While the rich still prefer SA, African countries are catching up
Cape Town – In spite of the current economic challenges, South Africa is still an attractive destination for wealthy individuals on the African continent and other global markets, according to Eric Enslin, CEO of FNB Private Wealth.
Enslin said on Wednesday that evidence of South Africa’s standing among wealthy individuals can be seen in the findings of the Africa 2016 Wealth Report, which found that the country is still the preferred private banking hub among the continent’s high net worth individuals (HNWI).
“This may come as a surprise in light of our seemingly deteriorating economic fortunes; however, South Africa remains a sophisticated market in comparison to most areas in the region.
We have a world-class financial services sector that is strictly regulated and provides a greater degree of financial security for high net worth individuals.
“That said, there’s no room to get comfortable, especially after suddenly becoming the third-largest economy in Africa, losing our leading position to Nigeria and Egypt respectively.