SA’s super-rich don’t shy away from luxury brands, be they super cars‚ private jets, watches‚ alcohol or clothing. The newly released results of a New World Wealth and AfrAsia Bank study show that the country’s luxury brand market stood at $2.3bn in 2016. Although the figures show a drop in revenue from 2015 to 2016 from $2.4bn‚ SA still tops other African countries such as Kenya‚ Nigeria and Angola when it comes to luxury sales. According to the research‚ the top selling luxury car for 2016 in SA was Porsche‚ followed by Ferrari‚ Bentley‚ Rolls Royce‚ Maserati‚ Aston Martin‚ Lamborghini and McLaren. Porsche was also popular in Kenya‚ Egypt‚ Nigeria‚ Angola‚ Mauritius and Morocco. "Luxury SUVs are especially popular with Africa’s super-rich. Reasons for their popularity include high road clearance‚ safety aspects and being useful for holidays‚" said Suneeta Motala, of AfrAsia Bank. When it comes to exclusive liquor labels‚ Africa’s wealthy‚ including South Africans‚ were increasingl...
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