In addition to its ever-growing list of awards, recognitions and titles, Henley & Partners’ 2023 Africa Wealth Report reveals that Cape Town is among one of the wealthiest cities on the continent and home to second-most millionaires and centi-millionaires in the country.
In what is believed to be the definitive guide to Africa’s wealth and luxury sector, the annual Africa Wealth Report provides a comprehensive review of the private wealth that can be found within our continent.
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According to this year’s edition, South Africa remains home to over twice as many high-net-worth individuals as any other African country, ranking 30th in the world by this measure, despite a challenging past decade.
This means that in terms of private wealth, South Africa outranks major economies like Indonesia, Malaysia and Thailand.
The report highlighted that an important stat to consider for South Africa (as of December 2022) is that there is a total of 645 billion USD in investable wealth (net investable assets – property, cash and listed company holdings) held in the country.
Among the 23 billionaires, 328 centi-millionaires and 138 000 millionaires residing in Africa, South Africa accounts for 98% of centi-millionaires.
In this instance, centi-millionaires are typically the founders of large multi-national companies, making their presence in a country particularly valuable when it comes to creating employment.
The report also revealed that there are 37 800 millionaires living in South Africa, each with a wealth of 1 million USD or more; 98 centi-millionaires, each with a wealth of 100 million USD or more; and 5 billionaires, each with a wealth of 1 billion USD or more.
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Using statistics provided by global wealth intelligence firm New World Wealth, The Africa Wealth report ranked South Africa’s major cities by the number of resident millionaires, revealing that Cape Town is home to the most number of millionaires (7 200) and centi-millionaires (26) after Johannesburg:
According to the report, Cape Town is on track to overtake Johannesburg to become South Africa’s wealthiest city by 2040 if the current rate of internal relocation continues.
Currently, just over 40% of South Africa’s million-dollar homes are located in the ‘Prime 7’ suburbs of the Mother City.
‘The most affluent suburbs of Cape Town include Bakoven, Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye and Llandudno,’ revealed the report. ‘Slightly further afield, there are also significant numbers of wealthy individuals residing in Somerset West, St James and Tokai.’
Interestingly, the report also reveals that while Cape Town suburbs continue to dominate the list of prime suburbs in South Africa, square-metre prices in certain parts of Hermanus and Plettenberg Bay are beginning to catch up with those in the Mother City, indicating that the two towns are undoubtedly up-and-coming wealth hubs where strong growth is expected in the years to come.
On a continental level, Cape Town is pushed down slightly to third place in the list of Africa’s top ten wealthiest cities by Cairo, where 200 more millionaires and one more centi-millionaire reside:
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