The recently published Africa Wealth report for 2022 by New World Wealth has revealed which countries and cities on the continent are home to the highest number of high net worth individuals - 4 South African cities feature in the top 10.
According to the report, high net worth individuals (HNWIs) are people with a wealth of R15.7 million or more. Total wealth refers to the private wealth held by all the individuals living in each country.
The City of Gold lives up to its name
The data shows that Johannesburg is the wealthiest city in Africa, with total private wealth amounting to $239 billion. This includes 16,000 HNWIs, 34 centi-millionaires (R1.5 billion+), and two-dollar billionaires (R15.7 billion+). Most of Johannesburg’s HNWI wealth is concentrated in the suburbs of Sandhurst, Hyde Park, and Westcliff.
Cape Town ranks second on the list with total private wealth amounting to $131 billion. The city is home to 6,900 HNWIs, 25 centi-millionaires, and one billionaire.
Durban and Umhlanga round up the top three with total private wealth amounting to $60 billion. The data shows that Umhlanga is especially affluent and is home to many HNWIs.
Most expensive streets and suburbs
The report has shown that the Western Cape is home to almost all of the country's wealthiest neighbourhoods and streets.
| Suburb | Rand per square meter | US$ per square meter |
|---|---|---|
| Clifton | R80,000 | $5,000 |
| Bantry Bay | R75,000 | $4,700 |
| Fresnaye | R58,000 | $3,600 |
| Camps Bay and Bakoven | R52,000 | $3,300 |
| Llandudno | R50,000 | $3,100 |
This is not surprising considering that Cape Town alone is home to many of Africa's most exclusive suburbs including Clifton, Bantry Bay, Fresnay, Llandudno, Camps Bay, Bishopscourt, Oranjezicht, and Constantia. These areas are also very popular with foreign buyers that prefer the lifestyle and living standards on offer here.
The most expensive street not in Cape Town is Lagoon Drive in Umhlanga where a square meter costs R36,000.
| Suburb/Street | Rand per square meter | US$ per square meter |
|---|---|---|
| Lagoon Drive, Umhlanga | R36,000 | $2,300 |
| Eastcliff, Hermanus | R35,000 | $2,200 |
| Beachyhead Drive, Plettenberg Bay | R34,000 | $2,100 |
| Central Sandton | R32,000 | $2,000 |
| Marine Drive, Umhlanga | R30,000 | $1,900 |
