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Cape Town is predicted to become home to 6,100 new millionaires over the next 10 years, which is over and above the current 7,400 well-offs who already reside here.

That represents an 85% jump – a real wealth boom if ever you’ve seen one.

According to these new insights from Henley & Partners (H&P), the Mother City is set to become the fourth fastest-growing wealth hub per capita among the BRICS states, attributing the city’s impressive performance to its strong tourism sector, status as a regional tech hub, and its attractive lifestyle and climate, per The Mail&Guardian:

“It is currently benefiting from the ongoing ‘semigration’ of large numbers of HNWIs [high-net-worth individuals] from other parts of South Africa (especially Johannesburg and Pretoria),” H&P notes in its inaugural Brics Wealth Report.

“It is also an increasingly popular retirement destination for migrating HNWIs from Africa, Europe, Russia and the UK. Cape Town is projected to reach over 13 500 millionaire residents by 2033.”

Everybody wants a piece of this cherry pie, AKA a spot in one of the most affluent suburbs in the world where luxury properties can fetch upwards of $10 million – think Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, Llandudno and St James.

The Brics Wealth Report further reveals that Saffas are increasingly opting for citizenship by investment to gain travel freedom.

The demand for investment migration programmes surged by 43% in 2023 year-on-year, placing South Africans among the top 10 global applicants and enquirers.

Portugal was the most sought-after destination for South African investors, followed by St Kitts and Nevis, St Lucia, and Dominica. Portugal, Mauritius, Namibia and Greece also received high interest from South African enquirers.

Besides Cape Town, Riyadh, the capital of Saudi Arabia, is also ranked as the fastest-growing wealth hub among the BRICS countries. It has a projected increase of 90% in its millionaire population, from 18,200 in 2023 to 35,000 in 2033.

[source:m&g]