Cape Town is home to 7,400 millionaires and 1 billionaire, and those are in US dollars, not rands.
This is according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.
The 9th edition of the annual report reveals that there are currently 135 200 high-net-worth individuals (HNWI) with liquid investable wealth of $1 million or more living in Africa, along with 342 centi-millionaires worth $100 million or more, and 21 dollar billionaires.
Despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to more than twice as many ryk mense as any other African country, with 37 400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15 600 millionaires, 52 centi-millionaires, and 7 billionaires.
At city level, Johannesburg holds its place as the wealthiest in Africa, with 12 300 millionaires, 25 centi-millionaires, and 2 billionaires.
Cape Town follows closely with 7 400 millionaires, 28 centi-millionaires, and 1 billionaire.
The report highlighted that in the Western Cape, the Cape Winelands region is home to 3 600 millionaires, 16 centi-millionaires and 2 billionaires.
The richest suburbs in the Mother City are Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St James.
The city is currently benefiting from the ongoing “semigration” of large numbers of rich people from other parts of South Africa, as well as Europe and Africa.
Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.
theolin.tembo@inl.co.za