KZN’s wealthiest areas identified
South Africa's high net worth individuals (HNWI) are protecting their wealth amid the coronavirus pandemic.
Elite Risk Acceptances, who specialises in underwriting in the country "for a number of South Africa's prominent HNWI", says they are expecting to meet their 2020 target despite the pandemic.
"We are already ahead of budget and expect to easily exceed our R250 million premium target for 2020," says Managing Director Christelle Colman.
According to New World Wealth's 2020 SA Wealth Report, there are 38 400 millionaires in the county. Of which, 2 030 are multimillionaires and 92 own assets worth $100 million more.
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Their combined net worth amounts to $636 billion of which $56 billion is based in Durban, Umhlanga, La Lucia and Ballito.
The wealthy have, however, snubbed investing in real estate.
According to the report's asset allocation trends over the past decade, South Africa's wealthy are now investing in equities and alternatives.
"The average South African HNWI currently holds around 20% of their wealth offshore. This compares to 14% a decade ago. Popular foreign investments for SA HNWIs include: US ETFs, US$ cash and UK second homes," the report read.
