The latest World’s Wealthiest Cities report says Johannesburg has the most millionaires of any African city in 2023, according to SowetanLIVE. The report, published by international investment migration firm Henley & Partners and global wealth intelligence firm New World Wealth, reviews global city wealth, including Africa.
Johannesburg tops the list with its 14,600 high net-worth individuals, including two billionaires and 30 centi-millionaires. Cairo and Cape Town secured the second and third spot, respectively, with 7,400 and 7,200 dollar millionaires.
The Africa Wealth Report, released last month, also called Johannesburg the “most affluent city in Africa”. Most of Johannesburg’s top-end wealth sits in the suburbs surrounding the Sandton City shopping mall. Hyde Park, Inanda, Sandhurst and Westcliff are highly affluent.
Globally, cities in the US and Asia dominate the world’s top 10 wealthiest cities in terms of resident millionaires. New York City is the richest globally, with 340,000 millionaires. At the same time, the San Francisco Bay Area and Los Angeles come in third and sixth places, with 285,000 and 205,400 resident high net worth individuals, respectively. Tokyo, on top 10 years ago, falls to second place with 290,300 millionaires. London drops to fourth place with 258,000 millionaires. The report also notes that Asia Pacific cities have gained ground over the past decade, with China having three cities in the top 10.