City Press || 2 September 2012

News

wealthy Face of SAs ultra

Chinese philosopher Confucius
NATASHA JOSEPH
natasha.joseph@citypress.co.za

In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of

Highnetworth individuals wealth totals $1 million or more, including a range of assets

a swanky pad on the V&A Waterfront. These are some of the insights re vealed in a new study by British re search house WealthInsight, titled South Africa The Future of HNWIs to 2016: the Rise of African Wealth. The HNWI is what WealthInsight calls a highnetworth individual in laymans terms, someone whose wealth totals $1 million or more, includ ing equities, bonds, cash, real estate and business interests. WealthInsights senior analyst and head of its report team, Andrew Amoils, said the company has a data base of more than 100 000 millionaires worldwide 600 of them in South Afri ca. Most of the people on our list are

Other key findings:

there are 80 women HNWIs in South
Africa 15% of the total. This is below the worldwide average of about 20%. But, researchers say, the number of berrich women will rise steadily in the next five years the average age of a South African HNWI is 56 and South Africa is setting the pace for African HNWIs were home to nearly 45 000 dollar millionaires.

Meet the new South African multimil lionaire. Hes a black South African man, in his mid50s, and the secret to his wealth is involvement in lucrative Black Economic Empowerment deals. His biggest asset is real estate but hes got plenty of irons in the fire: equi ties, cold hard cash, art, classic cars and private jets. He probably lives in Sandhurst, South Africas wealthiest suburb or, if he prefers the Western Cape, hes got

multimillionaires with wealth of more than $30 million, Amoils said. Multimillionaires are referred to in WealthInsights lingo as UHNWIs: ul trahighnetworth individuals. We have the personal addresses and wealth for these individuals, which we use to work out the wealth and number of multimillionaires in each area, Amoils said. This was used to generate the report and a paper released last week, called Far from Equal: Previously Disadvan taged Wealth Trends in South Africa. According to this, previously disad vantaged groups defined in the study as black Africans, coloured people, Indians and Chinese people account

ed for only 14% of the countrys UHNWIs at the end of last year. WealthInsight found there were 75 South African UHNWIs from these groups, and 543 UHNWIs in total. This is a relatively low percentage considering that these groups make up 90% of the national population, Amoils and his team reported. But this group is growing quickly mostly, researchers found, because of emerging BEE deals. Other factors boosting the private wealth of South Africas high rollers in cluded the strong local property mar ket and the comparatively good per formance of the JSE allshare index against other indices in dollar terms.

Go gogo, go
An old woman from Umgungundlovu district during the Golden Games for the Elderly at Kings Park Athletics Stadium in Durban, KwaZuluNatal, on Friday || PHOTO: KHAYA NGWENYA
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I got TB in prison, former inmate tells court

RUTH HOPKINS
news@citypress.co.za

In a landmark case before the Constitutional Court this week, the department of correctional services conceded its prison tuberculosis pro gramme wasnt up to scratch. Former Pollsmoor prisoner Dudley Lee, who contracted the disease while awaiting trial between 1999 and 2004, brought the case before the countrys highest court. The department has argued in court that Lee (66) cannot prove he wouldnt have contracted TB even if all the appropriate measures had been in place. TB is the main cause of death and illness in South Africas heavily overcrowded prisons. After his release, Lee sued the minister for negligence before the Western Cape High Court, which ruled that the department was liable for damages as it violated its own health regulations and the Constitution by failing to implement ef fective measures. The Supreme Court of Appeal then overturned the decision. It confirmed the state was negligent, but ruled that Lee could not prove where and how he had contracted the disease and it was not clear he would not have caught it anyway. The departments lawyer, Ismail Jamie SC, re peated this argument before the Constitutional Court on Tuesday. In 1999, Lee, a secondhand car and watch dealer, was arrested with four others for fraud, counterfeiting and money laundering. Ahead of the court case, Lee told City Press other inmates had warned him about contract ing TB, but he was never tested. They lock you up for 23.5 hours a day in a dark damp cell, with other inmates in close proximity coughing their lungs up. He was diagnosed with TB in 2003, and bribed his warders to take him to the doctor. He forked out more money for access to medicine. He was cured, but his lungs remain permanently dam aged. In 2007, Parliaments portfolio committee on corrections and the inspecting judge of prisons described conditions in Pollsmoor as a health time bomb . Incoming inmates, they found, were not screened for TB. Pollsmoors overcrowded cells, combined with poor ventilation and lack of sunlight, made it the perfect breeding ground for the disease. Lees attorney, Jonathan Cohen, told City Press: It will benefit all prisoners if (the depart ment) is forced to respect its own standards on health and accommodation. The department told City Press it was not in a position to comment on the merits and demer its of the case. In a statement, the department said it was aware of the unique nature of the portfolio it managed and the challenges that an overcon centration of human beings in confined spaces present. In its statement, the department said it was working away at improving the living condi tions of inmates and doing its best to ensure peo ple are detained under humane conditions. Judgment was reserved. Hopkins works for the Wits Justice Project, which was admitted to this case as a friend of the court

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