Despite a challenging past decade, South Africa is still home to over twice as many high-net-worth individuals as any other African country, notes the report.
The number of ultra-high-net-worth individuals (UHNWIs) grew substantially across the globe over the last two years, although the opposite is true for South Africa.
Many of the country’s wealthiest citizens watched their net worths soar over the past 12 months, despite the economic havoc caused by the COVID-19 pandemic.