AfrAsia Bank, in partnership with New World Wealth, has published its African Wealth Report for 2021, which highlights the continent’s richest cities by their total wealth.
The group defines “total wealth” as the private wealth of all people living in each city. It includes all assets – including real estate, cash, stocks and business interests – minus any liabilities.
Using this metric, the data shows that Johannesburg is the city with the most millionaires (15,100) on the continent, followed by Cape Town (6,500) a second away. New World Wealth defines millionaires as those with a net worth of $ 1 million or more.
Durban (3,400), the Cape Winelands (2,800) and Pretoria (2,400) are also in the top 10.
“Most of Johannesburg’s assets are concentrated in Sandton, which is home to the Johannesburg Stock Exchange and the headquarters of most of Africa’s largest banks and corporations,” said AfrAsia Bank.
“Major sectors in the city include financial services such as banking and professional services including law firms and consulting firms.”
The group said Cape Town is home to Africa’s most exclusive suburbs including: Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt and Constantia.
It is also home to a number of top lifestyle properties including Steenberg, Atlantic Beach, and Silverhurst Estate. Property and fund management are among the city’s most important sectors.
Fastest growing areas
While Johannesburg and Cape Town are relatively firmly anchored in their positions, data from AfrAsia Bank shows that the number of affluent people in the Durban area and the United States North coast increases rapidly.
“Umhlanga and Ballito, in particular, are two of the fastest growing cities in South Africa in terms of wealth growth over the past decade,” it said.
“The Lagoon Drive apartments in Umhlanga are among the most exclusive in South Africa. Notable top-end complexes include the Pearls, the Edge of the Sea and Bermuda.”
Similar increases can be seen in the three neighboring cities of Paarl, Franschoek and Stellenbosch in the Western Cape.
“Together they form one of the fastest growing areas in South Africa for high net worth individuals,” it says.
“In particular, a large number of retired HNWIs have moved to these cities in the past decade. There are also several exclusive housing developments in the area that have attracted wealthy individuals, including Val de Vie, De Zalze and Domaine des Anges. “
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