Wealth boom in uMhlanga

DURBAN, or more specifically uMhlanga and La Lucia, have become popular hubs for the rich. This is according to the findings of the South Africa 2015 Wealth Report.

The report showed that the number of millionaires – individuals with a nett asset of R12-million or more, has increased in Durban by 200 per cent since 2000.

What’s more, said analyst, Andrew Amoils, was that many previously disadvantage individuals were leading the pack, and that the growth can be attributed to the development within the area.

“uMhlanga has especially become a business hub for wealthy people since the development of big attractions such as the Gateway shopping centre and The Pearls of uMhlanga. The area has always had a good reputation among the wealthy, and while many of the  high nett worth individuals are retirees who have relocated from Johannesburg, for example, others are entrepreneurs who start a lot of companies,” he explained.

This growth surge is expected to encourage the formation of additional businesses and job creation, he added. “I believe it will also have a positive impact on surrounding areas, as the individuals will be able able to spend money on luxury goods and services,” he said.

While the city has shown the fastest growth in terms of wealth within South Africa over the last 14 years, it is still way behind Johannesburg and Cape Town. “We expect that the city will continue to be a top-performing city in terms of wealth growth in the future,” he said.