Cape Town looks set to surpass Johannesburg as the wealthiest city in Africa by 2030.
This is according to the African Wealth Report 2024 by Henley & Partners and New World Wealth, which underscores Cape Town’s advantage from the ongoing semigration of wealthy South Africans, particularly from Johannesburg and Pretoria.
Also read: BRICS Wealth Report: CT can expect 85% more millionaires in 10 years
The report also highlights Cape Town as a highly sought-after retirement spot for wealthy migrants from Europe and other parts of Africa.
‘Lifestyle estates on the outskirts of the city are projected to perform especially well in attracting new high-net-worth individuals (HNWIs),’ the report states.
‘We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth.’
The City is home to the second-most millionaires on the continent after Johannesburg. Of the 37 400 HNWIs (those whose wealth exceeds US$1 million, or about R19 million in South Africa), 12 300 are in Johannesburg and 7 400 are in Cape Town.
The City’s most opulent residential areas, also referred to as the ‘Prime 7’, include Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno and St James.
As reported by BusinessTech, about 3 600 HNWIs reside in the Cape Winelands. Luxury lifestyle estates such as Val de Vie, De Zalze and Domaine des Anges are reportedly attracting HNWI buyers.
Cape {town} Etc discount: Learn How to Use AI to Enhance Your Teaching Skills with an AI Resources Course for R179 (valued at R2 100). Get it here.
Furthermore, HNWIs own several wine farms in the area, including ultra-wealthy HNWIs. Centi-millionaires (those whose net worth exceeds $100 million, or about R1.9 billion) also tend to retire in these areas.
About 3 500 HNWIs also reside in Durban, Umhlanga and Ballito. Following closely is the Garden Route in the Western Cape with 3 200 HNWIs. The area extends from Mossel Bay to Storms River along the South Coast, including popular tourist destinations such as Plettenberg Bay, Knysna and Wilderness.
Plettenberg Bay’s most affluent road, Beachy Head Drive, has even been dubbed ‘Africa’s Millionaire Row’, as reported by BusinessTech.
Pretoria also earned a spot among the top 10 with 2 100 HNWIs. Its affluent areas include Waterkloof and Waterkloof Ridge, and luxury estates Silver Lakes, Mooikloof Equestrian Estate and Woodhill Estate.
Unleash your inner explorer with these incredible car deals, all priced under R100 000. Find car listings here.
Also read:
Hermanus is the safest town in SA and other reasons millionaires are flocking
Picture: Gallo Images