Here are the wealthiest cities and suburbs in South Africa

Johannesburg Photo: Canva

Here are the wealthiest cities and suburbs in South Africa

A recent review by the New World Wealth found Johannesburg the wealthiest city in Africa. Cape Town ranked the second richest city.

Here are the wealthiest cities and suburbs in South Africa

Johannesburg Photo: Canva

New World Wealth has recently published its annual wealthy cities review, revealing which countries and cities in the world are home to the highest net worth individuals, including South Africa.

Johannesburg was found to be the wealthiest city in Africa by a recent review by the New World Wealth. 

It said the total wealth in Johannesburg is now amounting to $235 billion. 

ALSO READ: Top ten highest paying jobs in South Africa

Major sectors in the city include financial services, such as banks, and professional services, such as law firms and consultancies.

HNWI wealth, however, concentrated on just a few select suburbs, including:

  • Sandhurst
  • Hyde Park
  • Houghton
  • Westcliff

Cape Town was named the second wealthiest city in Africa, with a total wealth of $130 billion. New World Wealth said that most of this wealth is concentrated in the following suburbs:

  • Clifton
  • Bantry Bay
  • Fresnaye
  • Llandudno
  • Camps Bay
  • Bishopscourt
  • Constantia

The group said Cape Town is also home to several top-end lifestyle estates, including Steenberg, Atlantic Beach, and Silverhurst Estate. Major sectors in the city include real estate and fund management.

ALSO READ: The three most in-demand job skills in SA at the moment

“Wealth” is defined as the net assets of a person and includes all their assets (property, cash, equities, business interests) fewer liabilities.

Last year, the New World Wealth report defines high-net-worth individuals as those with net assets of US$1 million (about R14.5 million) or more.

Of these, there are about 1800 individuals with net assets of US$10 million (about R145 million) or more and 86 with net assets of US$100 million or more.

Most of them are based in Johannesburg (Sandton especially), Cape Town, Umhlanga, and Pretoria.


By September last year, it was estimated that there were just over 35000 of these wealthy people living in SA, twice as many as in any other African country.

South Africa ranks 30th in the world by this measure, ahead of countries like Greece, Portugal and Turkey.

Various factors attract high-net-worth individuals to SA, including lifestyle aspects like the weather, beaches, and scenery.

The media, deemed as being free, is also regarded as helping to disseminate reliable information to investors.

This sets South Africa apart from most other emerging markets worldwide, the report states.

It also said last year SA also has one of the 20 biggest stock exchanges in the world by market capitalization, along with a well-developed banking system and a large fund management sector, making it a stable hub for doing business in and with the rest of Africa.

ALSO READ: SA still an attractive destination for the world’s super-wealthy