Cape Town Named Among Wealthiest African Cities in Henley & Partners' 2023 Africa Wealth Report

Cape Town's accolades keep growing with the latest being ranked among the wealthiest cities in Africa according to the Henley & Partners' 2023 Africa Wealth Report. The annual wealth report, seen as an authoritative guide to Africa's wealth and luxury sector, conducted a thorough analysis of the continent's private wealth.

The report reveals that South Africa harbors more than double the high-net-worth individuals than any other African nation despite grappling with a challenging past decade. Notably, South Africa's private wealth outpaces major economies including Indonesia, Malaysia, and Thailand, pushing the nation to 30th place worldwide.

As of December 2022, South Africa holds a staggering 645 billion USD in investable wealth distributed in property, cash, and listed company holdings. Of the 23 billionaires, 328 centi-millionaires, and 138,000 millionaires in Africa, South Africa garners a significant 98% of the continent's centi-millionaires. Notably, these centi-millionaires often found large multinational companies, making their contribution to creating employment invaluable.

In South Africa, there are 37 800 millionaires, each with wealth exceeding 1 million USD; 98 centi-millionaires, each boasting wealth over 100 million USD; and 5 billionaires, each with a staggering wealth exceeding 1 billion USD.

Using data from global wealth intelligence company, New World Wealth, the report recognizes Cape Town as housing the highest number of millionaires (7 200) and centi-millionaires (26) second to Johannesburg. Furthermore, if the current internal relocation trend continues, Cape Town could surpass Johannesburg to become the wealthiest city in South Africa by 2040.

Interestingly, over 40% of South Africa's million-dollar homes are found in the "Prime 7" suburbs in Cape Town. However, home price per square meter in Hermanus and Plettenberg Bay suburbs are inching closer to those in Cape Town, signifying their budding status as future wealth hubs.

Despite its wealth status in South Africa, Cape Town ranks third in Africa's top ten wealthiest cities, following behind Cairo and Johannesburg.