South Africa has seen an increase in millionaires, with the Western Cape witnessing a boom in high-net-worth individuals (HNWIs) at Gauteng’s expense.<\/p>\n\n\n\n
Figures from the latest Africa Wealth Report from Henley and Partners showed that South Africa has 3,700 more resident dollar millionaires in 2025 than last year.\u00a0<\/p>\n\n\n\n
According to the report, South Africa remains the most significant wealth market on the continent, home to 41,100 millionaires, 112 centi-millionaires, and eight billionaires. <\/p>\n\n\n\n
This accounts for about 34% of Africa\u2019s total millionaire population, roughly equal to the combined tally of the next five wealthiest nations.<\/p>\n\n\n\n
Berry Everitt, CEO of the Chas Everitt International property group, said that lifestyle and new business opportunities are promoting millionaires to move across Africa. <\/p>\n\n\n\n
Everitt said that is especially noticeable in \u201ccurrent wealth flows across the continent and their effects on luxury property demand, development and prices in certain cities and other affluent nodes.\u201d\u00a0<\/p>\n\n\n\n
Despite the increased number of millionaires, the nation\u2019s economic heartland, Gauteng, is not the primary destination for the rich. <\/p>\n\n\n\n
The Western Cape now has 17,300 millionaires between Cape Town, the Winelands, the Whale Coast, and the Garden Route. <\/p>\n\n\n\n
This is larger than the roughly 14,000 millionaires who live in Johannesburg and Pretoria.\u00a0<\/p>\n\n\n\n
The nation\u2019s southern region is also home to 65 of South Africa\u2019s 112 centi-millionaires and six of its eight billionaires. <\/p>\n\n\n\n
Everitt noted that the wealth redistribution has developed over many years, and started with the semigration of rich families from Gauteng to the Western Cape.\u00a0<\/p>\n\n\n\n
This is due to the pursuit of the comparatively better quality of life the province offers. The rise of remote working during the Covid-19 pandemic accelerated this trend, said Everitt.\u00a0<\/p>\n\n\n\n
This was further underpinned by Cape Town being named the best city in the world again by Time Magazine. <\/p>\n\n\n\n
This has led to international HNWI families joining their South African counterparts, with a growing shortage of luxury homes on the Atlantic Seaboard and Constantia.<\/p>\n\n\n\n
\u201cPrices in these areas have soared, and that has led, in turn, to buyers broadening their search to other parts of the province that also offer exceptional lifestyle advantages.\u201d <\/p>\n\n\n\n
\u201cThese include the Whale Coast and its central town of Hermanus, where property sales have doubled in the past five years and the average home price has risen by 75%, and the Winelands, where prices in luxury wellness estates like Val de Vie have almost tripled since 2020.\u201d<\/p>\n\n\n\n
George Plettenberg Bay on the Garden Route boasts world-class golf estates and signature courses.\u00a0<\/p>\n\n\n\n
Many HNWIs are buying luxury homes with sea and mountain views on the Garden Route, with easy access to quality schools, private healthcare amenities and upmarket shopping venues. <\/p>\n\n\n\n
These amenities and properties come for a fraction of what it would cost them to enjoy this lifestyle elsewhere.<\/p>\n\n\n\n
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