The suburbs where South Africa’s richest people live
New data from New World Wealth, in association with MasterCard, has revealed which South African suburbs are home to the most super-wealthy citizens.
NWW’s data shows that at the end of 2015, there were 38,500 millionaires in South Africa (people with a net worth over US$1 million) – down 18% from 46,800 recorded at the end of 2014.
Of these High Net Worth Individuals (HNWIs), 2,030 are multi-millionaires (with a net worth of US$10 million or more), who are largely settled around the country’s economic hub – Johannesburg.
According to NWW, Joburg is home to 970 multi-millionaires – almost half (47%) of the multi-millionaire population. This is followed by Cape Town, with 360 multi-millionaires (18%) and Durban, with 120 (6%).
A home in Sandhurst
| # | City | Multi-millionaires | % |
|---|---|---|---|
| 1 | Johannesburg | 970 | 48% |
| 2 | Cape Town | 360 | 18% |
| 3 | Durban | 120 | 6% |
| 4 | Pretoria | 110 | 5% |
| Other | 470 | 23% |
As the richest city in South Africa, Joburg is home to four of the five richest suburbs in the country, led by Sandhurst and Hyde Park, which have approximately 120 multi-millionaires living within their boundaries, each.
These are suburbs which South Africa’s multi-millionaires call home (primary home):
| Suburb | Multi-millionaires | City |
|---|---|---|
| Sandhurst | 120 | JHB |
| Hyde Park | 120 | JHB |
| Bryanston | 110 | JHB |
| Houghton | 60 | JHB |
| Camps Bay | 60 | CT |
| Westcliff | 40 | JHB |
| Bishopscourt | 40 | CT |
| Constantia and Tokai | 30 | CT |
| Clifton | 30 | CT |
| Bantry Bay | 30 | CT |
| Fresnaye | 20 | CT |
| Llandudno | 20 | CT |
According to NWW, looking outside of Johannesburg and Cape Town, there are a number of hot-spots for second homes owned by multi-millionaires.
Top among these areas is Plettenburg Bay, which has 260 second homes owned by these individuals, 120 of which are homes that are worth more than R20 million – the highest number of homes valued at this price outside of Cape Town and Johannesburg.
Plettenberg Bay
Other popular second-home hotspots include Umhlanga, Knysna, Stellenbosch and George.
The group noted that there was keen interest in some up-coming hotspots among multi-millionaires, particularly in these areas: Zinkwazi (KZN), Greyton (WC), Tulbacg (WC), Keurbooms (South Coast), Umdloti (KZN) and Salt Rock (KZN).
Top multi-millionaire second home locations
| Location | Multi-millionaires with second homes |
|---|---|
| Plettenberg Bay | 260 |
| Umhlanga and La Lucia | 250 |
| Knysna | 230 |
| Stellenbosch | 170 |
| George | 130 |
| Ballito | 90 |
| Paarl | 80 |
| Franschoek | 70 |
| Wilderness | 60 |
| Hermanus | 40 |
| St. Francis Bay | 20 |
| Kenton-on-Sea | 20 |
| Margate and Ramsgate | 20 |
More on wealth in SA
The best city for house price growth: Durban vs Cape Town vs Joburg
Here are the 22 most exclusive streets for South Africa’s ultra-rich
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