South Africa has long carried the reputation of being Africa’s wealth capital.
With its financial hubs and economic influence, it’s often the first place that comes to mind when thinking about private wealth on the continent.
In 2025, the numbers back that up: South Africa is home to more millionaires than any other African nation.
SA is home to 34 percent of Africa’s millionaire population
According to the recent Africa Wealth Report 2025 from Henley & Partners, in 2025, South Africa is home to 41 100 millionaires – individuals with at least US$1 million in investable assets. That’s 34 percent of all millionaires on the African continent, more than a third of Africa’s total millionaire population, and nearly equal to the next five wealthiest countries combined.
Despite leading the continent, South Africa has seen its millionaire population shrink. Over the past decade, the country has lost 2 466 millionaires, amounting to a 6% decline.
The report also showed that South Africa’s wealth is concentrated in two powerhouse cities.
Johannesburg leads with 11 700 millionaires, mostly clustered in Sandton and the city’s wealthy northern suburbs.
Cape Town follows with 8 500 millionaires and claims the crown for luxury real estate, averaging $5 800 per square metre for prime property, which includes high-end suburbs and lifestyle appeal in prestigious neighbourhoods such as Clifton, Camps Bay, Constantia, Fresnaye, and Bantry Bay.
The data also revealed that South Africa has 112 Centi-millionaires (with investable assets of US$100 million or more) and 8 Billionaires (with investable assets of US$1 billion or more).
If you were one of these wealthy individuals, where in SA would you live?
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