South Africa remains the wealthiest nation in Africa, with tens of thousands of millionaires and a rising number of ultra-wealthy residents. While Johannesburg still has the largest concentration of high-net-worth individuals, many affluent families have been relocating to coastal provinces that offer stronger lifestyle, safety, and investment prospects. Cape Town and the Cape Winelands are now leading destinations for luxury property buyers, while Durban, the Garden Route, Pretoria, and the Whale Coast also host significant concentrations of wealth.
Key Takeaways
- Johannesburg and Cape Town Dominate Wealth Distribution: Johannesburg remains the city with the highest number of millionaires in Africa, while Cape Town follows as the second-largest hub and hosts the country’s most prestigious suburbs.
- Semigration Drives Coastal Growth: Wealthy households are increasingly relocating from Gauteng to the Western Cape and Whale Coast, driven by lifestyle factors, better infrastructure, safety, and access to quality education.
- Affluent Suburbs Face Mounting Pressures: Cape Town, Hermanus, and other wealthy areas are experiencing strained infrastructure, soaring property prices that exclude even upper-middle-class buyers, and rising security costs that make residents increasingly dependent on private services.
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Where South Africa’s Richest People Live
Johannesburg continues to house the majority of South Africa’s wealthy population, even though there has been a consistent movement of affluent families and professionals from the city towards sought-after coastal provinces.
Cape Town holds the country’s most prestigious suburbs, making it the most costly city on the continent for residential property purchases.
The premium property market remains strong in South Africa, with the nation retaining the largest pool of high-net-worth individuals in Africa.
The Africa Wealth Report compiled by Henley & Partners states that South Africa is home to around 37,500 wealthy residents, which includes dollar millionaires, centi-millionaires, and billionaires.
This number far exceeds the wealth concentrations of other leading African nations, being more than double Egypt’s tally and over three times greater than Nigeria’s count.
South Africa also secures a dominant position on Africa’s rankings of wealthy cities and regions, with six of its areas placed in the top ten.
The appetite for luxury and ultra-luxury property is not distributed equally across these regions, with certain locations showing considerably higher demand than others.
This pattern is closely linked to the steady semigration trend from Gauteng and other inland provinces towards the Western Cape, a movement that intensified over the last decade and became especially pronounced in 2021 and 2022.
Most South African Millionaires Live In Johannesburg
Johannesburg remains the leading city in South Africa for wealthy residents, although the concentration of high-net-worth individuals has declined noticeably over the past decade. The city has lost roughly 44 percent of its millionaire population, with many relocating to coastal regions, reflected in the rapid expansion of the property market in the Western Cape.
The Africa Wealth Report, issued annually by Henley & Partners, confirms Johannesburg’s position as Africa’s wealthiest urban centre. The city currently has around 12 300 millionaires, alongside 25 centi-millionaires with fortunes exceeding USD 100 million, and two billionaires who remain based there.
Across the continent’s rankings of wealthy urban centres, six of the top ten positions are occupied by South African cities, underlining the country’s dominance in terms of affluent populations. Despite this, billionaires are concentrated only in Johannesburg, Cape Town, and the Cape Winelands.
Cape Town is the second-largest hub of wealth in the country, with an estimated 7 400 millionaires, 28 centi-millionaires, and one billionaire. The neighbouring Cape Winelands holds about 3 600 millionaires, 16 centi-millionaires, and two billionaires, reflecting its continued appeal as both a residential and lifestyle destination.
Further concentrations of wealth can be found in coastal and inland regions. Durban, Umhlanga, and Ballito collectively host 3 500 millionaires and 11 centi-millionaires. The Garden Route has approximately 3 200 millionaires and five centi-millionaires, while Pretoria contains around 2 100 millionaires and two centi-millionaires. The Whale Coast, stretching between Cape Town and the Garden Route, is home to about 1 200 millionaires and five centi-millionaires.
Wealthy Neighbourhoods in Johannesburg
Sandhurst
Often regarded as Johannesburg’s most exclusive suburb, Sandhurst commands prestige and privacy. Ultra-luxury properties can sell for well above R100 million, with many homes regularly listed at R20 million or more. The area is home to some of South Africa’s wealthiest businesspeople and political figures, including members of the Oppenheimer family and top corporate executives.
Hyde Park
Hyde Park is known for its leafy avenues, stately homes, and proximity to high-end shopping. Property values range between R8 million and R20 million, with new developments averaging around R7.4 million. Prominent residents have included influential business leaders, celebrities, and politicians, making it one of the most recognisable wealthy enclaves in Johannesburg.
Bryanston
Bryanston combines luxury living with convenience, attracting families and professionals alike. Homes in this suburb often fall within the R8 million to R20 million bracket, though some estates reach far higher. Notable South Africans such as Patrice Motsepe, one of the country’s richest men, have owned property here. Bryanston is also favoured by international executives based in Johannesburg.
Houghton
Houghton carries both prestige and history. Properties here generally fall between R8 million and R20 million, with sprawling stands and a blend of heritage and modern architecture. Nelson Mandela lived in Houghton in his later years, giving the area an enduring cultural significance. Today, it continues to attract high-profile business leaders, politicians, and professionals seeking privacy and status.
Wealthy Neighbourhoods in Cape Town
Clifton
Clifton is world-renowned for its pristine beaches and breathtaking views of the Atlantic Ocean. It is one of South Africa’s most expensive residential areas, where luxury apartments and villas often sell for R20 million to over R100 million. Clifton attracts international investors, celebrities, and wealthy locals. Notable owners include business magnates and high-profile public figures who value its exclusivity and holiday appeal.
Camps Bay
Camps Bay is famous for its beachfront promenade lined with restaurants, cafés, and luxury properties. Homes here typically range from R10 million to R50 million, with some exceptional properties exceeding that. Popular with both wealthy South Africans and international buyers, Camps Bay draws entertainers, entrepreneurs, and foreign investors. Its reputation as a lifestyle hotspot has made it a prime location for second homes.
Bishopscourt
Set beneath Table Mountain, Bishopscourt is one of Cape Town’s most prestigious leafy suburbs. Properties are spacious, private, and often exceed R15 million, with many estates valued well above R30 million. This area is home to diplomats, international business leaders, and South Africa’s elite families. Archbishop Desmond Tutu famously lived in Bishopscourt, adding to its historical significance.
Constantia
Constantia is synonymous with wine estates, rolling green hills, and historic luxury. Homes in this suburb typically range from R10 million to R40 million, though top estates can go far higher. It remains one of Cape Town’s wealthiest neighbourhoods, favoured by established families, winemakers, and entrepreneurs. Constantia combines old-world charm with modern luxury, making it ideal for those seeking both privacy and prestige.
Wealthy Neighbourhoods in Durban and KwaZulu-Natal
Umhlanga
Umhlanga is the heart of KwaZulu-Natal’s luxury coastal living, offering a mix of high-rise apartments, seaside mansions, and secure estates. Properties here range widely, with luxury apartments starting from around R5 million and exclusive homes often exceeding R20 million. Umhlanga has attracted wealthy business leaders, professionals, and celebrities who want both city convenience and coastal living. The Umhlanga Ridge area also hosts several corporate headquarters, making it a hub for executives.
Zimbali Coastal Estate
Zimbali is a world-class gated estate located north of Durban, known for its privacy, lush environment, and luxury golf courses. Properties typically range between R8 million and R30 million, with some villas reaching beyond R40 million. This estate is favoured by high-net-worth individuals, including professional athletes, entrepreneurs, and international buyers seeking a secure holiday retreat.
La Lucia
Situated just south of Umhlanga, La Lucia is a prestigious suburb that combines family-friendly living with luxury. Properties often fall within the R6 million to R15 million range, although prime beachfront homes can command much higher prices. La Lucia is popular with established business families and professionals who prefer exclusivity without being too far from Durban’s city centre.
Comparison of Property Prices and Lifestyle
| City/Region | Neighbourhood / Estate | Typical Price Range (R) | Upper-End Sales (R) | Primary Property Types | Lifestyle & Amenities | Notes / Notable Residents |
|---|---|---|---|---|---|---|
| Johannesburg | Sandhurst | R20 million – R100 million+ | R100 million+ | Grand mansions on large stands; high-spec security | Ultra-private; minutes to Sandton CBD; elite schools; private hospitals | Long-time base for SA’s wealthiest families; members of the Oppenheimer family have owned property here |
| Johannesburg | Hyde Park | R8 million – R20 million | R40 million+ | Stately homes, contemporary villas, luxury townhouses | Leafy avenues; Hyde Park Corner and high-end dining; quick access to Sandton/Rosebank | Prestigious, old-money feel with ongoing luxury infill |
| Johannesburg | Bryanston | R8 million – R20 million | R50 million+ | Large family homes, gated estates, golf-estate properties | Strong school network; close to Sandton and Fourways business hubs | Patrice Motsepe has owned property; known for big stands and privacy |
| Johannesburg | Houghton | R8 million – R20 million | R40 million+ | Heritage homes, modern mansions on expansive stands | Near financial districts; golf club; cultural landmarks | Nelson Mandela lived in Houghton; blend of historic and modern luxury |
| Cape Town | Clifton | R20 million – R100 million+ | R100 million+ | Beachfront villas, luxury apartments with ocean views | Blue Flag beaches; dramatic Atlantic views; premium short-let appeal | Cape Town’s trophy-home address; celebrity magnet |
| Cape Town | Camps Bay | R10 million – R50 million | R80 million+ | Hillside villas, modern apartments | Beachfront promenade; cafés, nightlife; resort ambience | Strong lifestyle and rental demand; iconic sunsets |
| Cape Town | Bishopscourt | R15 million – R30 million+ | R50 million+ | Secluded estates, large leafy plots | At the foot of Table Mountain; near top schools; close to Kirstenbosch | Archbishop Desmond Tutu lived here; discreet, old-world prestige |
| Cape Town | Constantia | R10 million – R40 million+ | R60 million+ | Historic homesteads, wine-estate properties, luxury family homes | Vineyards, equestrian facilities, green belts; village feel | Heritage Cape Dutch architecture; wine-route cachet |
| Durban / KZN | Umhlanga | R5 million – R20 million+ | R40 million+ | Coastal homes, luxury apartments, secure estates | Beaches; Gateway Mall; Umhlanga Ridge business node | Corporate HQs nearby; strong live-work-play appeal |
| Durban / KZN | La Lucia | R6 million – R15 million+ | R30 million+ | Family homes, select beachfront properties | Quiet exclusivity; quick access to Umhlanga amenities | Favoured for coastal living without the bustle |
| Durban / KZN | Zimbali Coastal Estate | R8 million – R30 million+ | R40 million+ | Luxury villas within a gated, resort-style estate | Championship golf, forests and beaches; high security | Premium holiday-retreat credentials; lock-up-and-go luxury |
Conclusion
South Africa remains the wealthiest nation on the continent, with Johannesburg and Cape Town continuing to anchor the country’s concentration of high-net-worth individuals. While the traditional centres of wealth in Gauteng retain significance, a steady wave of semigration has reshaped the property market, strengthening demand along the Western Cape and Whale Coast. Affluent suburbs and lifestyle estates provide security, prestige, and access to amenities, but they also face challenges such as infrastructure strain, rising costs, and heavy reliance on private services. Despite these pressures, South Africa’s premium property sector remains resilient, underpinned by the country’s unique mix of lifestyle appeal and established centres of wealth.
Frequently Asked Questions
Which city in South Africa has the highest number of millionaires?
Johannesburg continues to rank as the wealthiest city in Africa, with more than 12 000 residents classified as millionaires. This concentration of wealth reflects the city’s long-standing role as the country’s financial and commercial hub.
Why are wealthy South Africans moving to the Western Cape?
The Western Cape attracts affluent households due to its more reliable infrastructure, lower crime rates, and access to both top-tier schools and universities. Its scenic beauty and lifestyle opportunities, such as wine estates and coastal living, make it especially appealing compared with inland provinces.
What areas outside Johannesburg and Cape Town are popular among the wealthy?
Beyond the two main centres, wealthy South Africans are drawn to regions such as the Cape Winelands, the Garden Route, Durban with Umhlanga and Ballito, Pretoria, and the Whale Coast. These areas combine natural beauty with secure estates and high-quality amenities, making them strong alternatives to the main metros.
What challenges do wealthy suburbs currently face?
Wealthy areas are dealing with several pressures, including rapidly rising property prices that exclude even upper-middle-class buyers, infrastructure that is struggling to keep pace with growth, and persistent security concerns. These factors have led many residents to rely heavily on private services for safety and convenience.
How many wealthy individuals live in South Africa overall?
The Africa Wealth Report estimates that South Africa has around 37 500 wealthy residents. This group includes dollar millionaires, centi-millionaires with fortunes above 100 million US dollars, and billionaires, giving the country a far larger wealthy population than any other African nation.
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