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CHRIS GILMOUR: Rich get richer as JSE rises and professional services grow
After reviewing the latest SA Wealth Report from AfrAsia Bank and New World Wealth, I admit to feeling rather inadequate. I do not own a yacht, nor a Patek Philippe wristwatch, my home is not in Clifton where properties can cost up to R90,000/m², there is no Irma Stern painting on the wall, and I am not getting around in a Range Rover Vogue. These are all lifestyle features of SA’s uber wealthy, and sadly I am lacking.
SA, the world’s 34th-largest economy by GDP, is ranked the 31st-wealthiest country, with total private wealth of $649bn in 2018. This is $11,500 on a net asset per capita basis, compared with a $27,000 worldwide average.