensive suburbs in South AfricaMost expensive streets or suburbs(excluding Cape Town)South African HNWI asset allocation trendsThis information is gathered via regular interviews with intermediaries(wealth
186、 managers and fund managers).We calibrate wealth across six asset classes,these being real estate,cash and bonds,equities,business interests,alternatives and collectables.Notes:Alternatives include private equity holdings,venture capital investments and commodities.Business Interests refer to local
187、holdings in businesses in which HNWIs are or were actively involved.Collectables include any luxury item that holds its value reasonably well over time.Prominent examples include art,classic cars,top-end watches,jewelry,fine wine and stamps.Asset allocation breakdown(for December 2021)Equities is cu
188、rrently the largest asset class for HNWIs in South Africa(accounting for about 30%of their assets),followed by real estate(23%),business interests(20%),cash and bonds(14%),alternatives(10%)and collectables(3%).Over the past 10 years,there has been a movement of funds away from real estate and toward
189、s equities and alternatives.The average South African HNWI currently holds 24%of their wealth offshore.This compares with 15%a decade ago.Popular foreign investments for South African HNWIs include USA exchange-traded funds(ETFs),US$in cash and second homes in Europe.30%equities24%offshoreSuburbRand
190、 per square meterUS$per square meterClifton80,0005,000Bantry Bay75,0004,700Fresnaye58,0003,600Camps Bay and Bakoven52,0003,300Llandudno50,0003,100Suburb/StreetRand per square meterUS$per square meterLagoon Drive,Umhlanga36,0002,300Eastcliff,Hermanus35,0002,200Beachyhead Drive,Plettenberg Bay34,0002,
191、100Central Sandton32,0002,000Marine Drive,Umhlanga30,0001,900Note:Refers to the average square meter price of a prime 200 to 400 square meter apartment in road or suburb.Figures for December 2021.Translated at R15.90/US$.Source:New World Wealth.6566Africa Wealth Report 2022Spotlight on South AfricaS
192、potlight on artArt trendsThe following South African artists are popular amongHNWI art collectors,with approximate price ranges for their artworks reflected(in South African Rand).0103020405South African HNWIs held approximately US$520 millions worth of fine art(as at December 2021)making South Afri
193、ca the 18th largest fine art market in the world.Irma Stern is currently the most valuable South African artist.Her paintings can fetch up to R50 million each,with an average price of around R6 million per painting(figures in South African Rand).Strauss&Co.is the top auction house for HNWIs in South
194、 Africa.The highest price ever achieved for a South African painting was for Irma Sterns Arab Priest,which sold for 3.0 million(British Pounds)at an auction by Bonhams in London in 2011.We expect the value of Gerard Sekoto,Sydney Kumalo and Maggie Laubsers respective works to appreciate significantl
195、y over the coming decade.Irma SternR3m to R50mValue ArtistAnton van WouwWalter BattissR1m to R10mR0.3m to R3mJH PierneefR3m to R25mWilliam KentridgeEzrom LegaeR1m to R10mR0.3m to R2mAlexis PrellerR2m to R20mGerard SekotoCecil SkotnesMaggie LaubserGeorge PembaSydney KumaloAdriaan BoshoffR0.5m to R5mR
196、0.2m to R2mR0.5m to R5mR0.2m to R1mR0.3m to R3mR0.2m to R1mVladimir TretchikoffJohn MeyerR1m to R15mR0.3m to R3m6768Africa Wealth Report 2022Spotlight on South AfricaSpotlight on classic carsTop-end classic cars that are not in the South African marketNotable top-end classic cars that are owned and
197、held by South African HNWIs are listed below(ranked by their approximate value in US$).The McLaren F1s price rise has been especially dramatic and it is now one of the worlds most expensive classic cars.It is considered by some to be the greatest supercar ever madeit held the world road speed record
198、 for 12 years.According to New World Wealths in-house indices,global classic car prices have risen by 84%over the past decade in US$terms,making this one of the best performing investment categories globally over this period.Notably,there are several other classic cars on our list that have also hel
199、d the world road speed record at some point,including:Mercedes Gullwing 300sl Aston Martin DB4 GT Lamborghini Miura Lamborghini Countach Porsche 959Ferrari 250 GTOUS$48mValue CarFerrari 250 California SpiderUS$16mPorsche 959US$2mYear1960s1950s1980sMcLaren F1US$20mValue CarFerrari F40Porsche 911 Turb
200、oUS$2mUS$0.15mFerrari 250 GT SWBUS$8mMercedes Gullwing 300slUS$1.6mFord GT40US$5mLamborghini MiuraAston Martin DB5Lamborghini CountachUS$1.5mUS$1mUS$0.5mAston Martin DB4 GTPorsche 911 Carrera RSUS$4mUS$0.4mYear1990s1980s1970s1960s1950s1960s1970s1960s1980s1960s1970s6970Africa Wealth Report 2022Spotli
201、ght on South AfricaSpotlight on top-end watchesThe top luxury brands in South AfricaOur top choices for 2022 include (in no particular order)Popular watch brands for South African HNWI collectors include the likes of Patek Philippe,Breguet,Vacheron Constantin and Audemars Piguet.Their prices range f
202、rom US$20,000 to well over US$1 million.These watchmakers specialize in handmade watches.They are mechanical(either self-winding or manual winding)as opposed to modern battery-operated watches.Their value comes not so much from the materials used to make them,but rather in the precision,expertise an
203、d time taken to individually construct each watch.Amazingly,one watch can take over a year to make.The South African luxury sector generates revenue of approximately US$2 billion a year,making it the largest luxury market in Africa by quite a substantial margin.Much of this revenue is generated from
204、 the sale of foreign brands such as Porsche and Louis Vuitton.There are also,however,some local brands supplying this sector.We recently reviewed the top local South African luxury brands for 2022 based on their reputation for quality and their popularity among HNWIs.SingitaSafari lodgesRobertson an
205、d Caine Boat builders&BeyondSafari lodgesShilton ReelsFishing reelsStrauss&Co.Fine art auctioneersRain Natural SkincareBody and skincare productsRatings criteria:These brands were selected based on their reputation for quality and their popularity among HNWIs.Winemakers and other top-end beverage pr
206、oducers are excluded from our ratings.Vacheron Constantin is considered the oldest watch making establishment in the worldit was founded in 1755.Patek Philippe,founded about 100 years later(in 1839),tends to achieve the highest prices,for both classic and new watches.A decade ago,wealthy South Afric
207、ans would need to order these watches through relevant retailers overseas or travel to places such as Bond Street in London to buy them.They can now,however,be purchased over the counter from a number of local jewelry and watch stores.7172Africa Wealth Report 2022Africa Wealth Report 2022The safety
208、levels in a country and the efficiency of the local police are probably the most critical factors in encouraging long-term wealth growth.Based on our latest safety index,the safest countries in Africa are Mauritius,Botswana and Namibia.Wealth figures,on the other hand,have none of these limitations,
209、making them a far more accurate gauge of the financial health of an economy than its GDP figures.In many developing countries a large portion of the GDP flows to the government and therefore has little impact on private wealth creation.GDP counts items multiple times(for instance,when someone is pai
210、d US$100 for a product or service,which they in turn use to pay for another product or service,the two transactions add US$200 to a countrys GDP,even though only the original US$100 were produced at the start).GDP ignores the efficiency of the local banking sector and stock market in retaining wealt
211、h in a country.GDP largely ignores the impact of property and stock market moves,yet these two factors clearly have an enormous impact on wealth.GDP is a fairly static measureit tends to move only slightly year on year and,as a result,is not a sufficiently true and comprehensive gauge of the perform
212、ance of an economy.High safety and securityGovernment tampering in the business sector creates large inefficiencies within an economy.Government-owned enterprises and parastatals can pose problems(as in the case of electricity utility Eskom in South Africa).Dubai and Singapore are examples of the po
213、wer that tax rates can have in encouraging business creationboth countries have very low tax rates.Barriers such as exchange controls inhibit wealth growth.The migration of HNWIs to a country helps build wealth,while HNWI migration from a country slows down the creation of wealth.Low level of govern
214、ment interventionLow income tax and company tax ratesEase of investmentWealth migrationEnsures that people invest and grow their wealth locally.A well-developed banking system and stock marketStrong economic growth is usually linked to wealth growth.Strong economic growth Zimbabwe stands out as a ca
215、se study of the consequences of taking away the legal ownership rights of individualsonce assets are stripped away they tend to devalue because potential purchasers become no longer willing to risk buying and/or investing in goods.Robust ownership rightsIt is important that major news outlets in a c
216、ountry are neutral and objective.A well-developed financial media is especially important because it helps to disseminate information to investors.South Africa,Mauritius and Kenya score strongly here.Media freedom Based on our research,the most important factors that encourage wealth growth in a cou
217、ntry include:We consider wealth to be a far better measure of the financial health of an economy than GDP.Reasons for this include:Drivers of wealth growthWealth versus GDP7374Africa Wealth Report 2022Africa Wealth Report 2022New World Wealth is a global wealth intelligence firm based in South Afric
218、a.We have been tracking the movements and spending habits of the worlds wealthiest people for over seven years.Our research covers 90 countries and 150 cities worldwide.We use a model to determine the wealth tiers in each country,with key inputs that include:Wealth data from our in-house HNWI databa
219、se Stock market statistics in each market Property statistics in each market Household income statistics in each market Household savings and household debt statistics in each marketThese metrics are combined in our model to calculate the total wealth held in each country and to calculate the number
220、 of people in each wealth tier.For the top wealth tiers(such as billionaires and centi-millionaires)we rely mainly on our in-house HNWI database.Our model also maps historical wealth growth trends in each country by considering:Currency movements versus the US$(note that all our statistics are in US
221、$terms)Stock market movements(in US$terms)Property price movements(in US$terms)It should be noted that the average HNWI worldwide has the bulk of their wealth tied up in residential property and equities,so large movements in these two segments impact heavily on the total private wealth held in a co
222、untry.We have a sample of over 150,000 HNWIs worldwide in our database.The database is focused on HNWIs with the following work titles:Director,Chairman,CEO,Founder and Partner.We do not give out the names of these individuals to anyone.We use this database purely for in-house statistical studies.We
223、 rely mainly on our in-house HNWI database for the demographic splits within each country(i.e.city,suburb and sector wealth breakdowns).For our city breakdowns,we also take into account public prime property statistics(property registers and property sales statistics)specifically,we look at the numb
224、er of highly-priced homes in each area.About New World WealthCountry wealth breakdownsHNWI databaseDemographic breakdownsResearch and methodologyFor more information on New World Wealth,call Wealth Analyst Andrew Amoils at +27 81 832 2185 or email Research and methodology7576Africa Wealth Report 202
225、2About Henley&PartnersAntigua and Barbuda+1 514 288 1997 Australia+61 3 8680 2525 Austria+43 1 361 6110 Bangladesh+880 9611 88 8647 Canada+1 514 288 1997 China+86 21 6137 3213 Cyprus+357 2531 1844 Dubai(UAE)+971 4 392 7722 Grenada+1 514 288 1997 Hong Kong+852 3101 4100 India+9122 6110 0780 Indonesia
226、+62 21 515 7649 Latvia+371 66 05 10 09 Malaysia+603 2731 9340 Malta+356 2138 7400 Montenegro +382 20 674 074 Nigeria+234 12 797 541 Pakistan+9221 3582 6264 Philippines+63 2 8669 2771 Portugal+351 213 970 977 Singapore+65 6438 7117 South Africa+27 21 850 0524 South Korea+82 2 2008 4664 Spain+34 93 12
227、2 2164 Sri Lanka+94 11 743 0207 St.Kitts and Nevis+1 514 288 1997 St.Lucia+1 514 288 1997 Switzerland+41 44 266 22 22 Thailand+662 126 8147 Turkey+90 212 373 9588 United Kingdom+44 207 823 1010 Vietnam+84 28 3827 1797 Henley&Partners is the global leader in residence and citizenship by investment.Ea
228、ch year,hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area.The firms highly qualified professionals work together as one team in over 35 offices worldwide.The firm also runs a leading government advisory practice that has raised more than USD 10 billion in foreign direct investment.Trusted by governments,the firm has been involved in strategic consulting and in the design,set-up,and operation of the worlds most successful residence and citizenship