A new report reveals the richest cities in the world according to total wealth held, and the number of millionaires and billionaires who reside there.
The World Cities Review 2016: The wealthiest cities in the world – report, published by New World Wealth also includes figures for South Africa’s wealthiest cities, namely Johannesburg, Cape Town and Durban.
Total wealth held worldwide amounts to US$185 trillion (as of June 2016). Planet Earth is home to approximately 13,300,000 millionaires and 1,940 billionaires in total, NWW said.
Total wealth held in South Africa meanwhile, amounts to US$580 billion (as of June 2016). The country is home to 40,400 millionaires and seven billionaires in total.
Total wealth held in Johannesburg amounts to US$243 billion, and is home to 17,600 dollar millionaires and two dollar billionaires, NWW said.
Total wealth refers to the private wealth held by all the individuals in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures.
According to New World Wealth, major sectors in the city include: financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms and basic materials.
For Cape Town, total wealth held in the city amounts to US$130 billion. The coastal city is home to 7,400 dollar millionaires and two billionaires.
Major sectors in the city include: real estate, financial services (fund management), retail and tourism.
Total wealth held in Durban amounts to US$45 billion, while it is home to 2,700 millionaires and has one billionaire.
Major sectors in the city include: healthcare, construction, retail and transport, NWW said.
Total wealth held in Pretoria amounts to US$42 billion and the capital city is home to 2,600 millionaires.
Major sectors in the city include: basic materials, manufacturing and financial services.
New World Wealth also highlighted emerging wealth areas in South Africa:
- Paarl, Franschoek and Stellenbosch: Total wealth of US$40 billion, and 2,500 millionaires.
- Garden Route: Total wealth of US$38 billion, and 2,500 millionaires.
Richest areas in South Africa
Top 10 richest cities in the world