A study has revealed that South Africa is the favoured country in Africa for millionaires. There are over 35,000 millionaires living in South Africa according to senior analyst at New World, Andrew Amoils.

Do you fit into the millionaire category? If you have assets exceeding R9,5 million or $1 million then yes, you do. But those assets do not include your primary residence. There are 23,400 millionaires that call Johannesburg home with the majority residing in Sandton, while only 12,300 millionaires are currently living in Cairo. Cape Town came in fourth place with 9,000 millionaires.

Of Africa’s 16 billionaires, South Africa is home to four of them. Shoprite’s executive director Christo Wiese is worth $2,65 billion, and mining magnate Patrice Motsepe is worth $2,7 billion.

Amoils said:

It is the second-largest economy of any city in Africa. Cairo ranks above it, but it has a number of social economic problems that Joburg does not face.

[Source: iOL]