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It’s a new year, which means South Africa has slightly different numbers compared to last year’s New World Wealth’s Africa Wealth report.
The report considers which countries and cities on the continent are home to the most high net worth individuals (HNWIs) – anyone with a wealth of $1 million (around R16 million) or more.
It also zones into the most affluent streets and suburbs in each city.
Even though Johannesburg remains home to most of South Africa’s HNWIs, Cape Town has the most expensive and exclusive suburbs.
Because Cape Town offers such high standards of living, the city attracts more foreign buyers than the rest of the country.
But Johannesburg is keeping it real as the wealthiest city in Africa in the 2022 report, with total private wealth amounting to $239 billion, reported BusinessTech.
That’s a nice $4 billion jump from last year.
Zooming into the wealthiest areas and street sales, the New World Wealth data shows that the country’s top five most affluent suburbs are concentrated in Cape Town.
These are:
- Clifton – R80 000 per square metre
- Bantry Bay – R75 000 per square metre
- Fresnaye – R58 000 per square metre
- Camps Bay and Bakoven – R52 000 per square metre
- Llandudno – R50 000 per square metre
Outside of the Mother City, the wealthiest suburbs are:
- Lagoon Drive, Umhlanga – R36 000 per square metre
- Eastcliff, Hermanus – R35 000 per square metre
- Beachyhead Drive, Plettenberg Bay – R34 000 per square metre
- Central Sandton – R32 000 per square metre
- Marine Drive, Umhlanga – R30 000 per square metre
[source:businesstech]
