South Africa leads Africa with 48,200 millionaires, 10 billionaires

South Africa had 48,200 high-net-worth individuals as of June 2026, making it the wealthiest country in Africa by that measure, according to the 2026 Africa Wealth Report by New World Wealth. The report also lists 131 centi‑millionaires and 10 billionaires in the country.

Share of continental wealth

The report finds South Africa accounts for a large proportion of the continent’s wealthy residents: 38% of Africa’s total millionaires and 36% of its billionaires.

Why South Africa ranks highly

New World Wealth points to several factors underpinning South Africa’s position. The report highlights a diversified economy, an established financial sector, private healthcare and strong educational institutions as contributors. It also cites lifestyle attractionsclimate, beaches, natural environment and luxury residential estatesas elements that continue to draw wealthy residents and retirees to the country.

The report singles out financial markets, noting the Johannesburg Stock Exchange (JSE) as an important feature of the country’s wealth ecosystem and describing it as the 17th-largest stock exchange in the world by market capitalisation.

“Following a strong past two years, South Africa is now the wealthiest country in Africa by some margin, with 48,200 HNWIs in residence as at June 2026, along with 131 centi-millionaires and 10 billionaires. This means SA now accounts for a substantial 38% of Africa’s total millionaires and 36% of its billionaires,” the report notes.

Wealth by city and region

The report ranks Johannesburg as the wealthiest city in Africa, noting that much of the city’s wealth is concentrated in Sandton. It also identifies the Waterfall–Midrand area as a growing wealth hub.

Cape Town is listed as the second-wealthiest city in Africa, and the report says the city’s wealth has grown by 35% over the past decade.

Fast-growing wealth areas

• Cape Winelands (including Stellenbosch, Paarl and Franschhoek): 55% wealth growth over the past decade.
• Garden Route (including Plettenberg Bay, George, Knysna, Wilderness and Mossel Bay): 43% growth.
• Whale Coast (including Hermanus, Rooi Els and Betty’s Bay): 63% growth.

“On a global view, South Africa ranks as the 34th wealthiest country on earth when it comes to millionaire residents – just behind Poland and ahead of major players like Turkey and Thailand.”

What the report says next

New World Wealth details the concentration of wealth in South Africa’s major cities and regions and lists factors that support the country’s standing on the continent. The figures and regional growth rates are drawn from the 2026 Africa Wealth Report.