These are the richest cities in South Africa
New World Wealth and AfrAsia Bank have published the latest mid-year wealth review, revealing which countries and cities in the world are home to the most high net worth individuals – including South Africa.
The figures in the dataset are up to June 2020 and therefore take into account the impact of the recent coronavirus outbreak on the world’s wealthy, the group said.
A notable trend among the countries tracked by the group is how European nations have seen their HNWI wealth decline over the last decade, compared to other countries.
While countries such as the United States, China and India have seen a massive increase in wealth over the last 10 years (ranging from 20% to 75%, according to NWW), countries like the UK, Germany, France and Italy have all seen HNWI wealth decline.
China’s growth in HNWI wealth stands out as the country is also one of the biggest exporters of HNWIs, showing that it is experiencing huge growth (+75%) in wealth held by its richest citizens despite many leaving the country to settle elsewhere.
China has a significantly higher total wealth than the UK, despite having the same number of millionaires. Its total wealth is also the same as Japan, but it has half the number of millionaires.
Total wealth refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities.
The table below outlines the richest countries in the world.
| Country | Total wealth ($bn) | $1m+ | $10m+ | $100m+ | $1bn+ |
|---|---|---|---|---|---|
| Unites States | $58 278 | 4 700 200 | 206 330 | 8 588 | 690 |
| China | $18 850 | 667 000 | 31 100 | 1 722 | 185 |
| Japan | $18 557 | 1 270 700 | 24 210 | 768 | 32 |
| United Kingdom | $7 848 | 654 200 | 20 670 | 924 | 84 |
| India | $7 659 | 307 500 | 19 290 | 990 | 111 |
| Germany | $7 560 | 638 500 | 19 620 | 850 | 65 |
| Australia | $5 598 | 343 300 | 11 240 | 415 | 33 |
| Canada | $5 529 | 322 300 | 10 820 | 464 | 37 |
| France | $5 032 | 231 000 | 5 870 | 300 | 31 |
| Italy | $3 348 | 175 600 | 4 730 | 239 | 24 |
South Africa
South Africa has the highest total wealth held by HNWIs in Africa, with locally based dollar millionaires holding a total $552 billion in wealth.
The country is home to 33,300 dollar millionaires – this includes 1,760 multi-millionaires ($10 million-plus), 80 centi-millionaires ($100 million-plus) and five billionaires ($1 billion-plus).
This means the average HNWI in South Africa is worth $16.6 million.
NWW’s data showed that HNWI wealth in South Africa decreased by 18% over the last 10 years, with projected growth over the next decade at 30%.
The table below outlines the richest countries in Africa
| Country | Total wealth ($bn) | $1m+ | $10m+ | $100m+ | $1bn+ |
|---|---|---|---|---|---|
| South Africa | $552 | 33 300 | 1 760 | 80 | 5 |
| Egypt | $264 | 14 500 | 760 | 49 | 6 |
| Nigeria | $151 | 6 600 | 340 | 18 | 3 |
| Morocco | $100 | 4 000 | 180 | 18 | 3 |
| Kenya | $81 | 7 500 | 300 | 14 | – |
| Ethiopia | $51 | 2 800 | 130 | 4 | – |
| Tanzania | $49 | 2 100 | 80 | 7 | 1 |
| Ghana | $46 | 2 300 | 90 | 3 | – |
| Angola | $41 | 1 900 | 80 | 2 | 1 |
| Mauritius | $37 | 4 000 | 170 | 5 | 1 |
Among South African cities, Johannesburg ranked as the richest city in the country, home to 13,900 millionaires. Total wealth held by Joburg millionaires is $209 billion.
Cape Town ranks second, followed by Paarl, Franschhoek and Stellenbosch (collectively), and Pretoria.
The table below outlines South Africa’s richest cities.
| City | Country | Total wealth ($bn) | $1m+ | $10m+ | $1bn+ |
|---|---|---|---|---|---|
| Johannesburg | South Africa | $209 | 13 900 | 730 | 2 |
| Cape Town | South Africa | $112 | 6 000 | 350 | 1 |
| Franschhoek, Paarl and Stellenbosch | South Africa | $41 | 2 400 | 140 | 2 |
| Pretoria | South Africa | $38 | 2 200 | 90 | – |
The table below outlines the richest cities in the world:
| City | Country | Total wealth ($bn) | $1m+ | $10m+ | $1bn+ |
|---|---|---|---|---|---|
| New York City | USA | $2 662 | 347 600 | 15 560 | 60 |
| Tokyo | Japan | $2 405 | 305 900 | 7 380 | 12 |
| San Francisco bay Area | USA | $2 295 | 217 800 | 10 150 | 43 |
| London | UK | $2 021 | 267 300 | 9 040 | 36 |
| Beijing | China | $1 669 | 113 300 | 5 400 | 40 |
| Shanghai | China | $1 508 | 110 800 | 5 270 | 38 |
| Los Angeles | USA | $1 232 | 177 900 | 7 940 | 32 |
| Sydney | Australia | $964 | 116 000 | 4 030 | 14 |
| Chicago | USA | $929 | 141 300 | 6 540 | 24 |
| Singapore | Singapore | $885 | 197 800 | 6 370 | 20 |
Read: A significant number of wealthy South Africans have left the country
