The number of new millionaires living in Cape Town will increase by 85% in 2033, making it one of the fastest growing wealth centers among the BRICS countries. (Photo by Peter Adams/Avalon/Universal Images Group, Getty Images)
CApetown is projected to become the fourth fastest growing city in per capita wealth among BRICS states, according to new insights from Henley & Partners (H&P).
The city is expected to have 6,100 millionaires over the next 10 years, up from the current 7,400, representing an 85% increase.
“Currently benefiting from the ongoing 'migration' of large numbers of wealthy individuals.” [high-net-worth individuals] and other parts of South Africa (particularly Johannesburg and Pretoria),” H&P notes in its inaugural Brics Wealth Report.
“It is also becoming a popular retirement destination for wealthy people relocating from Africa, Europe, Russia and the UK. Cape Town is predicted to be home to more than 13,500 millionaires by 2033. It has been.”
The report attributes Cape Town's impressive performance to its strong tourism sector, its status as a regional technology hub, and its attractive lifestyle and climate.
Cape Town is home to some of the most affluent suburbs in the world, including Bantry Bay, Bishopscote, Camps Bay, Clifton, Constantia, Fresnay, Llandudno and St. James, where luxury properties sell for more than $10 million. Sometimes it is done.
The city has a vibrant cultural and creative scene, hosting events such as the Design Indaba and the Cape Town Art Fair.
The Brics Wealth Report further reveals that an increasing number of South Africans are choosing to acquire citizenship by investment to gain the freedom to travel.
In 2023, demand for investment migration programs increased by 43% year-on-year, with South Africans ranking among the top 10 applicants and inquirers globally.
Portugal was the most popular destination for South African investors, followed by St. Kitts and Nevis, St. Lucia and Dominica. Portugal, Mauritius, Namibia and Greece also received high interest from South African enquirers.
Outside of Cape Town, the report ranks Saudi Arabia's capital Riyadh as the fastest growing wealth center among the BRICS countries, with the billionaire population expected to grow from 18,200 in 2023 to 2033. It is expected to increase by 90% to 35,000 people. .
Riyadh was followed by Bengaluru, India, with a 125% increase from 13,200 to 30,000, and Jeddah, Saudi Arabia, with a 100% increase from 7,500 to 15,000. Sharjah in the United Arab Emirates came in fifth place. , an increase of 120% from 4 100 to 9 000.
According to H&P statistics, the total amount of investable assets currently held in the BRICS bloc is $45 trillion, and its billionaire population is expected to grow by 85% over the next decade.
“Currently, there are 1.6 million individuals in a group of the world's major emerging economies with investable assets of $1 million or more, including 4,716 centimillionaires or 'centis' (investable assets). Includes 549 millionaires (over $100 million). ” says Brics Wealth. Report status. — Torimogatari Agency
