South African cities continue to dominate Africa’s top ten wealthiest cities in terms of resident dollar millionaires.
According to the Africa Wealth Report for 2023, released by Henley & Partners in collaboration with New World Wealth, Johannesburg has the most dollar millionaires in Africa, with 14,600, followed by Cairo in Egypt with 7,400, Cape Town with 7,200, and Lagos with 5,400.
The research, according to Henley & Partners, presents a detailed overview of private wealth in Africa, including developments in high-net-worth individuals, luxury, and wealth management.
According to the research, Africa has a lot of investment opportunity since it has a fast-growing and young population.
The number of high-net-worth individuals has increased by 42% in the recent decade (dollar millionaires).
Notwithstanding this significant growth, figures from Credit Suisse’s 2022 Global Wealth Database reveal that South Africa’s super-rich (dollar billionaires and above) account for a minuscule proportion of the global elite, accounting for 0.2% of the world’s top 1% earnings.
The concentration of high-net-worth persons in the areas is used to determine city rankings. The following are the wealth tiers according to New World Wealth:
- Billionaires – people with a wealth of $1 billion or more
- Centi-millionaires – people with a wealth of $100 million or more
- Millionaires – individuals with a wealth of $1 million or more
The table below shows the richest cities in South Africa:
According to the survey, Johannesburg is the wealthiest city in Africa, and its most opulent section is the suburbs around the Sandton City retail centre, which is referred to as “the richest square mile in Africa.”
Several high-net-worth individuals live in the affluent neighbourhoods of Hyde Park, Inanda, and Sandhurst, as well as the traditional rich suburb of Westcliff.
In Johannesburg, there are 14,600 millionaires, 30 centimillionaires, and two billionaires.
The second South African city on the list is Cape Town, which has areas such as Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
“The cosmopolitan city is also home to several luxury lifestyle estates such as Atlantic Beach, Erinvale, Silverhurst, Steenberg, Stonehurst Mountain Estate, and Sunset Links,” said the report.
The wealthiest suburbs in each of these cities were highlighted by New World Wealth:
Johannesburg – 14,600 millionaires
Hyde Park, Sandhurst, and Westcliff are among Johannesburg’s most exclusive suburbs.
There are also numerous lifestyle estates on the outskirts of the city that are tailored to the super-wealthy, including Dainfern, Steyn City, and Waterfall Equestrian Estate.
Cape Town – 7,200 millionaires
The most affluent suburbs of Cape Town include Bakoven, Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
Slightly further afield, there are also significant numbers of wealthy individuals residing in Somerset West, St. James, and Tokai.
Durban – 3,600 millionaires
The figures here include wealth held in Durban, Umhlanga, Ballito, and La Lucia.
This combined area features some of Africa’s top lifestyle estates including Zimbali, Simbithi, Brettenwood, Izinga, and Hawaan Forest Estate. Lagoon Drive in Umhlanga is also home to a large number of exclusive apartment complexes.
Cape Winelands – 3,400 millionaires
This picturesque region includes the towns of Paarl, Franschhoek, and Stellenbosch. There are several exclusive lifestyle estates in this area, including Val de Vie, De Zalze, Domaine des Anges, and Winelands Estate.
Many of the wine farms in the area are owned by wealthy individuals, who often retire there.
Garden Route – 3,000 millionaires
A beautiful section of the coastline, stretching from Mossell Bay to Storms River, with popular towns for the affluent including Plettenberg Bay, George, Keurboomstrand, Knysna, Mossell Bay, and Wilderness as well as the village of Nature’s Valley.
Pretoria – 2,400 millionaires
Affluent parts of Pretoria, South Africa’s administrative capital that hosts all foreign embassies, include Waterkloof and Waterkloof Ridge, as well as luxury lifestyle estates such as Mooikloof Equestrian Estate and Silver Lakes.
Whale Coast – 1,100 millionaires
This coastal area lies between Cape Town and the Garden Route and includes the wealth hotspot of Hermanus, as well as the seaside villages of Betty’s Bay and Rooi Els. This region is the fastest growing area in South Africa for high-net-worth individuals.
