CLASSY BUT COSTLY: A model wears a suit by Ermenegildo Zegna
Even in Africa millionaires are splashing out, new survey reveals
THERE is no cash crisis in Africa. That is according to the spending habits of African millionaires who are sparing no expense when it comes to their clothing, accessories, cars and luxury watches.
A new survey by Johannesburg-based New World Wealth found that the continent’s super rich, including South Africa’s dollar millionaires, are splurging on the world’s most expensive labels like Ermenegildo Zegna, Paul Smith, Hugo Boss, Louis Vuitton, Hermes, Gucci and Prada.
Eight-hundred high net worth individuals from South Africa, Kenya, Nigeria, Ghana, Zambia, Angola and Mozambique were asked to rate their favourite brands and makes of cars, based on exclusivity, quality and reputation.
The survey does not reveal the identities of those surveyed.
Luxury Italian fashion house Ermenegildo Zegna, where a tailored suit can cost over R90 000, has emerged as the top-rated men’s clothing brand, followed by Paul Smith and Hugo Boss.
For women, Louis Vuitton handbags are the must-have item, followed by Gucci, Prada, Dolce & Gabbana and Hermes.
Porsche is the sports car of choice for the moneyed, while Rolls-Royce is a must-have luxury sedan and Range Rover the favourite SUV.
The survey also focused on super-luxury watches – all Swiss-crafted. The major players in this sector include Patek Phillipe, Franck Muller and Audemars Piguet.
New World Wealth head researcher Andrew Amoils noted in the survey that “over the past 10 years, the global men’s super-luxury watch industry has grown by more than five times in terms of revenue, whilst in Africa it has grown by even more”.
As one retailer put it: “Watches have become to men what diamonds are to women.”
Amoils said watches were particularly popular because they “can be bought with cash without arousing suspicion, as opposed to cars, yachts and property purchased which may have tax implications”.
Jeremy Nel, of Luxury Brands, said the brands highlighted in the survey all “fulfil the fundamentals of luxury brands, namely absolute quality, desirable, not readily available, and in most cases celebrity endorsement”.
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