[1] Take Patrice Motsepe, a South African mining magnate worth $2.2 billion who was the first black African to join the Forbes billionaires list over a decade ago. The people around you will tell you that you're crazy. It has all sorts of interesting info including how many millionaires there are in the country (by income). statistic alerts) please log in with your personal account. As soon as this statistic is updated, you will immediately be notified via e-mail. Her fleet features a Mercedes-Benz G-Class, Lamborghini Urus, Lamborghini Huracan, Porsche Carrera GTS, and Mercedes-Benz AMG. Let's take a closer look at some of the statistics about millionaires by country and background. The table below ranks South African areas by total wealth. Even so, he thinks cars are a waste of money. The actress has a line of gin called I Am Khanyi. Aliko Dangote Aliko Dangote is the richest black billionaire, with a net worth of $14 billion (11.5 in 2021). Sevetri Wilson, 33, is the founder and CEO of technology startup Resilia, founder of strategic communications agency Solid Ground Innovations, and author of "Solid Ground: How I Built a 7-Figure Company at 22 with Zero Capital.". He has invested heavily in multiple industries. Learn to earn: Which SA universities have produced the most millionaires? (April 22, 2022). Visit her at, Fee-only vs. commission financial advisor, This article is part of Business Insider's "Inside the racial wealth gap" series. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). [1] In 2018, there was a record of 23 African billionaires on the list. An estimated. Copyright 2022 Maritz Publishing. In Africa, there is often a direct correlation between wealth and politics. At every income level even among the top 10% of earners white Americans' net worth is higher than that of Black Americans. Over 113 000 people fall into this bracket, with an average income of R1.32 million per person. "Number of high net worth individuals (HNWIs) in Africa as of 2021, by country." Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. This includes Sandton. Published by Jaco Maritz on 19 August 2013. The American dream is the main reason why, for centuries the United States of America has been the number one destination for generations of immigrants. Roughly 30% of the entire Black population was below the age of 20 and 11% were 65 or older. The businessman, investor, and banker is a multi-millionaire who lives a quiet life. Countries with the highest millionaire rate in 2021, Number of ultra high net worth individuals 2021, by region, Number of people with wealth over one million U.S dollars 2021, by country, Ranking of the 22 richest people in China as of 2022. About 14% of the U.S. population is Black or African American. Read more , according to the 2019 Global Wealth Report by Credit Suisse. Sipho Abednego Nkosi owns over 89,000 units of Tronox PLC stock worth. In, Henley & Partners. Around US$306 billion of this is held by HNWIs. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). In the second place, we have Cape Town with 6,900 high-net-worth individuals, 420 multi-millionaires, 25 centi-millionaires, and one billionaire living there. [Online]. Cyril Ramaphosa is one of the leading Black South African millionaires in 2023. A dollar tends to go father in Big Sky Country, too. Only seven of the United States' 614 billionaires are African American, Forbes' Billionaires List shows. The average millionaire is 57 years old. In 1994, he founded Worldwide African Investment Holdings. Dangote Group founder Aliko Dangote has topped the 2018 list. 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They come from all over the world, Europe, Asia, Latin America and Africa. Copyright Blue Sky Publications Ltd. All Rights Reserved. Get the latest tips you need to manage your money delivered to you biweekly. A well-developed stock exchange and financial services system. Koos Bekker billionaire (owner of Nasper), Giorgio Armanihas debuted a pop-up inside Just One Eye, the highly curatedLos Angelesboutique. Address: Regus Business Centre 1st Floor, Block B, North Park, Black River Park, 2 Fir Street, Observatory, Cape Town, 7925, South Africa Postal: Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican, PO Box 44354, Claremont, 7735, South Africa, United Kingdom Blue Sky Publications Ltd Company Registration Number: 04683692. When you break down the numbers, the inequities are even more depressing. But once I moved over to coaching, it was something I felt passionate about and it was easy to get to seven figures. He is also the chief executive officer of Seriti. Did you know South Africa has the highest number of millionaires compared to other African nations? If you are going to become a millionaire you have to take risks. By clicking Sign up, you agree to receive marketing emails from Insider But you have an end game, and you're willing to almost suffer for a short time so that you can have a big pay-off in the future. You are already subscribed to our newsletter! Currently, you are using a shared account. Shoprite, Wiese was executive director of Pepkor, a discount clothing chain his parents helped found. You can only download this statistic as a Premium user. Access your favorite topics in a personalized feed while you're on the go. According to the research there are currently around 17,300 South African millionaires from previously disadvantaged groups, which equates to 45% of South Africas total millionaire population. An estimated 2% of black households or 340,000 families have a net worth of more than $1 million. Once I had those people, that was enough to start to see some momentum. In addition to the continents billionaires, there are over 300 centi-millionaires living in Africa, each with net assets of $100 million or more, according to the most recent Africa Wealth Report. "Number of High Net worth Individuals (Hnwis) in Africa as of 2021, by Country. His fleet of vehicles includes two Land Rover Discoveries, four Range Rovers, two Audi Q7s, and three Audi A6s. Activists say there are 3 ways to protect communities. Register in seconds and access exclusive features. The latest African Wealth Report for 2022 that was published this week revealed that Johannesburg is in the lead with a whopping 840 multi-millionaires, 34 centi-millionaires, and two billionaires . ", Henley & Partners, Number of high net worth individuals (HNWIs) in Africa as of 2021, by country Statista, https://www.statista.com/statistics/1182842/number-of-high-net-worth-individuals-in-africa-by-country/ (last visited March 05, 2023), Number of high net worth individuals (HNWIs) in Africa as of 2021, by country [Graph], Henley & Partners, April 22, 2022. Plus, having a net worth of more than $1 million doesn't mean you're immune to stress or other concerns. As a Premium user you get access to background information and details about the release of this statistic. The average South African individual has net assets of US$12,900 (wealth per capita), which is the second highest level in Africa, behind. Now, the companys interests have diversified outside of the cotton trade to include automobiles and tobacco. He is worth $64 million. Nigeria, Africas most populous nation and largest oil producer, takes third place with 15,900 millionaires. In fact, about 80% of US millionaires worked for their money, with only 20% of millionaires inheriting their fortunes. Today the retail chain counts 700 stores, 80 of which opened in the 2018 financial year. Maritz Publishing disclaims all liability for any loss, damage, injury or expense however caused, arising from the use of, or reliance upon, in any manner, the information provided through this service and does not warrant the truth, accuracy or completeness of the information provided. Critics contend that, instead, it is proof of the continents pervasive wealth inequality and the growing chasm between extreme wealth and extreme poverty. In recent decades, the median net worth for white households has "far exceeded" that for Black households, according to the Brookings Institution, and the gap is only growing. Indeed, many fashion entrepreneurs on the continent have struck it rich in other sectors before deciding to try their luck in the fashion industry, and one popular connector to the industry is family. Net worth: $2.3 million. And according to several independent sources, that number is set to rise significantly over the next decade. Posts that attempt to bypass word filters will be deleted. In 2006, Kumba Coal, Kumba Resources Limited, and Eyesizwe Coal merged to form Exxaro Resources Limited. The business mogul is notoriously quiet about his private life, and details of his assets are scarce online. According to the source, total wealth "refers to the private wealth held by all the individuals living in a country including all their assets (property, cash, equities and business interests) less any liabilities". It may take you some years; it took me 14 years. It was unveiled on Thursday at a , Louis Vuittons watchmaking journey started in 2002 with the launch of the Tambour watch. She also owned Royal Eagles FC, a South African football club, but has since sold itS. Her fleet of cars features a Rolls-Royce Ghost, Ferrari 612 Scaglietti, Porsche Cayenne Turbo, and Maserati GranTurismo. He owns multiple properties, cars, and other assets in the country. Billionaires are individuals with wealth of one billion U.S. dollars and more. There is very little religious violence (when compared to countries like Nigeria). Sandile Shezi is recognised as the youngest millionaire in the country. From there, I went to build cash reserves of six months of living expenses. The top 5% of African Americans have 20 times more wealth. Second biggest in the millionaires category is the R2 million R5 million earners almost 29 000 of them and up by just over 200 year-on-year. There are 3,300 US$-millionaires in Namibia, 1,400 of which live in the capital Windhoek. Also, the Forbes provides daily net worth updates which reflects change by 5 PM ET of prior trading day.[5]. According to estimates, in the middle of 2021 there were 56 million people worldwide whose assets exceeded one million dollars, of whom nearly 40% lived in the United States. Total private wealth in Africa amounted to 2.1 trillion U.S. dollars in 2021. Unsurprisingly, the continent's largest economy, South Africa, dominates the list with a total of 48,800 millionaires. Number of high net worth individuals (HNWIs) in Africa as of 2021, by country [Graph]. South Africa Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. A paid subscription is required for full access. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The code has been copied to your clipboard. Gentrification doesn't have to force minority residents out of their homes. Being in the construction industry means she has invested in properties and is among the richest property moguls in South Africa. Seriti is a South African mining company co-owned by four anchor shareholders: Masimong Group, Zungu Investments, Thebe Investments, and Community Investment Holdings (CIH). Many African millionaires have also bought second residences in South Africa, which they use for business and holiday purpose, New World Wealth said. Although the bulk of Femi Otedolas fortune (worth $1.8 billion in 2016 but reportedly on the decline since) comes from his oil ventures, Otedolas wife, Nana Otedola, founded Garment Care Limited, a popular dry cleaning company in Nigeria. Their youngest daughter, Temi, is now making a name for herself in fashion as a blogger under the initials J.T.O. You are born with innate, natural talent. Elon Musk, the founder of Tesla and SpaceX, comes in second with $139.9 billion. The American dream is the main reason why, for centuries the United States of America has been the number one destination for generations of immigrants. After a series of acquisitions and mergers, he formed FirstRand Bank, one of the leading financial institutions in South Africa. VOAs Arzouma Kompaore gives us a closer look at these African immigrants who are transforming their lives in America. 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April 22, 2022. Interestingly, Angola ranks fifth with 6,400 millionaires. Born and brought up on the streets of Umlazi in the North of Durban, Sandile Shezi is very interesting to story to tell, not only because . But when her fathers successor the new president Joo Loureno took over, he promised to tackle corruption and family monopolies, and Isabel Dos Santoss diamond exploration licenses were reportedly revoked last year. Centimillionaires are individuals with wealth of 100 million U.S. dollars and more. Dangote Group founder Aliko Dangote has topped the 2018 list. How many multi-millionaires live in South Africa? Rich white millionaires are fleeing South Africa, Most whites in SA still earn 6 times more than blacks, Black vs white millionaires in South Africa. You can't leave your future in the hands of others. He is the founder of Shanduka Group, an investment firm with interests in multiple industries. Some politicians have been the biggest profiteers of the continents resources or have used their power to stop others from accruing wealth. Terms apply to offers listed on this page. Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list. The groups reach across the continent is impressive. Register in seconds and access exclusive features. Accessed March 05, 2023. https://www.statista.com/statistics/1182842/number-of-high-net-worth-individuals-in-africa-by-country/, Henley & Partners. The gap is even wider when we look at Black and white Americans. Every year, the South African Revenue Service (SARS) publishes data on the tax revenue it collects. April 22, 2022. My parents died at a very young age, and unlike many, I did not inherit anything. Multimillionaires are individuals with wealth of 10 million U.S. dollars and more. When political connections end, it can often be fast and abrupt leaving once chummy cronies shut out and in the cold. You have to take risks. So how can we build wealth in our current environment? In a nutshell, blacks in the top 1% have over 70 times more wealth than the average black family. He also founded Tiso Blackstar Group, a media company. Read our editorial standards. Countries with the highest millionaire rate in 2021, Number of ultra high net worth individuals 2021, by region, Number of people with wealth over one million U.S dollars 2021, by country, Ranking of the 22 richest people in China as of 2022. The cheapest vehicles in the country offer comfort and convenience without emptying your bank account. But we don't always discuss money openly in America. Still, the luxury sector in Africa generated an estimated $6.1 billion in revenue in 2018, with South Africa, Kenya and Nigeria as the top three contributors, according to the most recent Africa Wealth Report by Johannesburg-based New World Wealth and Mauritius-based AfrAsia Bank. Take Patrice Motsepe, a South African mining magnate worth $2.2 billion who was the first black African to join the Forbes billionaires list over a decade ago. He is the fifth democratically elected president of the Republic of South Africa. He sits on the board of the firm with other family members. A large free media which helps disseminate reliable information to investors. By using this site you agree with our privacy and cookie policy. Over a third of the U.S. Black population (35%) was 22 years or younger in 2019. Here's a list of the handful of African . Nkosi is a wealthy businessman from KwaZulu Natal. Lauritz (Laurie) Dippenaar has invested in financial services. You need at least a Starter Account to use this feature. Most of the time, fashion is just another way of investing and branching out to other territories, saysJamila Halfichi, the Moroccan-born fashion editor of pan-Arab newspaper Asharq Alawsat. There are 15 black billionaires in the world and we just highlighted the top 10. The publisher's permission is required to reproduce the contents in any form. In fact, the report notes that the level of wealth inequality "is high, both within countries and for the world as a whole.". After completing her studies, she started a construction company called Zikhulise Group. There are over 39 thousand South African millionaires in 2023. All Rights Reserved. Khanyisile Mbau, alias Khanyi Mbau, is one of the self-made millionaires in South Africa. All three of the current generation of the Mansour brothers Mohamed, Youssef and Yasseen are billionaires in their own right on this years Forbes list. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. Please help update this article to reflect recent events or newly available information. Learn more about how Statista can support your business. Finding work that you feel naturally drawn to. Tap into that. South Africas fashion billionaires are not limited to octogenarians and brick-and-mortar scions. Its Pep stores sell 55 percent of all school wear in South Africa, and distribute fashion merchandise to over 2200 stores including outlets in other African markets like Angola, Malawi, Mozambique, Uganda and Zambia. Experts say that luxury is a challenging sector for Africans to build a fortune. There's a certain level of discipline required. As of 2022, here are the world's 15 Black billionaires: 1. The median age of Black people in 2019 was 32, six years younger than the U.S. population's median age of 38.