South Africa home to 48,200 millionaires as country tops Africa’s wealth rankings

Cape Town – South Africa has strengthened its position as Africa’s wealthiest country, with 48,200 high-net-worth individuals (HNWIs) living in the country as of June 2026, according to the latest Africa Wealth Report by New World Wealth.

The report, published by wealth intelligence firm New World Wealth, found that South Africa accounts for 38% of Africa’s millionaires, as well as 36% of the continent’s billionaires.

The country is also home to 131 centi-millionaires, defined as individuals with liquid wealth of at least $100 million, and 10 billionaires.

“Following a strong past two years, South Africa is now the wealthiest country in Africa by some margin,” New World Wealth said.

Globally, South Africa ranks 34th for the number of millionaire residents, according to the report.

New World Wealth attributed South Africa’s wealth concentration to its diversified economy, developed financial sector, strong banking system, established stock market and lifestyle appeal.

“SA is strong in multiple key sectors including banking, fund management, real estate, technology, healthcare, mining, chemicals, agriculture, manufacturing, retail, media & entertainment, and travel & tourism,” the report said.

The Johannesburg Stock Exchange (JSE) was also highlighted as a major contributor to the country’s wealth ecosystem. New World Wealth said the JSE is the 17th-largest stock exchange in the world by market capitalisation, with a market value exceeding that of all other stock markets in Africa combined.

Johannesburg remains Africa’s wealthiest city

Johannesburg continues to rank as Africa’s wealthiest city, with New World Wealth pointing to its concentration of major listed companies and wealthy residents, particularly in Sandton and the Waterfall-Midrand area.

“Despite a tough past two decades, Johannesburg is still the wealthiest city in Africa,” the report said.

Cape Town ranks second and has recorded 35% wealth growth over the past decade. New World Wealth said the city could overtake Johannesburg to become Africa’s wealthiest city by 2030.

The report also identified the Cape Winelands, Garden Route and Whale Coast as rapidly expanding wealth hubs.

The Cape Winelands recorded wealth growth of 55% over the past decade, while the Garden Route grew by 43%. The Whale Coast, meanwhile, recorded 63% growth, making it South Africa’s fastest-growing region for high-net-worth individuals.

Wealth expected to expand

New World Wealth forecasts that the number of millionaires across Africa will more than double by 2040, with destinations such as Cape Town, the Cape Winelands, the Whale Coast and Garden Route expected to benefit from continued wealth creation.

Andrew Amoils, head of research at New World Wealth, said the continent’s future wealth creation would increasingly be driven by emerging industries.

“Over the next decade, we expect the key wealth-creating industries in Africa to be eco-tourism & eco-estates, music & film, fintech, ecommerce, software development, AI, business process outsourcing, green tech, rare metals mining, biotech, and wealth management,” Amoils said.

The report’s wealth figures are based on liquid wealth, including equities, ETFs, cash, bonds, gold and cryptocurrencies. Property, family businesses and private equity are excluded from its calculations.

All figures in the report are in US dollars and are based on data as at 30 June 2026.