Super-rich find their place in sunny SA
They might be brimming with poverty-stricken masses, but Johannesburg and Cape Town are among the most attractive cities for the world's wealthiest individuals.
A new report listing the top 40 cities that are home to the most "ultra high-net-worth individuals" places Johannesburg 28th and Cape Town 36th.
They are the only African cities on the list, which is topped by London, New York, Hong Kong, Singapore and Shanghai.
The Knight Frank Global Wealth Report said Johannesburg has 298 super-rich residents and Cape Town 115. London has 4364.
Though Johannesburg has become a popular destination for prime industrial property investors, the report found that Cape Town offered the best value for luxury property in the world.
Tony Galetti, head of Knight Frank South Africa, said the growth of investment in South Africa by Chinese tycoons had been impressive over the past few years.
They have bought up "virtually all" the industrial areas of greater Johannesburg, and made several "trophy purchases", including a building in Sandton and several wine farms in the Western Cape.
The report warns that Nairobi might soon be nipping at Johannesburg's heels.
"The decline of Cairo's commercial influence at the northern end of Africa, and the realisation by international businesses that they cannot run the entire continent from Johannesburg at the southern tip, has created a vacuum that Nairobi is eagerly filling.
"With the arrival and expansion of a string of multinationals, the Kenyan city is now firmly established as one of Africa's leading hubs," the report said.
Another survey, by Numbeo.com, showed that Cape Town offered slightly better value than Johannesburg. You need R28514 monthly in Johannesburg for a lifestyle that costs R28000 in the Cape.