South Africa leads Africa in wealth with 48,200 millionaires and 10 billionaires - IOL

South Africa has emerged as Africa’s wealthiest country, with 48,200 high-net-worth individuals living in the country as of June 2026.

This is according to the latest 2026 Africa Wealth Report by New World Wealth, which found that South Africa accounts for 38% of Africa’s millionaires. The country is also home to 131 centi-millionaires and 10 billionaires.

"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.

"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."

New World Wealth attributes the country’s position to its diversified economy, established financial sector, private healthcare system and strong educational institutions.

The report also points to South Africa’s lifestyle appeal, including its climate, beaches, natural environment and luxury residential estates, which continue to attract wealthy residents and retirees.

South Africa’s financial markets are another factor highlighted in the report. The Johannesburg Stock Exchange (JSE) is described as the 17th-largest stock exchange in the world by market capitalisation, while the country has a well-developed fund management industry.

Johannesburg remains the wealthiest city in Africa, according to the report.

The report says much of the city’s wealth is concentrated in Sandton, which is home to many companies listed on the JSE Top 40.

The Waterfall-Midrand area is also identified as a growing wealth hub, with a number of high-net-worth individuals living in lifestyle estates.

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

The report also identifies several South African areas that have recorded strong growth in wealth over the past decade.

The Cape Winelands, which includes Stellenbosch, Paarl and Franschhoek, recorded wealth growth of 55%.

The Garden Route recorded growth of 43%. The area includes towns such as Plettenberg Bay, George, Knysna, Wilderness and Mossel Bay.

The Whale Coast, including Hermanus, Rooi Els and Betty’s Bay, recorded wealth growth of 63% over the past decade.