Billionaires are paying the big bucks to stay in one of South Africa’s biggest cities.
According to the latest Centi-Millionaire Report 2023 by Henley & Partners and New World Wealth, there are currently 28,420 centi-millionaires – those with investable assets ofThis is more than double the amount from 20 years ago and a 12% increase from last year’s inaugural report.
One-third of the world’s centi-millionaires live in 50 key cities across the globe, with nearly 800 calling New York City home. “Not long ago, in the late 1990s, $30 million was considered by most banks as the fortune that was needed to meet this status. However, asset prices have risen significantly since then, making $100 million the new benchmark,” Steffen said.
Hermanus and Plettenberg Bay are tied for the second most expensive areas for centi-millionaires in Africa at $2,200/sqm
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