Top cities in South Africa for the ‘super rich’ – worth over R1.7 billion
New World Wealth and Henley & Partners have published their latest ‘centi-millionaire’ report for 2024, highlighting which cities in South Africa play host to the ‘super rich’ worth over R1.7 billion.
The nature and measure of the ‘super rich’ have evolved over the years, moving from around US$30 million in the 1990s to about US$100 million in 2024, giving rise to the ‘centi-millionaires’.
According to Juerg Steffen, CEO of Henley & Partners, this exclusive club has grown by more than 50% over the last decade. There are currently 29,350 individuals worldwide with liquid investable assets of US$100 million or more.
“The geographic distribution of this wealth is revealing. One-third of the world’s centi-millionaires reside in 50 key cities across the globe, with nearly two-thirds of these wealth hubs located in countries offering investment migration programs.
“This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning,” he said.
According to the report, while South African cities are not currently among the top centi-millionaire cities in the globe, three areas are on the “watch list” and poised for future growth among super-wealthy individuals.
In South Africa, two cities and one greater region account for the bulk of centi-millionaires in the country:
- Cape Town: 28 centi-millionaires
- Johannesburg: 25 centi-millionaires
- Durban, Umhlanga, and Ballito: 11 centi-millionaires
Looking ahead to 2040, the growth trajectory of centi-millionaire populations paints an intriguing picture of wealth accumulation and migration.
For South Africa, Cape Town currently has the largest growth potential (greater than 150%), looking ahead to 2040, followed by greater Durban (100% to 150%).
Johannesburg currently has the lowest growth potential of the South African cities listed (50% to 100%), but the key factor to note is that all the South African cities listed are on a growth trajectory.
“These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management, and hi-tech spaces,” the group said.
Several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.
Emerging markets are also set to make their mark. Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi populations over the next 16 years.
In contrast, some of the world’s more established capitals — Chicago, Moscow, Zurich, and Madrid — are projected to experience sluggish growth of less than 50% between now and 2040.
Steffen said that the “story of centi-millionaires is one of dynamism and change”, noting that the future of centi-millionaire wealth is set to be redrawn.
“From the tech-driven booms in China and the USA to the emergence of new wealth hubs around the world, the geography of extreme affluence is shifting. As this elite group continues to grow and move, its influence on global economics, politics, and society is likely to be profound and far-reaching.”
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