Where South Africa’s billionaires live

In contrast, only two dollar billionaires live in Johannesburg, which has retained its position as the wealthiest city in Africa by number of dollar millionaires. 

This was revealed by Henley & Partners in its Africa Wealth Report for 2025, which documents where the continent’s dollar millionaires live and where they are moving to. 

In South Africa, the trend is clear, with the country’s richest leaving the northern interior for coastal cities with better governance and more relaxed lifestyles. 

Henley & Partners’ research showed that Africa’s millionaire population is projected to grow by 65% over the next decade. 

The continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires  – a remarkable transformation from the late 20th century, when there were only a few billionaires and many African economies were in long-term decline.

Following a strong past year, South Africa now accounts for 34% of Africa’s millionaires – roughly equal to the next five wealthiest countries combined. 

The country has 41,100 millionaires, leading Africa’s Big Five wealth markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). 

At the city level, with 11,700 resident millionaires, Johannesburg holds onto the top spot as Africa’s wealthiest city, anchored by the Sandton business district and luxury residential enclaves in the up-and-coming Waterfall–Midrand area. 

However, Cape Town, placed second with 8,500 millionaires, has emerged as the continent’s leader in centi-millionaires, with 35 super wealthy individuals calling it home. 

The ‘Mother City’ is also Africa’s most expensive prime real estate market at $5,800/m² and is on track to overtake Johannesburg in total wealth by 2030.

The number of millionaires living in the city has grown by 33% in the past decade, in contrast to Johannesburg’s decline of 35%. 

Cape Town counts three dollar billionaires as residents, while Johannesburg has only two. The Winelands region is home to a further three. 

The Winelands region has shown exceptional growth in the past decade, ranking among the three fastest-growing millionaire hubs on the continent. 

Its number of billionaires has grown by 42% in the past ten years, behind only Marrakech and the Whale Coast in South Africa. 

This growth has been driven by wealthy retirees from South Africa’s interior and abroad, who are increasingly moving to Paarl, Franschhoek, and Stellenbosch for their golden years. 

Pretoria, Durban, and the Garden Route do not have a billionaire between them, but are home to 20 centi-millionaires.

Top ten cities

The table below shows the top ten cities in Africa ranked according to the number of billionaires declared as residents.