The latest African Wealth Report for 2022 that was published earlier this week shows us what top-end classic cars are owned and held by South African millionaires, billionaires and High Net Worth Individuals – or HNWIs.
We already know by now that there is a whopping 840 multi-millionaires, 34 centi-millionaires, and two billionaires living in Johannesburg alone. This includes Sandton.
In Cape Town there are 6,900 high-net-worth individuals, 420 multi-millionaires, 25 centi-millionaires, and one billionaire living there.
Third place goes to Durban and Umhlanga with 3,700 high-net-worth individuals, 30 multi-millionaires and 11 centi-millionaires living on the south coast.
Let’s take a look at their toys and the things they like to spend money on:
According to New World Wealth’s in-house indices, global classic car prices have risen by 84% over the past decade in US$ terms, making this one of the best performing investment categories globally over this period. Notably, there are several other classic cars on our list that have also held the world road speed record at some point, including:
- Mercedes Gullwing 300sl
- Aston Martin DB4 GT ‘
- Lamborghini Miura
- Lamborghini Countach
- Porsche 959
Other popular items that they spend money on Top-end watches
According to the report, popular watch brands for South African HNWI collectors include the likes of Patek Philippe, Breguet, Vacheron Constantin, and Audemars Piguet.
These watches have a prices range from US$20,000 to well over US$1 million.
THESE WATCHES HAVE A PRICE RANGE TO WELL OVER US$1 MILLION
“These watchmakers specialize in handmade watches. They are mechanical (either self-winding or manual winding) as opposed to modern battery-operated watches.
“Their value comes not so much from the materials used to make them but rather from the precision, expertise, and time is taken to individually construct each watch. Amazingly, one watch can take over a year to make.”
The report furthermore said the South African luxury sector generates revenue of approximately US$2 billion a year, making it the largest luxury market in Africa by quite a substantial margin.
“Much of this revenue is generated from the sale of foreign brands such as Porsche and Louis Vuitton.
“There are also, however, some local brands supplying this sector. We recently reviewed the top local South African luxury brands for 2022 based on their reputation for quality and their popularity among HNWIs.”