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Over a Quarter of Africa’s Millionaires Reportedly Live in South Africa

Africa has 163,000 dollar millionaires, and almost 30 percent of them live in South Africa, according to a report by a Johannesburg-based global research company. The report – released last week by New World Wealth (NWW) and done in conjunction with AfrAsia bank –  found that Johannesburg has the highest number of dollar millionaires in Africa (23,400), more than double […]

Africa has 163,000 dollar millionaires, and almost 30 percent of them live in South Africa, according to a report by a Johannesburg-based global research company.

johannesburg
Johannesburg is the top city in Africa for dollar millionaires. Source: Media Club South Africa

The report – released last week by New World Wealth (NWW) and done in conjunction with AfrAsia bank –  found that Johannesburg has the highest number of dollar millionaires in Africa (23,400), more than double the runner-up, Cairo (10,200), and Lagos, Nigeria (9,100).

Three other South African cities were positioned in the top 10: Cape Town (8,900), Durban (2,700) and Pretoria (2,500).

African Millionaires
Sources: New World Wealth

Millionaires in Africa – referring to anyone worth US $1 million or more – are worth some $670 billion as of June, according to NWW, which said that 29 percent of them live in South Africa. In other words – 46,800 out of the 163,000.

In March, Forbes published a list saying that of the world’s 1,826 billionaires, Africa had 29. The list for Africa was headed by Nigerian Aliko Dangote whose Dangote Group is West Africa’s largest industrial conglomerate and has interests in cement production, flour milling, sugar refining and food and beverages.

The following three positions were taken by South Africans – luxury good billionaire Johann Rupert, diamond magnate Nicky Oppenheimer and Christo Wiese, the retailer tycoon who owns Shoprite.

The remaining slots were filled mostly by South Africans, Egyptians and Nigerians, with the Tanzanian businessman Mohammed Dewji, a new addition, becoming the continent’s youngest billionaire, at 39.

South Africa’s Top Second-Home Locations

In another report released in July by NWW in tandem with London real estate company Hurst & Willis, Plettenberg Bay was named as South Africa’s top second-home hotspot for the super-rich, with 260 homes owned by millionaires.

Plettenberg Bay Beach

The list, which excluded big cities, also included:

Umhlanga and La Lucia (230) in KwaZulu-Natal…

Umhlanga millionaires
Move over Unhlanga (pictured here), Zinkwazi is becoming the new favourite for super-rich second-home owners.

Knysna on the Garden Route (230)…

Knysna millionaires hotspot
Knysna, a hot spot for second-home-owning millionaires.

Stellenbosch (170) and Franschhoek (70) in the Western Cape…

Franschhoek
Franschhoek comes out among the top towns for millionaires in South Africa with second homes.

And Wilderness (60) and Hermanus (30) on the Garden Route. The report also listed Estates which are popular amongst millionaires for second-homes including Zimbali (Ballito), Fancourt (George) and Pezula (Knysna) amongst others.

Hermanus property millionaires
A view of Hermanus from the old port.

The research company named four towns as the upcoming new second-home hot spots in South Africa: Zinkwazi in KwaZulu-Natal, Greyton and Tulbagh in the Western Cape, and Keurbooms River on the Garden Route.

View the full report here.

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