South Africa continues to lead the continent’s private wealth markets, with Johannesburg and Cape Town ranking as Africa’s top two wealthiest cities in the newly released Africa Wealth Report 2025 by Henley & Partners and New World Wealth.
According to the report, South Africa is home to 41,100 millionaires, representing 34% of Africa’s total - roughly equal to the next five wealthiest countries combined. Together with Egypt (14 800 millionaires), Nigeria (7 200), Morocco (7 500), and Kenya (6 800), the “Big 5” wealth markets account for 63% of the continent’s millionaires and nearly 90% of its billionaires.
Johannesburg: Africa’s wealth capital
Despite a tough decade, Johannesburg remains Africa’s richest city, with 11 700 resident millionaires. The Sandton district anchors its financial might, while exclusive lifestyle estates in the Waterfall-Midrand corridor, such as Steyn City and Waterfall Equestrian Estate, are attracting a new wave of high-net-worth buyers.
Cape Town: rising fast
Close behind is Cape Town with 8 500 millionaires and a growing number of centi-millionaires (individuals worth USD 100 million+). The Mother City is now Africa’s most expensive prime property market, averaging USD 5,800 per sqm in areas like Clifton and Bantry Bay. With strong wealth growth over the past decade, Cape Town is on track to overtake Johannesburg by 2030.
Pretoria: stability returns
Pretoria, including Centurion, has stabilized after the Covid downturn. Its affluent enclaves such as Waterkloof, Waterkloof Ridge, and estates like Mooikloof and Silver Lakes continue to attract high-net-worth families, with several notable relocations recorded in 2024 and 2025.
Durban’s North Coast: Umhlanga & Ballito
KwaZulu-Natal’s Dolphin Coast is another standout, with Umhlanga and Ballito home to some of the country’s most prestigious eco-estates - including Zimbali, Simbithi, Izinga, and Hawaan Forest. Lagoon Drive in Umhlanga, lined with luxury apartments, remains one of South Africa’s premier residential addresses.
Cape Winelands and Whale Coast: lifestyle hotspots
The Cape Winelands, encompassing Stellenbosch, Paarl and Franschhoek, has become a magnet for wealthy retirees and second-home buyers. Stellenbosch in particular stands out for producing many of South Africa’s leading entrepreneurs and billionaires.
Further along the coast, the Whale Coast - especially Hermanus - has emerged as South Africa’s fastest-growing region for high-net-worth individuals, with affluent suburbs such as Voëlklip and Fernkloof Estate drawing strong demand.
Garden Route: millionaire’s playground
Stretching from Mossel Bay to Storms River, the Garden Route has long been a lifestyle favourite. Plettenberg Bay’s Beachy Head Drive, often dubbed “Africa’s Millionaire Row,” is lined with some of the country’s most exclusive holiday homes.
Africa’s broader wealth outlook
The Africa Wealth Report 2025 reveals that the continent is home to 25 billionaires, 348 centi-millionaires and 122 500 millionaires. Africa’s millionaire population is projected to grow by 65% over the next decade, driven by fintech, eco-tourism, green tech and wealth management.
Mauritius (+63% millionaire growth over the past decade), Rwanda (+48%), and South Africa’s Whale Coast (+50%) rank among the fastest-growing wealth hubs, underscoring Africa’s shifting wealth map.
Looking ahead
As Chris Tyson, CEO of Tyson Properties, recently noted in a separate context, South Africa’s property landscape is evolving to match new buyer trends. Whether it’s multigenerational living or ultra-prime lifestyle estates, the country’s wealthiest regions continue to adapt, attract, and expand.
