Nearly half of South Africa's 200,000 high net worth individuals are black, according to research by the republic’s First National Bank. The research shows that wealthy South Africans are not "old, white retirees" but that 74 per cent are business owners, 58 per cent are under the age of 45, and 45 per cent are black". And black South Africans are the fastest growing group of wealthy individuals, according to the report. The research was revealed at the launch of FNB's private clients facility for the Northern region of South Africa, which includes Pretoria, Polokwane and Tzaneen in Limpopo province, and Nelspruit and Secunda in Mpumalanga. FNB Private Clients targets people with an annual income of R750000 ($100,000) upwards or investible assets of R1 million or more.