Tue. Oct 22nd, 2019

Cape Town vs Johannesburg vs Durban: Here’s who has the most millionaires

Cape Town Johannesburg Durban millionairesAlmost 10% of South Africa’s dollar millionaires left the country last year. But how many of them reside in Cape Town, Johannesburg and Durban?

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Three of South Africa’s biggest cities don’t just attract the tourists, you know: Millionaires are also lining the streets of Cape Town, Johannesburg and Durban. They’re tucked away in their city penthouses and sprawling mansions – because someone’s gotta do it, right?

New World Wealth’s latest report for Mzansi paints a comprehensive picture of where the super-wealthy prefer to reside. However, not all of our mega-rich citizens are content with their living situations. Between 2017 and 2018, a total of 4 400 dollar millionaires have upped-sticks and left the country.

Cape Town vs Johannesburg vs Durban – wealth wars:

We’re now down to 39 200 residents who possess a personal fortune which is equivalent to approximately R14.5 million (according to current exchange rates). Dollar millionaire status is highly sought-after in South Africa, but there are now fewer people who can boast about having that title within our borders.

As always, we like to make Cape Town, Johannesburg and Durban face off against each other. The category of wealth will be no exception: Here’s where the highest concentration of millionaires are in South Africa:

City Number of millionaires Total wealth
Johannesburg 16 600 $248 billion
Cape Town 7 100 $133 billion
Durban 3 300 $51 billion
Paarl, Franschhoek
and Stellenbosch
2 800 $50 billion
(approx)
Garden Route,
Western Cape
2 700 $52 billion
(2017 only)

Where do millionaires live in South Africa?

In the battle of the cities, Johannesburg remains the undisputed capital of wealth in South Africa. Despite the exodus of rich residents, Jozi has more than double the number of dollar millionaires as its next competitor, Cape Town. Just over 7 000 of them reside in the Mother City. Durban takes the bronze medal this time, coming in third.

In fact, three of the top five wealthiest locations in the country are in the Western Cape. The Cape Winelands and properties along the Garden Route boast an exceptional amount of wealthy residents. Meanwhile, Pretoria finishes sixth – with around 100 fewer dollar millionaires than the most luxurious settlements along the N2.

Dollar millionaires in South Africa

Here’s what else we learned from the New World Wealth report:

  • Johannesburg has lost almost 1 800 super-rich residents within a 12-month period.
  • In 2017, some 2 200 residents in South Africa had over $10 million in the bank – around R145 million.
  • The Whale Coast (Hermanus) was the Western Cape’s fourth representative in the top 10, coming seventh. Around 800 dollar millionaires are believed to live in and around the seaside town.
  • The Sunshine Coast (400), Pietermaritzburg (200), and Bloemfontein (100) finished eighth, ninth and tenth respectively.

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