The latest Africa Wealth Report for 2022 published by New World Wealth shows that much wealth still resides in South African cities notably Johannesburg and surrounds, and Cape Town.
The report revealed that five of South Africa’s cities place within the top 10 of Africa’s most wealthy. The coastal cities of Durban and Umhlanga were in fifth place followed by the capital city, Pretoria in seventh.
“Despite a tough decade to date, South Africa is still home to more than twice as many millionaires as any other African country,” said New World Wealth in partnership with Henley & Partners.
It said that South Africa continues to attract high net worth individuals (HNWIS) due to its weather and environment, well-established top-end residential areas such as Camps Bay, a large stock exchange, free media and a well-developed banking system and wealth management sector.
The report uses the total wealth held by all individuals living in each city to determine its ranking. Reference to NHWIs in terms of the report refers to dollar millionaires.
Most of Johannesburg’s wealth, as South Africa’s richest city, is concentrated in the suburbs of Sandhurst, Hyde Park and Westcliff. Cape Town’s significant suburbs include but are not limited to Clifton, Bantry Bay, Fresnaye and Camps Bay, said Henley & Partners.
The majority of KwaZulu-Natal HNWIs are concentrated in the beach city of Umhlanga however the residential towns of La Lucia, Ballito, and the city of Durban also contribute to the wealth of the province.
Most expensive streets or suburbs in South Africa
|Suburb||Rand per square meter|
|Bantry Bay||R75 000|
|Camps Bay and Bakoven||R52 000|
Most expensive streets or suburbs outside of Cape Town
|Suburb/Street||Rand per square meter|
|Lagoon Drive, Umhlanga||R36 000|
|Eastcliff, Hermanus||R35 000|
|Beachyhead Drive, Plettenberg Bay||R34 000|
|Central Sandton||R32 000|
|Marine Drive, Umhlanga||R30 000|
Here is what some of the average residential properties in wealthy suburbs of South Africa look like:
- 3 Bedroom Apartment / Flat for Sale in Clifton
- 3 Bedroom Apartment / Flat for Sale in Fresnaye
- 3 Bedroom House for Sale in Camps Bay
- 5 Bedroom House for Sale in Llandudno
- 6 Bedroom House for Sale in Cutty Sark
Umhlanga, Marine Drive
- 5 Bedroom House for Sale in Umhlanga Rocks
Umhlanga, Lagoon drive
- 3 Bedroom House for Sale in Hawaan Forest Estate
- 7 Bedroom House for Sale in Waterkloof