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.
Armed with a cutting-edge technology platform, a well-established partner organisation and an expansion of M12 venture fund, Microsoft is ready to help Indian startups across the spectrum embrace the next phase of growth, Anant Maheshwari, President, Microsoft India, said here on Monday.
India, which saw a tremendous growth in the startup space in the last couple of years, is now witnessing a growth in the business-to-business (B2B) tech startups coming up with innovative ideas to deal with local problems.
“With our intelligent tech expertise, deep focus on trust and unique global go to market partnering, we empower unicorns and startups to scale sustainably at a global level,” said Maheshwari.
“We remain excited about India’s entrepreneurial startup potential and will continue to accelerate it as a growth engine for the economy,” he added.
India witnessed a dramatic rise of eight unicorns in 2018 from among the start-ups across verticals as against a mere nine in six years from 2011 till 2017, according to IT industry apex body Nasscom.
The start-ups joining the select club for their valuation over $1 billion are Oyo Rooms (hospitality), Zomato and Swiggy (food delivery), Udaan (retailer marketplace), Byju’s, (edu-tech), Paytm Mall (e-tail), Freshworks (software programmer) and Policybazaar (digital insurance).
Maheshwari said Microsoft is uniquely positioned to support Indian startups to achieve scale and evolve from market ready to enterprise ready.
The introduction of M12, Microsoft’s venture fund, in India in February is creating new value for startups, VCs and the company itself to maintain the pace and direction of innovation.
“M12 is looking at investing in innovators who have aligned their focus on cutting-edge technologies that better enable digital transformation. The portfolio development team at M12 is specifically built to help support and scale companies by leveraging the expansive resources of Microsoft,” said the company.
According to reports, venture capital investments in Indian tech business-to-business (B2B) start-ups have been trending upwards, with over $3.09 billion raised in equity funding across 415 deals in 2018 — 28 per cent more than $2.41 billion in 2017.