Finweek has this week tried to answer one of those questions marketers and agencies all like to ask: Who are South Africa’s wealthy elite, what is their buying power and how are they spending their money?
This question is answered this week by Finweek lifestyle editor Leani Wessels in her cover story following a successful partnership with the Southern African Luxury Association (SALA) for their initial wealth summit in Sandton last week.
“With a lot of foreign money coming into South Africa, there has been an explosion of wealth in the country and we now have approximately 71 000 dollar millionaires here. This figure is expected to triple in the next five years,” says Finweek editor, Marc Ashton.
He adds that there is a lot of interest in this segment of the economy but very little hard data. To this end Finweek is partnering with SALA to produce South Africa’s first wealth report with in-depth research on the sector, marketing trends and an outlook for the next five to ten years. This report is expected to be released in June 2012.