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The richest city in South Africa

The richest city in South Africa

South Africa is home to almost 50,000 millionaires, and just under half of them live in the country’s city of gold.

According to the latest figures from WealthInsight, South Africa is now home to 48,800 millionaires (worth more than $1 million) – up 9% from 2011/12 – and of those, 23,400 live in Johannesburg.

This makes Johannesburg home to the most millionaires in Africa, above Cairo, Lagos and Cape Town.

Cape Town holds the second largest amount of millionaires in the country, being home to over 9,000 of the super wealthy.

Within the greater Johannesburg area, Sandton holds 15,300 of the millionaires.

“Sandton experienced far stronger growth than the rest of the country with millionaire numbers in the area rising by 18% during the past year,” said WealthInsight analyst, Andrew Amoils.

The number of South African billionaires (worth more than $1 billion) remained at 4 in 2012/13. These big earners include Nicky Oppenheimer and family; Johann Rupert; Patrice Motsepe; and Christo Wiese.

There are 158 centi-millionaires in South Africa (worth between $100 million and $1 billion), and 594 multi-millionaires (worth more than $30 million).

“[While] Johannesburg has more multi-millionaires than any other African city (285)…it ranks well below the top ranked city in the world, London, which has over 4200 multi-millionaires, 15 times as many as Johannesburg,” Amoils said.

Top 10 millionaire cities

# City Country Millionaires (US$1 million+)
1 Tokyo Japan 461,000
2 New York USA 389,000
3 London UK 281,000
4 Paris France 219,000
5 Frankfurt Germany 217,000
6 Beijing China 213,000
7 Osaka Japan 190,000
8 Hong Kong China 187,000
9 Shanghai China 166,000
10 Singapore Singapore 157,000

Top 10 multi-millionaire cities

# City Country Multi-millionaires (US$30 million+)
1 London UK 4,224
2 Tokyo Japan 3,525
3 Singapore Singapore 3,154
4 New York USA 2,929
5 Hong Kong China 2,560
6 Frankfurt Germany 1,868
7 Mexico City Mexico 1,850
8 Paris France 1,500
9 Osaka Japan 1,450
10 Beijing China 1,318

Top 10 billionaire cities

# City Country Billionaires (US$1 billion+)
1 New York USA 70
2 Moscow Russia 64
3 London UK 54
4 Hong Kong China 40
5 Beijing China 29
6 Mumbai India 26
7 Istanbul Turkey 24
8 Shanghai China 23
9 Paris France 22
10 Los Angeles USA 19

Overall, the United States has the most millionaires in the world, with over 5.23 million people worth over $1 million.

Japan has the second most (2.1 million) and Germany (1.32 million) and China (1.28 million) are third and fourth, respectively, while the UK rounds off the top 5 countries with 675,000 millionaires.

According to WealthInsight’s projections, China is expected to overtake Japan and Germany to become the 2nd largest wealth market in the world by 2020, while India is expected to jump from 11th place in 2012 to 5th place in 2020.

More on the world’s rich elite

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Richest IT people in South Africa

South Africa’s richest people

BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • Kryptonyt

    Damn Africa!

  • I stayed in Sandton, but definitely not a millionaire. 🙁

  • The writer forgot to include the results for the most milionairs per square meter report. Apparently Somerset West (in the Western Cape) is the town with the most milionairs per square meter in the world.

    • On_meth

      So they live on smaller land then?

    • kagiso

      where did you get that statistic? would like to see that list..

    • Fred Bloggs

      Yea right.. more than one of the most overpopulated cities in the world (Hong Kong) which has 187 000 millionaires yet Cape Town only has 9 000 ?!?

    • Kholo

      It’s not in the world, it’s just in South Africa….

  • dynamix

    Its all relative.

  • What about all those chrome/gold/silver/platinum/diamond plated arabs :/

    • Fred Bloggs

      Because there are few of them… the rest of the people are in the desert eating sand

  • petrus morake

    what is the use of being rich and then fail to help those who are stranded but talented.i wish i could be a millionaire,i will create more opportunities to those who deserve a chance.

  • Snormossel

    Am I the only one that finds it interesting that there are so many billionaires in countries like India, Russia, and Turkey? Yet those countries dont seem to make the top ten for millionaires…

  • Charezon

    How much of that wealth came from corruption vs hard work?

    • Nozerahc

      definitely sure Oppenheimer used slave labour. ja, corrupt guys

    • Dante8624

      There’s a old saying which goes “All wealth is build on a lie ,the bigger the wealth the bigger the lie.”

    • Iron Man

      Motsepe Sexwale and Ramaphosa comes to mind immediately.

  • Admiral Chief Commander

    Dear rich people, SEND ME YOUR MONIES!!!


  • sorted78

    So that’s a whole 0.08% of the total population. Well done South Africa!

  • Kyle

    What a load of propaganda hogwash. I love the way you twist figures and data. It is impossible to be a millionaire today. Please tell the people howmuch you tax these so called millionaires, and where all that tax money is going. Please tell the people that even though you tax the people until they are almost bone dry, all that happens with those funds is to further corruption and greed instead of building houses and helping the poor. I find it so interesting that you portray those who make good money in such a negative light while you do not actually see how flippen difficult it is to make a cent in this country because of your natzi laws that control and subjugate the people. DO NOT bite the hand that feeds you, surely you have learnt from Julius Malema? And do not forget that some who work hard to keep this ever deepening crisis of a nation running and to feed your 77 fat wives, might actually deserve that million, especially when you have already taxed 2 million from their bank accounts, for what, corrupt politicians and fat wives shopping in Paris. Pathetic criminals.

  • EduardLouisGoldschagg

    In South Africa almost 50000 millionaires – great – and 45 000 000 living in abject poverty ! Yes, one wonders how many of those 50000 made their fortunes through
    fraud and corruption.

  • nicksoper

    Fairly sure they make these stats up.

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