Inside Africa’s richest city, home to over 12,000 millionaires

Johannesburg, South Africa, is the richest city on the African continent, with a significant concentration of high-net-worth individuals. The city is home to 12,800 millionaires, 25 centi-millionaires with fortunes exceeding £100 million, and two billionaires.

According to the Africa Wealth Report 2024 on “Africa’s Wealthiest Cities”  which highlighted that over the next decade, expect Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech to lead with over 85% millionaire growth each. Lusaka and Mombasa will also see rising high-net-worth residents.

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The city, often referred to as the “City of Gold,” has a long history of economic prominence. The discovery of gold in the Witwatersrand hills in the 1880s led to rapid development, attracting thousands of people. Johannesburg remains South Africa’s financial hub, contributing 16% of the country’s GDP.

The wealth in Johannesburg is concentrated in Sandton, an area known for its financial institutions, luxury shopping centres, and the Johannesburg Stock Exchange (JSE), Africa’s largest stock market. The city’s economy has expanded beyond mining into banking, information technology, real estate, transport, and retail.

Johann Rupert and his family are among the city’s wealthiest residents. Rupert is the chairman of Richemont, a Swiss-based luxury goods company, with a net worth of £8.3 billion. Another notable billionaire is Patrice Motsepe, who built his fortune in the mining sector.

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Johannesburg is also one of the greenest cities in the world, with an estimated six million trees. The Johannesburg Botanical Garden in the Emmarentia suburb is a major recreational park, offering green spaces within the urban landscape.

Located 868 miles from Cape Town, Johannesburg is the most populous city in South Africa, with 4.8 million residents in the City of Johannesburg municipality. Despite economic shifts from mining to other industries, Johannesburg remains a centre of wealth and business on the African continent.