Wealth Advisory Newsletter

The richest people in South Africa in 2024 – including one who lost R19bn

South Africa’'s wealthiest individuals saw fluctuations in their net worth. Johann Rupert maintained the top spot despite a  $1 billion (R19 billion) decline in his net worth followed by Nicky Oppenheimer ($8.5 billion) in second and Patrice Motsepe ($3.1 billion) in third place. Motsepe regained his third position in the ranking with his wealth increasing by $800 million (R15 billion). Motsepe replaced media tycoon Koos Bekker ($2.8 billion) and Capitec founder Michiel le Roux ($1.6 billion), reports BusinessTech.

Rising interest in SA’s luxury property: Pam Golding

South Africa’s luxury, high-end residential property market is experiencing elevated interest among both international and local high-net-worth buyers regardless of global uncertainty. Interest is most notably in sought-after locations around the country, says Andrew Golding, chief executive of the Pam Golding Property group, reports Bizcommunity.

SARS is eyeing South African bank accounts

The South African Revenue Service (SARS) is fortifying revenue collection efforts by comparing declared income with bank deposits, leading to estimated assessments and penalties for discrepancies among individual taxpayers. SARS is using advanced technology like AI and machine learning, and aims to streamline tax compliance while targeting deliberate non-compliance, reports BusinessTech.

Cape Town the most expensive city in Africa

According to the ninth Africa Wealth Report 2024 by Henley & Partners, Cape Town is the most expensive city in Africa, followed by Grand Baie in Mauritius, Plettenberg Bay, Hermanus, and Morocco’s Marrakech. Cape Town continues to lead the way in this regard, with prime residential spaces valued at $5,600/m²  (R107 065/m²). , and South African cities continue to dominate, with over half of the top 10 (R107 065/m²). South African cities continue to dominate, with more than half of the top 10 located in the country, reports Daily Investor.

New driving licence cards for South Africa coming

New driving licence cards, featuring enhanced security like biometric data and holograms, are poised for release in South Africa. Printing is slated to start by the end of April, with initial batches of 100 cards per province expected shortly after. These cards will meet international standards and boast an extended validity period of eight years, reports BusinessTech .

PPS Wealth Advisory is a division of PPS, a licensed life insurer, controlling company and FSP.