Wealth Advisory Newsletter

Saudi Arabia and three others now full BRICS members

South Africa’s foreign minister, Naledi Pandor, announced in February 2024 that Saudi Arabia, along with four other countries (Iran, Egypt, Ethiopia and the United Arab Emirates), have accepted the invitation to join the BRICS club of nations. Russia, set to assume the chairmanship from South Africa, has received interest from 34 countries wanting to join. Argentina, however, has declined its successful application to become a full member, reports News24.

Cape Town to drive SA’s wealth by 60% over the next 10 years

Cape Town is attracting large numbers of high-net-wealth individuals from other South African cities while it has also become a popular destination for wealthy individuals from elsewhere across Africa, Europe, Russia and the UK, the BRICS Wealth Report showed in January 2024. This was expected to drive growth in South Africa’s wealth by about 60% over the next 10 years, reports Business Report.

New bank for South Africa steps closer to launch

The Young Women in Business Network (YWBN) says it has taken a major step forward to opening its doors in South Africa as a mutual bank, having now received its mutual banking licence from the South African Reserve Bank’s Prudential Authority. On 30 January 2024, the YWBN said it has now been granted a mutual banking licence – and it would move forward participating “fully and equally” in the financial services sector as a mutual bank. “This is officially, in the history of South Africa, the first majority women-owned bank,” said managing director, Nthabeleng Likotsi, reports BusinessTech.

South Africa said to have lost 9 000 dollar millionaires

The latest BRICS Wealth Report for 2023 shows that South Africa has lost thousands of dollar millionaires over the last ten years – ranking near the bottom of the top BRICS+ countries assessed. The report highlighted that South Africa was home to 37 400 dollar millionaires (including 102 millionnaires with more than $100 million and five dollar billionaires) at the end of 2023 – a 20% decline from 2013. This means South Africa has lost approximately 9 350 dollar millionaires over the past ten years, reports BusinessTech.

Toyota confident of improvements in energy and logistics

Toyota South Africa Motors (TSAM) expresses confidence in the private sector’s support for the government in improving energy stability and the transportation logistics environment. Despite this optimism, TSAM’s president and CEO, Andrew Kirby, expects minimal growth in new vehicle sales due to uncertainties related to the upcoming general election, as well as other structural issues such as high interest rates, inflation, and low GDP growth in the country in 2024., reports Moneyweb.