According to the 'Africa Wealth Report' for 2026, South Africa has become the wealthiest country on the continent. As of June 2026, the country is home to 48,200 High Net Worth Individuals (HNWIs), 131 centimillionaires, and 10 billionaires.
This report, prepared by New World Wealth, showed that South Africa accumulates 38% of all African millionaires. Furthermore, the country hosts 131 centimillionaires and 10 billionaires.
Globally, South Africa ranks 34th among the world's richest countries by the number of millionaire residents, trailing Poland but surpassing major economies like Turkey and Thailand.
New World Wealth attributes the country's high standing to its diversified economy, developed financial sector, private healthcare system, and strong educational institutions. South Africa's appeal is also driven by its climate, beaches, natural environment, and elite residential complexes, which continue to attract wealthy residents and retirees.
The country's financial markets also play a significant role. The Johannesburg Stock Exchange (JSE) is recognized as the 17th largest in the world by market capitalization, and the country possesses a well-developed fund management industry.
The report indicates that Johannesburg maintains its status as Africa's wealthiest city. Much of this wealth is concentrated in the Sandton area, where numerous companies listed on the JSE Top 40 are located. The Waterfall Midrand area is also highlighted as a growing hub of prosperity, housing several HNWIs in elite residential zones.
Cape Town is recognized as the second wealthiest city in Africa, with its wealth increasing by 35% over the last decade. The report also identified several regions in South Africa that have shown significant wealth growth over the past decade.
Specifically, Cape Winelands, which includes Stellenbosch, Paarl, and Franschhoek, recorded a wealth growth of 55%. Garden Route showed a growth of 43%, covering settlements such as Plettenberg Bay, George, Knysna, Wilderness, and Mossel Bay. Whale Coast, which includes Hermanus, Roeisel, and Betty's Bay, demonstrated the highest growth—63% over the last decade.