New World South African Wealth Report 2015: Indians steal the show

By NewsGram Staff Writer

According to the New World South African Wealth Report for 2015, the South-African Indians lead the rise in the number of millionaires in the country with other communities.

The Indians were among the 9% of the total South Africans who were in the new list of millionaires.

The report also said that the coastal city of Durban where half of the population comprises of Indians had shown the fastest growth in the past year. The posh areas of La Lucia and Umhlanga of Durban has seen a huge influx of Indians in the recent years, and according to the report , these two areas had shown the maximum growth in the country.

Most of the millionaires had attained their status through the financial services, telecoms and healthcare sector.

The recent rise in Indians and other communities is due to Government's Black Economic Empowerment Programs (BEE), which was implemented in 2003.

BEE gives advantages to previously disempowered communities, which includes Indians and other minority communities. Previously advantaged white South Africans saw a decrease of 13 per cent in millionaires, said an economic advisor.

The report also said that there would be a significant growth of the Indians and other minority communities in the next three years despite economic growth in South Africa being constrained by the current electricity crisis, increasing trade union involvement and a rising level of government regulation.