South African cities continue to dominate the Top 10 wealthiest cities in Africa by the number of resident dollar millionaires.
Recent data from the Africa Wealth Report for 2023 published by Henley & Partners in partnership with New World Wealth shows that Johannesburg has the highest number of dollar millionaires in Africa at 14,600, followed by Cairo in Egypt with 7,400, Cape Town with 7,200 and then Lagos with 5,400.
According to Henley & Partners, the report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends.
The report showed that being a continent with a fast-growing and young population, Africa holds a lot of potential for investment.
Over the last decade, there has been a 42% increase in the number of high-net-worth individuals (dollar millionaires).
Even with this substantial increase, data from Credit Suisse’s 2022 World Wealth Database shows that South Africa’s super-rich (dollar billionaires and upwards) make up a tiny percentage of the global elite, accounting for 0.2% of the global top 1% earners.
Determining the ranking of cities is based on the concentration of high-net-worth individuals in the regions. New World Wealth breakdown wealth tiers as follows:
- 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:
Johannesburg is considered the wealthiest city in Africa, and its most prosperous area is the suburbs surrounding the Sandton City shopping mall, which is referred to as “the richest square mile in Africa”, said the report.
The affluent neighbourhoods of Hyde Park, Inanda, and Sandhurst, as well as the traditional wealthy suburb of Westcliff, are home to many high-net-worth individuals.
Johannesburg is home to 14,600 millionaires, 30 centi-millionaires and two-dollar billionaires.
Cape Town is the second South African city on the list, home to suburbs including 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.
New World Wealth highlighted the wealthiest suburbs in each of these cities:
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.