Steyn City comes out tops with the world’s wealthiest people favouring its luxury homes and beautiful parklands lifestyle
A joint study conducted by New World Wealth and Steyn City, a foremost luxury residential development in the country, reviewed the top factors attracting high-net-worth individuals (HNWI) to South Africa. But, what do they especially look for when it comes to choosing a home? Top-end estates and apartments were key considerations in the study, and with Steyn City’s state-of-the-art homes and expansive parklands, it was little wonder it ranked a favoured choice for the wealthy who want to relocate to South Africa.
South Africa as an HNWI destination
South Africa is home to over twice as many millionaires as any other African country. The country ranks 30th in the world by this measure, ahead of major economies such as Greece, Portugal and Turkey. Currently, there are just over 35,000 HNWIs living in South Africa (as at September 2020).
Aspects that attract HNWIs to South Africa include:
- Lifestyle benefits: weather, beaches and scenery
- A large free media which helps disseminate reliable information to investors (This sets South Africa apart from most other emerging markets worldwide.)
- One of the 20 biggest stock exchanges in the world (by market cap)
- A well-developed banking system and large fund management sector
- Hub for doing business in the rest of Africa
- Luxury food stores such as Woolworths, which appeal to wealthy consumers
- Exclusive areas such as Umhlanga Rocks and the Atlantic Seaboard in Cape Town
- Good transport infrastructure
- World-class shopping centres such as Gateway, Sandton City and the V&A Waterfront
- Top-end estates and apartments. SA is a global pioneer in estate living and is home too many of the world’s best lifestyle estates. New World Wealth estimates that over 45% of South African HNWIs either live or have homes on estates. An additional 30% have homes in luxury apartment blocks – which have been the fastest growing residential segment in SA over the past 20 years in terms of price growth.
South Africa’s wealth stats as at September 2020
(according to the wealth tier definitions below)
- Approximately 680,000 mass affluent individuals live in South Africa, each with net assets of ±R1,5m or more.
- Approximately 35,000 millionaires (HNWIs) live in South Africa, each with net assets of ±R15m or more. Most of these HNWIs are based in Johannesburg (Sandton especially), Cape Town, Umhlanga and Pretoria.
- Approximately 1,800 multi-millionaires are living in South Africa, each with net assets of ±R150m or more.
- There are 86 centi-millionaires living in South Africa, each with net assets of ±R1,5bn or more.
- Five billionaires live in South Africa, each with net assets of ±R15bn or more.
Note: “Wealth” refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests), less any liabilities.
How Steyn City matches HNWI expectations
Steyn City is a luxury residential lifestyle resort situated north of Fourways in Johannesburg. It stretches across 2,000 acres of indigenous parkland, ensuring that every resident has a sprawling back garden to explore.
Steyn City residents have access to a wide array of amenities and world-class facilities, which include kilometres of running and cycling track, outdoor yoga centres, a fully equipped gym, resort pools, aquatic centre, several restaurants, a world class equestrian centre, and a Jack Nicklaus championship golf course with award winning clubhouse. On top of this, the development offers a forward thinking educational campus and outstanding office premises.
All of this makes Steyn City an obvious choice for people relocating to South Africa. The development offers all that a family or even executive could possibly need, from excellent infrastructure to a highly esteemed school – all within a safe and secure setting. At a time when many people are reconsidering their location, and while remote working means they are no longer bound to an address close to their workplace, Steyn City stands out as a destination that makes it possible for residents to enjoy vacation-style tranquillity, just minutes from the city.
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