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South Africa is home to a diverse array of cities, each with its unique character and economic landscape. Among these cities, the number of resident millionaires and their wealth growth rates over the past decade paint an interesting picture of the country’s financial hubs.

Using statistics provided by Africa Wealth Report 2023, while Johannesburg has long held the title of South Africa’s wealthiest city, recent trends suggest that Cape Town is steadily closing the gap, fueled by a wave of internal migration.

Johannesburg

Johannesburg, often regarded as the financial capital of South Africa, has seen its millionaire population grow to 14,600.

However, its relative wealth growth rate over the past ten years has been rather sluggish, with a decline of 40%. A significant factor contributing to this slower growth is coastal semigration, as more wealthy individuals opt for the coastal lifestyle and invest in property in other regions.

Cape Town

Cape Town, on the other hand, has experienced a remarkable rise in its millionaire residents, reaching a total of 7,200.

The city has managed to buck the trend observed in Johannesburg, with a positive growth rate of 10% in the same period. This growth can be attributed to its breathtaking natural beauty, lifestyle, and booming tourism and tech industries.

Durban

Durban, South Africa’s third-largest city, boasts 3,600 millionaires and a wealth growth rate of -6%. Although it has faced economic challenges in the past decade, it still maintains a substantial base of wealthy residents.

Cape Winelands and Garden Route

The Cape Winelands and The Garden Route regions have seen substantial growth in their millionaire populations, with 3,400 and 3,000 millionaires, respectively. Both areas have experienced wealth growth rates of 18% and 22%, driven by their scenic beauty, vineyards, and tourism.

Pretoria

Pretoria, another major urban area in South Africa, is grappling with a decline in wealth growth, standing at -35%. The city has 2,400 millionaires, and internal migration trends have affected its economic performance.

The Whale Coast

The Whale Coast region may be one of the smaller areas on the list, but its millionaire population has shown a remarkable growth rate of 25%. With 1,100 millionaires, this coastal haven is attracting wealthy residents.

A Glimpse into the Future

According to the report, if the current rate of internal migration continues, Cape Town is poised to overtake Johannesburg as South Africa’s wealthiest city by 2040. The allure of coastal living, along with the city’s growing industries, positions Cape Town as a prime destination for the country’s affluent population.