Business
Millionaires Swap Gauteng for the Western Cape in 2025
South Africa’s wealth map is changing. The 2025 Africa Wealth Report confirms the country remains Africa’s richest market, home to 41,100 millionaires, 112 centi-millionaires, and eight billionaires. That’s 3,700 more dollar millionaires than last year. Yet Gauteng, once unchallenged, is no longer the first choice for the wealthy.
Cape Town and the Cape surge ahead
The Western Cape now counts 17,300 millionaires, spread across Cape Town, the Whale Coast, the Winelands, and the Garden Route. Gauteng, with Johannesburg and Pretoria combined, trails with about 14,000. The province is also home to most of South Africa’s centi-millionaires and billionaires.
This migration has been years in the making. Lifestyle and infrastructure have proven decisive, with remote work during the pandemic accelerating the trend. Global recognition of Cape Town as the world’s best city by Time Magazine has only cemented its international pull.
Property prices soar
The Western Cape’s luxury property market is booming. Hermanus has seen sales double in five years, with average home prices rising 75%. In the Winelands, estates like Val de Vie have nearly tripled in value since 2020. Along the Garden Route, demand for golf estates and sea-view homes continues to climb, backed by world-class schools, healthcare, and retail.
Cape Town’s Atlantic Seaboard and Constantia are already under pressure, forcing buyers to look further afield. Prime property prices now hover around $5,800 per square metre, while Sandton in Johannesburg has stagnated at $1,800.
Gauteng struggles to keep pace
Life in Gauteng has become tougher for residents, with crumbling transport systems, water and electricity shortages, and high crime rates. Municipal mismanagement has added to the frustration. Developers are shifting focus to converting empty office parks into rental apartments, while Cape Town pushes forward with luxury housing projects.
Johannesburg still has a role
Despite these challenges, Johannesburg remains South Africa’s corporate hub. The majority of blue-chip companies still base themselves in the city, ensuring it retains a strong business appeal. If promised urban renewal projects materialise, Gauteng may yet steady itself. But for now, the wealthy are voting with their feet, chasing a safer, more attractive lifestyle in the South.
The shift of millionaires tells a bigger story. Where the rich feel confident enough to invest is often where infrastructure, governance, and opportunity are strongest. For Gauteng, the warning signs are clear. For the Western Cape, the future looks bright.
Also read: South Africans Brace for Higher Electricity Prices After Eskom–Nersa Deal
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Source: Business Tech
Featured Image: The Pam Golding Properties Blog
