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It’s nice up there in Umhlanga and Ballito, hey?

Evidently, South Africa’s High Net Worth Individuals (HNWIs) think so, because a new report by wealth intelligence firm New World Wealth and AfrAsia Bank shows that HNWIs are flocking to Durban’s North Coast.

A HNWI is defined as someone with a net worth of $1 million (around R14,3 million) or more.

The same report shows that over the past decade, Umhlanga and Ballito are two of the country’s fastest-growing towns, in terms of wealth growth.

More from Property24:

“The apartments on Lagoon Drive in Umhlanga are some of the most exclusive in South Africa, with notable top-end complexes include the Pearls, Edge of the Sea and the Bermudas.”

The latest property listings on Property24 show that two- and three-bedroom homes are most widely available. Some 39% of buyers interested in making KwaZulu-Natal their home are below the age of 49-years. While sellers in the area fall within the 50-64 years (33%) and 65-year and older (30%) age group.

If we look at Africa as a whole, Jozi and Cape Town stand out for the total wealth, whilst Cairo pips Cape Town into second place for total number of HNWIs:

Image: New World Wealth

AfrAsia Bank says that most of Jozi’s wealth can be found in Sandton, where you’ll find the JSE and head offices of some of the continent’s biggest corporates.

It’s not just the North Coast that is proving attractive to HNWIs, with the New World Wealth report showing growth in Paarl, Franschhoek, and Stellenbosch.

In particular, exclusive residential estates like Val de Vie, De Zalze, and Domaine des Anges have proven popular.

There’s also the overseas pull, with an estimated 4 200 dollar millionaires having left South Africa since 2010, with the US, UK, and Australia the most popular destinations.

[source:property24]