SOUTH Africa has lost thousands dollar millionaires in the past year‚ reflecting the volatility of the rand-dollar exchange rate‚ according to a global wealth report released on Wednesday.
South Africa had 43‚000 dollar millionaires in 2013‚ compared with 47‚000 the year before‚ as measured by Credit Suisse’s global wealth report.
It finds that 62‚000 South Africans are members of the top 1% of global wealth holders.
"While indicative of considerable wealth at the top end‚ these numbers are down a little from last year‚ reflecting the fall in the exchange rate‚” Credit Suisse said.
Switzerland‚ Australia and Norway top the tables for wealth per adult.
Large emerging economies‚ including Brazil‚ China‚ Russia and South Africa‚ have seen improvements in the wealth ranking over the past decade due to relatively higher economic growth.
South Africa’s household wealth per adult "grew vigorously” before the 2008 financial crisis‚ tripling from $8‚400 in 2000 to $25‚800 in 2007.
Since 2007 progress has slowed‚ damped by the decline in the rand’s strength against the dollar.
The Credit Suisse Research Institute’s fourth annual report found that mid-2012 to mid-2013 aggregate global household wealth increased by 4.9% to $241-trillion.
The research analyses people who fall into the category of wealthy. It looked at 4.7-billion adults in 200 countries. © BDlive 2013