Joburg is currently home to the most South African millionaires. Cape Town is likely to overtake Joburg soon.
Most South African millionaires currently reside in Johannesburg. However, experts expect Cape Town to surpass it by the end of the decade.for 2024 by Henley & Partners and New World Wealth reveals that South Africa now has 37 400 high-net-worth individuals . This is 11 300 fewer than at the end of 2023. To be classified as an HNWI, one must have liquid wealth exceeding US$1 million .
South African millionaires’ hotspots are scattered across the country, with Johannesburg leading the pack with 12 300 HNWIs. It has the most HNWIs on the African continent. Many millionaires are concentrated around Sandton or in the affluent suburb of Westcliff, according to Cape Town follows closely with 7 400 HNWIs, boasting some of South Africa’s richest residential areas such as Clifton, Camps Bay, Bishopscourt, Constantia, and Llandudno. There has been a noticeable increase in wealthy South Africans relocating from Johannesburg and Pretoria to Cape Town. The increase into the Western Cape is due to factors such as better governance at provincial and local levels.
The Garden Route stretching from Mossel Bay to Storms River on South Africa’s South Coast, includes affluent areas like Beachy Head Drive in Plettenberg Bay known as “Africa’s Millionaire Row” or “Millionaire’s Mile”, lined with mansions overlooking the beaches of Plettenberg Bay.WATCH: Punches, kicks fly during Super League ladies match
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