Africa Wealth Report 2025 shows Johannesburg still in the lead – but Cape Town is catching up fast.
Johannesburg may still be Africa’s wealthiest city, but Cape Town is fast catching up and could seize the crown by 2030. That’s the standout finding in the Africa Wealth Report 2025, published by Henley & Partners in collaboration with New World Wealth.
South Africa remains the continent’s heavyweight, with 41 100 (US dollar) millionaires – about 34% of Africa’s total and more than the tally of the next five wealthiest countries combined. But the real story lies in the growing rivalry between Johannesburg and Cape Town.
Joburg: The current giant
Johannesburg tops the continental list with 11 700 resident millionaires. Sandton retains its reputation as the richest square mile in Africa, while the Waterfall-Midrand corridor has emerged as a luxury residential hub.
The city also houses the bulk of JSE Top 40 companies, cementing its status as Africa’s corporate capital.
ALSO READ: Most SA dollar millionaires live in Johannesburg – for now
Cape Town: The challenger
Cape Town sits in second place with 8 500 millionaires, but already outpaces Joburg in certain categories. It boasts 35 centi-millionaires and is home to Africa’s most expensive prime real estate, averaging $5 800 (about R102 000) per square metre in sought-after areas like Clifton and Bantry Bay.
The Mother City has also seen strong millionaire growth, up 33% over the past decade and, according to the report, is “on track to overtake Johannesburg in total wealth by 2030.”
Surrounding lifestyle regions such as the Whale Coast (+50%) and the Cape Winelands (+42%) are among Africa’s fastest-growing millionaire hotspots, fuelled by second-home buyers, wealthy retirees, and Cape Town’s global lifestyle appeal.
The wider African picture
While the Joburg-Cape Town duel dominates, the report shows that Africa as a whole is gaining ground. The continent is home to 25 billionaires, 348 centi-millionaires, and 122 500 millionaires – with millionaire numbers forecast to grow by 65% over the next decade.
Mauritius, Rwanda and Morocco have all posted double-digit growth, while Nigeria, Angola and Algeria have experienced steep declines.
ALSO READ: Where do the super-rich in SA live?
What drives the shift
Henley & Partners highlights industries such as fintech, eco-tourism, green tech, e-commerce, rare metals mining, healthcare and wealth management as key to Africa’s next wave of private wealth creation.
Cape Town’s combination of lifestyle, luxury property, and innovation sectors puts it in pole position to challenge Johannesburg’s long-standing dominance.
The bottom line
Johannesburg remains Africa’s financial powerhouse, but Cape Town’s mix of wealth growth, lifestyle magnetism, and real estate strength is reshaping the map. According to the Africa Wealth Report 2025, the question is no longer if Cape Town will catch up to Joburg — but when.
This article was republished from Moneyweb. Read the original here.