Want to target Africa’s rich people? Here’s how the wealthy like to spend their cash – HNWI survey

If you want to make big money catering for the wealthy, pay close attention to what rich people like to do for fun – and you might spot a business opportunity. A new survey on popular pastimes among Africa’s high net worth individuals reveals that wildlife safaris are top of the list. Golf comes in second place, followed by cycling. Skiing is high on the list of regular must-dos, too. Collecting expensive toys and artefacts, meanwhile, is unsurprisingly on the list of HNWI hobbies – with cars, watches and art all on the list. What might surprise some is the amount of wealth you need to have to qualify as an HNWI. This particular report puts it at R14m, which would put many South Africans in this league if you consider what their homes are worth. If you want to hobnob with the rich, take a close look at where the wealthy like to hang out. The survey outlines some of the favoured hotels and resorts among Africa’s well-heeled, with hotels in Cape Town and Durban and the Lost City on the list. – Jackie Cameron

By Carin Smith

Cape Town – Wildlife safaris were the most popular pastime for high net worth individuals (HNWIs) in Africa in 2016, according to the AfrAsia Bank Africa 2017 Wealth Report published by New World Wealth.

In terms of the report HNWIs, also referred to as millionaires, are those individuals with wealth of $1m (about R14m) or more. They are a notch below the so-called multimillionaires, who, in terms of the report, have wealth of $10m or more.

Among the top 10 most popular hobbies of African HNWIs, golf came in second place, followed by cycling, art collecting, horses and tennis.

Skiing trips overseas clocked in at 7th place among the top 10 hobbies. It is followed by collecting cars, fly-fishing and collecting watches.

According to the report, cycling and car collecting have become more popular hobbies among HNWIs over the past few years.

At the same time, golf, tennis and horses have become less popular among African HNWIs.

As for the most popular hotels among Africa’s HNWIs, the 12 Apostles Hotel & Spa in Cape Town came out tops, followed by the Four Seasons Seychelles, the Lost City and Sun City, La Mamounia in Marrakesh, Morocco and the Beverly Hills in Umhlanga.

Their top five most popular safari lodges in 2016 were the Ngorongoro Crater Lodge in the Serengeti in Tanzania, followed by the Ngala Tented Camp and Savanna camp in the Kruger National Park, Royal Livingstone in Livingstone, Zambia and Cottar’s 1920s Safari Camp in the Masai Mara, Kenya.

Source: Fin24

Make Better Decisions. Start your Biznews Premium FREE TRIAL today.