Joburg has the most dollar millionaires in Africa, report shows

19 April 2023 - 10:18
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A comparison of Africa's dollar millionaires and billionaires in 2021 and 2022. Johannesburg is the most affluent city in Africa, according to the latest World's Wealthiest Cities report.
A comparison of Africa's dollar millionaires and billionaires in 2021 and 2022. Johannesburg is the most affluent city in Africa, according to the latest World's Wealthiest Cities report.
Image: Nolo Moima

Johannesburg wears the crown as the African city with the most millionaires in 2023.

The latest World’s Wealthiest Cities report, published by international investment migration firm Henley & Partners, together with global wealth intelligence firm New World Wealth, provides a comprehensive review of global city wealth, including in Africa.

Johannesburg, with its 14,600 high net-worth individuals, or those with investable wealth of $1m (R18.2m) or more, tops the list when it comes to the continent’s wealthiest cities.

The report states the City of Gold also had two billionaires and 30 centi-millionaires, or individuals with $100m (R1.8bn) or more.

Cairo in Egypt, with its 7,400 dollar millionaires, and Cape Town with 7,200, secured second and third spot respectively when it came to Africa’s wealth stakes.

The Mother City, according to the report, has one billionaire and 26 centi-millionaires.

The Africa Wealth Report, released last month, cited Johannesburg as the “most affluent city in Africa”.

The Sandton suburbs of Hyde Park, Inanda and Sandhurst, in particular, are home to large numbers of high net-worth individuals.
'World's Wealthiest Cities' report

“Most of Johannesburg’s top-end wealth is concentrated in the suburbs surrounding Sandton City shopping mall, an area dubbed ‘the richest square mile in Africa’.

“The Sandton suburbs of Hyde Park, Inanda and Sandhurst, in particular, are home to large numbers of high net-worth individuals.

“The ‘old money’ suburb of Westcliff is also extremely affluent.”

Globally, when it comes to the number of resident millionaires, cities in the US and Asia dominate the world’s top 10 wealthiest cities.

New York City is the wealthiest in the world with 340,000 millionaires, while two other American wealth hubs — the San Francisco Bay area and Los Angeles — come in third and sixth places, with 285,000 and 205,400 resident high net-worth individuals.

Tokyo, which led the pack 10 years ago, falls to second place with 290,300 millionaires, and London, the wealthiest city in the world for many years, drops to fourth place with 258,000 millionaires.

Asia Pacific cities gained ground over the past decade, the report states. China has three cities in the top 10.

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