The Africa Wealth Report 2023 revealed that two South African billionaires stay in Johannesburg, two in the Cape Winelands, and one in Cape Town.
The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners.
The report comprehensively reviews private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends.
It also provides insights into investing in Africa, the investment migration sector, and economic mobility on the continent.
The report showed that Johannesburg is home to the most millionaires and centi-millionaires, defined as people with a net wealth of higher than $100 million.
Cape Town ranked second, followed by Durban, the Cape Winelands, The Garden Route, Pretoria, and The Whale Coast.
Johannesburg and Pretoria performed relatively poorly in terms of growth when compared to the other cities, mainly due to coastal semigration.
If the current rate of internal relocation continues, Cape Town is on track to overtake Johannesburg to become South Africa’s wealthiest city by 2040.
Richest suburbs in South Africa
Hyde Park, Sandhurst, and Westcliff are among Johannesburg’s most exclusive suburbs.
Numerous lifestyle estates on the city’s outskirts are tailored to the super-wealthy, including Dainfern, Steyn City, and Waterfall Equestrian Estate.
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.
Umhlanga, Ballito, and La Lucia are some of the richest areas close to Durban. It features some of Africa’s top lifestyle estates, including Zimbali, Simbithi, Brettenwood, Izinga, and Hawaan Forest Estate.
Many ultra-rich South Africans love the picturesque Cape Winelands region, including the towns of Paarl, Franschhoek, and Stellenbosch.
This area has several exclusive lifestyle estates, 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.
Where the richest South African live
The table below shows South Africa’s wealthiest cities based on the number of millionaires and billionaires living there.