South Africa is Africa’s richest nation – 2025 Africa Wealth Report

702 and CapeTalk’s Mandy Wiener speaks with Head of Research at New World Wealth, Andrew Amoils.

Listen below:

The 2025 Africa Wealth Report says the continent's millionaire population is projected to grow by over 65% over the next decade.

The continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires.

South Africa is the wealthiest country on the continent, accounting for 34% of Africa’s millionaires (41,100).  

Egypt, Morocco, Nigeria and Kenya conclude the top five.

At city level, 11,700 resident millionaires are from Johannesburg, with the wealthiest city in Sandton, followed by Cape Town in second place.

The Mother City is also Africa’s most expensive prime real estate market at USD5,800 per m² (R103,024).

Cape Town and the Cape Winelands will likely overtake Johannesburg in wealth over the next decade, says Amoils. 

“Johannesburg’s got more millionaires… [but] the number has been dropping over the last decade, with a lot of people moving to the Cape… a lot of them are also retirement hotspots.” 

– Andrew Amoils, Head of Research at New World Wealth

“A lot of people are coming back from the UK... a lot of wealthy people, and a lot of them are moving to the Cape Winelands and the Whale Coast.” 

– Andrew Amoils, Head of Research at New World Wealth

Scroll up to the audio player to listen to the discussion.