Cape Town tops list as most expensive city in Africa

Cape Town tops list as most expensive city in Africa

The latest African Wealth Report for 2024 shows that Cape Town tops the list when it comes to the most expensive city on the African continent.

The wealth report is published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.

The latest edition is the ninth published.

The list is based on the average square metre price of a prime 200 to 400 square metre apartment in the city.

‘Prime’ refers to premium residential units in affluent parts of each city.

The figures show that for the Mother City, that price is $5 600/m² (R107 000/m²).

Grand Baie in Maurities comes in in second place, with Plettenberg Bay on South Africa’s Garden Route in third.

Hermanus (fourth), Umhlanga (sixth) and Sandton (seventh) all made the Top 10 list.

Read the full 2024 Africa Wealth Report here.

Top 10 most expensive cities in Africa:

• Figures for December 2023
• Refers to the average square metre price of a prime 200 to 400 square metre apartment in city/town
• ‘Prime’ refers to premium residential units in affluent parts of each city/town
• Figures rounded to nearest $100

Meanwhile, Johannesburg maintained its place as the wealthiest city in Africa, with 12 300 millionaires, 25 centi-millionaires, and two billionaires.

Cape Town followed closely behind in second place with 7 400 millionaires, 28 centi-millionaires, and one billionaire.

The Cape Winelands was sixth, Durban and surrounding areas in seventh, the Garden Route eighth and Pretoria in 10th spot.

Top 10 wealthiest cities in Africa:

• Figures for December 2023
• Only includes individuals living in each city (residents)
• Millionaire figures rounded to nearest 100

Meanwhile, despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many high-net-worth individuals (HNWIs) as any other African country, with 37 400 millionaires, 102 centi-millionaires, and five billionaires.

This is 400 fewer than the 37 800 recorded at the end of 2022, and down 11 300 from the 48 700 recorded at the end of 2013.

Egypt with 15 600 millionaires, 52 centi-millionaires, and seven billionaires, lies in second place, Nigeria sits in third place with 8 200 HNWIs, followed by Kenya (7 200 millionaires), Morocco (6 800), Mauritius (5 100), Algeria (2 800), Ethiopia (2 700), Ghana (2 700), and Namibia (2 300) all making it into the Top 10 Wealthiest Countries in Africa.

TO NOTE: High-net-worth individuals (HNWIs) are defined in the report as individuals with “liquid, investable wealth” exceeding $1 million (R19 million).

Centi-millionaires are worth $100 million or more.

Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco – together account for 56% of the continent’s millionaires and over 90% of its billionaires.

How many billionaires does South Africa have?

NOTE: There is often a discrepancy when it comes to net worth of individuals.

As reported by The South African website, according to Forbes’ real-time tracking of billionaires, South Africa has six, not five.

According to the latest numbers at the time of publishing, Johann Rupert and family remain the richest in South Africa (and 197th in the world) with $10.5 billion.

Top 10 African countries in terms of millionaires:

• Figures for December 2023
• Only includes individuals living in each country (residents)
• Millionaire figures rounded to nearest 100