Here’s where most ‘dollar-millionaires’ are choosing to live in South Africa

The Africa Wealth Report for 2021 has landed – and it is packed full of fascinating details about the rich and the famous on our continent. We’re taking a more domestic look at things here, as we assess where the vast majority of dollar-millionaires live in South Africa – and pit our five ‘wealthies cities’ against each other.

Where do most dollar-millionaires live in South Africa?

There are almost as many dollar-millionaires – essentially people worth R14.2 million or more – living in Johannesburg as there are in all other ‘big five’ cities combined. It’s also home to the highest amount of multi-millionaires (with a fortune of $10 million / R142 million stashed away), and boasts the joint-highest concentration of dollar-billionaires on our shores.

However, beneath the might of Johannesburg are some smaller success stories: Umhlanga and Ballito, both based in Durban, have seen one of the highest increases in wealth over the past decade. The Cape Winelands, meanwhile, is showing a rapid growth in the amount of ‘high net worth individuals’ moving to their region. But wait, there’s more.

The richest cities in South Africa REVEALED:

Johannesburg: #1 in SA, #1 in Africa

15 100 dollar-millionaires, 790 multi-millionaires, and two billionaires

  • Joburg is, by some distance, the wealthiest city in the whole continent of Africa.
  • The suburb of Sandton is home to the Johannesburg Stock Exchange, and the HQs of several major banks.
  • Financial services and legal businesses are amongst the top-performing outfits in the city.

Cape Town: #2 in SA, #2 in Africa

6 500 dollar-millionaires, 390 multi-millionaires, and one billionaire.

  • It’s home to some of the most lavish neighbourhoods in the country, such as Clifton and Camps Bay.
  • Also famous for its emerging ‘lifestyle estates’ in Steenberg and Silverhurst.
  • Real estate and fund management are the top industries here.

Durban: #3 in SA, #5 in Africa

3 400 dollar-millionaires, 210 multi-millionaires, and no billionaires.

  • The suburbs of Umhlanga and Ballito are amongst the ‘fastest-growing towns for wealth’ in the last 10 years.
  • Some of the most exclusive apartments in Mzansi lie in the plush suburbs of Durban.
  • A string of ‘top-end complexes’ has also convinced the dollar-millionaires of SA to set up shop on the east coast.

Cape Winelands: #4 in SA, #7 in Africa

2 800 dollar-millionaires, 160 multi-millionaires, and two billionaires.

  • Has a very large number of retired dollar-millionaires.
  • Pristine estates – occupied the richest people in South Africa – are also part of the big attraction.
  • Though relatively small towns, the combined wealth in Paarl, Stellenbosch, and Franschhoek has made this region an economic powerhouse.

Pretoria: #5 in SA, #9 in Africa

2 400 dollar-millionaires, 100 multi-millionaires, and no billionaires.

  • The total wealth from High Net Worth Individuals stands at $42 billion, or R600 billion.
  • Pretoria has more wealth than many other African cities, including Casablanca, Accra, and Dar Es Salaam.

You can see the full table here:

Richest cities millionaires billionaires
Photo: Supplied

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Presh JM Reporter

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