According to the latest New World Wealth African Wealth report, Johannesburg remains the country’s top city for millionaires, with the city of gold serving as home to 48% of the country’s richest individuals.
Millionaires – or high net worth individuals (HNWIs) – are defined as individuals with a net worth greater than US$1 million (R10.6 million).
Of South Africa’s 48,700 millionaires, 23,400 of them are found in Johannesburg – up 21% since 2007 when 19,300 millionaires lived there.
The most affluent suburbs in Joburg are:
- Hyde Park;
- Atholl; and
Cape Town is the country’s second-most affluent city, serving as the home to 9,000 millionaires – up 8% from 8,300 in 2007.
The city’s most affluent areas, according to New World Wealth, are:
- Camps Bay;
- Bantry Bay;
- Llandudno; and
- St James.
Durban and Pretoria are also home to large numbers of HNWIs in South Africa, with Umhlanga, La Lucia, Zimbali, Mount Edgecombe, Umdloti, Morningside and Durban North (Fairway, Glen Ashley) being most affluent in the former, and Silver Lakes, Woodhill, Mooikloof, Groenkloof, Cornwall Hill and Waterkloof in the latter.
Top SA cities for millionaires
SA’s millionaire cities 2007-2013
||HNWIs 2013||% Change
According to New World Wealth, South African millionaires have increased in number by 145% since 2000 (14% since 2007), and are expected to increase by a further 35% to 65,700 individuals – the most in Africa – by 2023.
HNWI performance in the country will be held back by ongoing political and labor relations issues in the country, however.
“Other constraining factors include a high (and rising) tax rate and increasing levels of government intervention in the economy,” New World Wealth said.