The number of high net worth individuals in South Africa swelled by almost one-fifth (17.9 per cent) between 2007 and 2011 to reach 44,700, representing the largest country in Africa in terms of HNW population, new research shows.

According to the report from WealthInsight, South Africa - The Future of HNWIs to 2016: The Rise of African Wealth, the country's HNW populace has a combined wealth of $188 billion, which accounts for approximately 27 per cent of South Africa's $740 billion in total individual wealth.

Unsurprisingly, HNW individual wealth also rose during the 2007-2011 review period - by 15.2 per cent. This was “positively influenced by a strong local property market, high savings rates and a significant appreciation of the South African rand against the US dollar”, the firm said. 

The findings also reveal that 20 per cent of South Africa's HNW wealth is held offshore, mostly in the UK, Switzerland and the Channel Islands.