A new assortment of global super-rich is pouring into South Africa. They’re not only driving up the price of real estate, they are also driving the world’s best supercars, which would make even Sebastian Vettel jealous. CEO of IBV Supercar Club, Ashok Sewnarain, has watched the clientele of his supercar club grow during the past year and here is what he found.
Compared to five or six years ago there has been definitely a large number of people entering the luxury car or supercar market. The upper middle class and High Net Worth Individuals are really dominating this market.
The growth in the ownership of supercars in South Africa brings about the introduction of supercar clubs like the IBV Supercar Club. Supercar club membership offers the opportunity to meet and network with like-minded individuals who share a common passion for supercars. Members also have the opportunity to explore the boundaries of their vehicles through track day experiences and advanced driving courses.
The number of dollar millionaires in Africa is exploding; South Africa is now home to 48,700 millionaires – the biggest number in the region – followed by Nigeria with 15,700. The number of billionaires in Africa could also burgeon by 117% over the next 10 years. Furthermore, South Africa in particular has a disproportionate number of rich citizens – with 10% of the population accounting for over half of the country’s wealth.
In the first quarter of 2013 alone 71 new Ferraris, 19 new Maseratis and 1,035 new Porsches were sold in South Africa, according to the National Association of Automobile Manufacturers of South Africa (NAAMSA).
