The wealthiest suburbs in South Africa

The recently published Africa Wealth report for 2022 by New World Wealth has revealed which countries and cities on the continent are home to the highest number of high net worth individuals - 4 South African cities feature in the top 10.

According to the report, high net worth individuals (HNWIs) are people with a wealth of R15.7 million or more. Total wealth refers to the private wealth held by all the individuals living in each country.

The City of Gold lives up to its name

The data shows that Johannesburg is the wealthiest city in Africa, with total private wealth amounting to $239 billion. This includes 16,000 HNWIs, 34 centi-millionaires (R1.5 billion+), and two-dollar billionaires (R15.7 billion+). Most of Johannesburg’s HNWI wealth is concentrated in the suburbs of Sandhurst, Hyde Park, and Westcliff.

Cape Town ranks second on the list with total private wealth amounting to $131 billion. The city is home to 6,900 HNWIs, 25 centi-millionaires, and one billionaire.

Durban and Umhlanga round up the top three with total private wealth amounting to $60 billion. The data shows that Umhlanga is especially affluent and is home to many HNWIs.

Most expensive streets and suburbs 

The report has shown that the Western Cape is home to almost all of the country's wealthiest neighbourhoods and streets. 

Suburb Rand per square meter US$ per square meter
Clifton R80,000 $5,000
Bantry Bay R75,000 $4,700
Fresnaye R58,000 $3,600
Camps Bay and Bakoven R52,000 $3,300
Llandudno R50,000 $3,100

This is not surprising considering that Cape Town alone is home to many of Africa's most exclusive suburbs including Clifton, Bantry Bay, Fresnay, Llandudno, Camps Bay, Bishopscourt, Oranjezicht, and Constantia. These areas are also very popular with foreign buyers that prefer the lifestyle and living standards on offer here. 

The most expensive street not in Cape Town is Lagoon Drive in Umhlanga where a square meter costs R36,000.

Suburb/Street Rand per square meter US$ per square meter
Lagoon Drive, Umhlanga R36,000 $2,300
Eastcliff, Hermanus R35,000 $2,200
Beachyhead Drive, Plettenberg Bay R34,000 $2,100
Central Sandton R32,000 $2,000
Marine Drive, Umhlanga R30,000 $1,900

Listing details of properties shown

5 bedroom house for sale in Higgovale

3 bedroom cluster for sale in Sandhurst

3 bedroom apartment for sale in Umhlanga Rocks

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