South Africa HNWI population to grow 16 per cent by end of 2018, says WealthInsight
The number of high net-worth individuals (HNWIs) in South Africa is likely to grow by 16 per cent between now and the end of 2018, according to a report from WealthInsight.
In 2012, the number of high net worth individuals (HNWIs) in South Africa increased by 8.5 per cent; however in 2013 it decreased by 2.7 per cent and totalled 47,464.
As of 2013, the South African HNWIs held around USD 200 billion in wealth.
At the end of the same year, around 17.4 per cent (USD 35 billion) of the cumulative wealth of the South African HNWIs was held outside the borders of their homeland. In spite of unfavourable worldwide market conditions, the wealth management market in South Africa is witnessing rapid growth.
WealthInsight predicts that the number of HNWIs in South Africa is likely to grow by 16 per cent and reach 57,147 by the end of 2018.
Meanwhile, the combined wealth of the South African HNWIs is poised to grow by 31 per cent and is anticipated to amount to USD 281 billion by 2018.
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