Joburg tops the continent’s list with '11 700 resident millionaires and Cape Town sits in second place with 8 500 millionaire.'
It will come as no surprise to most people that Cape Town will soon be SA’s wealthiest city, knocking Joburg off top spot within five years
According to the Africa Wealth Report 2025, published by Henley & Partners in collaboration with New World Wealth, it’s a matter of when, not if, Cape Town overtakes Johannesburg.
The report “highlights industries such as fintech, ecotourism, green tech, e-commerce, rare metals mining, health care and wealth management as key to Africa’s next wave of private wealth creation.”
Why Cape Town over Jozi
Joburg is by no means a “world-class African City”. One just has to drive around to see the decay.
Traffic lights not working, sewage flowing down the road and potholes galore are just a few of the problems residents face daily, tempting residents to look elsewhere.
Cape Town certainly presents a more appealing picture. Also, post-Covid, there has been a huge exodus of wealthy Gautengers to not just Cape Town, but the Garden Route.
That trend seems to be continuing as “working from home” by the seaside is a preferred choice.
Most Millionaires in Jozi
The report revealed that “South Africa remains the continent’s heavyweight, with 41 100 dollar millionaires – roughly a third of Africa’s total and more than the tally of the next five wealthiest countries combined”.
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Joburg tops the continent’s list with “11 700 resident millionaires and Cape Town sits in second place with 8 500 millionaire”.
Cape Town’s expensive real estate
Cape Town already has Africa’s most expensive prime real estate, averaging R102 000/m2 in sought-after areas like Clifton and Bantry Bay.
It has increased by 33% over the past decade in terms of millionaire growth, while the neighbouring regions such as the Whale Coast (+50%) and the Cape Winelands (+42%) are among Africa’s fastest-growing millionaire hotspots.
This is fuelled by second-home buyers, wealthy retirees and Cape Town’s global lifestyle appeal. Move over, Joburg, Cape Town is taking over.
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