These are the wealthiest cities in South Africa for 2022

The total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years.

This home in Houghton Estate offers five bedrooms, four-and-a-half bathrooms, patios, balconies and pool. It is on the market for R25 million - click here to view.

This is according to the latest 2022 Africa Wealth Report, published today by Henley & Partners in partnership with New World Wealth. The report reveals that Africa’s ‘Big 5’ private wealth markets - South Africa, Egypt, Nigeria, Morocco, and Kenya - together account for over 50% of the continent’s total wealth. There are currently 136 000 high-net-worth individuals (HNWIs) with private wealth of USD 1 million or more living in Africa, along with 305 centi-millionaires worth USD 100 million or more, and 21 US dollar billionaires.

Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires. Mauritius has the highest wealth per capita (average wealth per person) in Africa, at USD 34,500, followed by South Africa at USD 10,970 and Namibia at USD 9,320.

In general, South Africa’s performance over the past decade has been poor, with total private wealth held in the country declining by 12% from USD 739 billion in 2011 to USD 651 billion in 2021.

However, as Amanda Smit, Managing Partner of Henley & Partners South Africa, points out, the country still ranks 28th in the world when it comes to private wealth, ahead of major economies such as Argentina, Malaysia, Thailand, and Turkey.

“No matter how well or poorly a country is performing today, one thing has become very clear in our new Age of Uncertainty - governments and investors alike must focus on building resilience. Preparing for the next shock is imperative, and one proven means of doing so is via investment migration, whereby investors can acquire and secure an alternative residence or second citizenship in a different jurisdiction in return for investing in a host country,” says Smit.

“Last year was a record-breaking year for Henley & Partners, in which we assisted clients representing 79 different nationalities, including citizens of 15 African countries ranging from Algeria to South Africa, and from Liberia to Ethiopia.”

SA's richest cities

Africa’s two wealthiest cities are in South Africa - Johannesburg is the wealthiest, with total private wealth of USD 239 billion, while Cape Town in second place has total private wealth of USD 131 billion. Cairo follows closely behind with USD 128 billion in privately held wealth, and Lagos is in 4th position with USD 97 billion in private wealth, according to Smit.

South Africa is also home to the largest luxury market in Africa by revenue, followed by Kenya and Morocco. South Africa’s luxury sector which includes exclusive hotels and lodges, cars, clothing and accessories, watches, private jets, and yachts generates revenue of approximately USD 2 billion a year, making it the largest on the continent by a substantial margin. Much of this revenue is generated from the sale of luxury foreign brands such as Porsche and Louis Vuitton.

Want all the latest property news and curated hot property listings sent directly to your inbox? Register for Property24’s Hot Properties, Lifestyle and Weekly Property Trends newsletters or follow us on Twitter, Instagram or Facebook.