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In which suburbs do most of Cape Town's ultra-rich live?

If you thought that the highest concentration of mega-rich Capetonians live on the Atlantic Seaboard, you would be wrong.

According to a new study, the highest number of super wealthy residents actually live in Higgovale, Green Point, Oranjezicht, Tamboerskloof and the Waterfront Marina.

The London-based global wealth consultancy Wealth Insight released a worldwide study on Ultra-High Net Worth Individuals (UHNWIs) and where they live.

The SA leg of the study revealed that central Cape Town is home to the city's highest proportion of UHNWIs, at 17 percent.

To qualify as a UNHWI you must be worth more than $30 million (about R252m). Cape Town clocked up 103 UNWHIs, while Johannesburg was nearly double that at 261. The head count for the City Bowl was 17.

Cape Chamber of Commerce president Michael Bagraim said it makes sense that central Cape Town would have the wealthiest individuals.

"City Bowl holds the majority of old money, and people who have established wealth stay there," said Bagraim.

"We tend to think Camps Bay has it all, mainly because of the prices around this area, but you cannot equate the prices of houses to wealth. City Bowl harbours wealthy families that have been around for more than a century or so," he said.

Camps Bay, which has the largest number of SA homes worth more than R20m, is in second place after the City Bowl.

Seeff Atlantic Seaboard managing director Ian Slot said Camps Bay attracts a diverse range of buyers from Europe, America, Scandinavia and North Africa.

"But more than 90 percent of the buyers have been locals. These include buyers from Johannesburg and Pretoria and a few from KZN who have mostly invested in homes here," he said.

Clifton is the most expensive residential area in SA, with the highest number of houses worth more than R50m.

The wealth consultancy said Clifton and Bantry Bay in particular are hotspots for wealthy foreign billionaires and centimillionaires, who own some of the largest properties in these areas, although these individuals are not included in their count as they are based in other countries.

"Other wealthy Cape Town areas with more than one UHNWI include: Hout Bay, Newlands, Upper Claremont, Kalk Bay and Simon's Town," said Wealth Insight analyst Andrew Amoils.

The wealthiest suburb in Johannesburg is Sandhurst, which accounts for 36 UHNWIs. Sandton is home to more than half of Johannesburg's ultra-wealthy. Most companies moved their head offices to Sandton following a spike in crime in Johannesburg's CBD between 1990 and 2000. Home to the Johannesburg Stock Exchange (JSE), the area is now the banking and wealth centre of SA.

(Cape Times)


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