Published: November 2, 2026
Johannesburg is still Africa's richest city by millionaire count. It had 11,700 resident dollar millionaires in June 2025. That lead is shrinking, and the chasing city is in the same country.
Cape Town is second with 8,500 millionaires. It has grown fast while Johannesburg has fallen back. The gap is now 3,200 millionaires. Henley and Partners says Cape Town is on track to pass Johannesburg in total wealth by 2030.
The wider story is South African dominance. Six of the top 10 entries are South African. Together they hold 33,200 millionaires. That is 65.5 percent of the top 10 total of 50,700.
Outside South Africa, Cairo leads with 6,800 millionaires. Nairobi is fourth with 4,200. Lagos, the richest city in West Africa, is only seventh with 3,600. That low placing will surprise many readers, given Nigeria's size and its large economy.
Key Facts
- Johannesburg ranks first with 11,700 resident dollar millionaires in June 2025.
- Six South African entries hold 33,200 millionaires, or 65.5 percent of the top 10 total of 50,700.
- Cape Town is second with 8,500 millionaires, after growing 33 percent in a decade while Johannesburg fell 35 percent.
- Cairo is third with 6,800 millionaires and has the most resident billionaires of any African city, with five.
- Lagos is seventh with 3,600 millionaires, which is less than one third of Johannesburg's total. Johannesburg has 3.25 times as many millionaires as Lagos.
The Ranking
| Rank | City or Region | Country | Resident Dollar Millionaires (June 2025) |
|---|---|---|---|
| 1 | Johannesburg | South Africa | 11,700 |
| 2 | Cape Town | South Africa | 8,500 |
| 3 | Cairo | Egypt | 6,800 |
| 4 | Nairobi | Kenya | 4,200 |
| 5 | Cape Winelands | South Africa | 3,800 |
| 6 | Umhlanga and Ballito | South Africa | 3,700 |
| 7 | Lagos | Nigeria | 3,600 |
| 8 | The Garden Route | South Africa | 3,200 |
| 9 | Casablanca | Morocco | 2,900 |
| 10 | Pretoria | South Africa | 2,300 |
The top 10 total is 50,700 millionaires. The average top 10 entry has 5,070 millionaires. Johannesburg alone has more millionaires than the bottom three entries combined, which total 8,400.
1. Johannesburg, South Africa: 11,700 millionaires
Johannesburg keeps the top spot by a clear margin. It has 3,200 more millionaires than Cape Town. Much of its wealth sits in Sandton, long called Africa's richest square mile.
The warning sign is the trend. Its millionaire count fell 35 percent over the past decade. That fall is the main reason the race is now close.
2. Cape Town, South Africa: 8,500 millionaires
Cape Town is the challenger, not just the runner up. Its millionaire count rose 33 percent over the past decade. It also leads Africa in centi-millionaires, with 35 people worth more than 100 million dollars.
Henley and Partners links the rise to lifestyle, governance and service delivery. It also notes strong semigration, which is movement inside South Africa toward the coast.
3. Cairo, Egypt: 6,800 millionaires
Cairo is the richest city outside South Africa. It is also the billionaire capital of the continent in this ranking, with five resident billionaires. No other city in the top 10 has more.
Egypt is Africa's second largest wealth market by country, with 14,800 millionaires in total. Cairo holds close to half of that national total.
4. Nairobi, Kenya: 4,200 millionaires
Nairobi is East Africa's wealth centre by a wide margin. It holds close to half of Kenya's millionaires. Kenya has 6,800 millionaires in total across the country.
The city is known for finance, tech and regional head offices. That mix helps explain why wealth is so concentrated in one city.
5. Cape Winelands, South Africa: 3,800 millionaires
The Cape Winelands is a region, not a single city. It covers Stellenbosch, Franschhoek and Paarl. Its millionaire count grew 42 percent over the past decade.
Retirees and second home buyers drive much of that growth. The area is also home to three billionaires.
6. Umhlanga and Ballito, South Africa: 3,700 millionaires
Umhlanga and Ballito form a coastal hub north of Durban. Together they rank sixth, just ahead of Lagos. The gap between sixth and seventh is only 100 millionaires.
Their placing shows how much South African wealth has moved to the coast. Lifestyle estates and coastal suburbs now rival older inland centres.
7. Lagos, Nigeria: 3,600 millionaires
Lagos is West Africa's richest city, but only seventh on the continent. It has 3.25 times fewer millionaires than Johannesburg. In plain terms, Johannesburg has 11,700 millionaires and Lagos has 3,600.
Nigeria has 7,200 millionaires in total. Lagos holds half of them. The low continental rank reflects a sharp fall in Nigeria's millionaire count in recent years, not a lack of economic weight.
8. The Garden Route, South Africa: 3,200 millionaires
The Garden Route runs from Mossel Bay to Storms River. It includes George, Knysna and Plettenberg Bay. Its millionaire count rose 30 percent over the past decade.
Its placing is striking because it is a string of coastal towns, not a big city. Lifestyle migration has turned it into a serious wealth hub.
9. Casablanca, Morocco: 2,900 millionaires
Casablanca is Morocco's main wealth centre. Morocco has 7,500 millionaires in total, so Casablanca holds well over one third of them. The city is a finance and business hub for North Africa.
It sits just below the Garden Route in this ranking. The gap is 300 millionaires.
10. Pretoria, South Africa: 2,300 millionaires
Pretoria closes the top 10. Its millionaire count fell only 2 percent over the past decade. That is a much smaller fall than Johannesburg's 35 percent drop.
Pretoria is the administrative capital of South Africa. Its steadier trend sets it apart from the sharper swings in Johannesburg.
What the Ranking Means
South Africa still dominates African private wealth. The country has 41,100 millionaires in total, or about 34 percent of Africa's 122,500 millionaires. That is close to the next five wealth markets combined.
The contest to watch is inside South Africa. Johannesburg leads on headcount, but Cape Town leads on centi-millionaires and prime property prices. If the past decade's trends hold, the crown may move south by 2030.
For readers who follow African economies, see also Largest Economies in Africa in 2026, Top 10 Most Urbanized Countries in Africa in 2026, Top 10 African Countries by Diaspora Remittances in 2026 and Top 10 Largest African Diasporas in the World in 2026.
Frequently Asked Questions
Which city in Africa has the most millionaires?
Johannesburg has the most millionaires, with 11,700 resident dollar millionaires in June 2025. Cape Town is second with 8,500.
Is Cape Town richer than Johannesburg?
Not yet on millionaire count. Johannesburg still leads by 3,200 millionaires. Cape Town leads on centi-millionaires, with 35, and on prime property prices. Henley and Partners says Cape Town is on track to pass Johannesburg in total wealth by 2030.
Where does Lagos rank among Africa's richest cities?
Lagos ranks seventh, with 3,600 millionaires. It is West Africa's richest city. Johannesburg has 3.25 times as many millionaires as Lagos.
How many millionaires are there in Africa in total?
Africa had 122,500 millionaires in June 2025, according to Henley and Partners and New World Wealth. South Africa alone had 41,100 of them.
What counts as a millionaire in this ranking?
A millionaire here is a resident with more than 1 million US dollars in liquid investable assets. Property and other fixed assets are not the test. The count is by place of residence, not by citizenship.
Data Sources
- Henley and Partners, Africa Wealth Report 2025, with New World Wealth, figures as of June 2025, reported in Africa Wealth Report 2025: Continent Outpaces Global Growth as New Wealth Hubs Surge.
- Daily Investor, Cape Town is taking Joburg's crown, August 28, 2025, full top 10 table.
- Intelpoint, South African cities dominate in the number of millionaires, period June 2025, source New World Wealth.
- Moneyweb, Joburg vs Cape Town: Africa's wealth capitals face off, August 29, 2025.
Methodology
This ranking uses the latest available Henley and Partners and New World Wealth city figures at publication on November 2, 2026. Those figures are dated June 2025 and were published in August 2025. No newer Henley city ranking was found before publication, so the June 2025 date is stated here, in the Key Facts and in the standfirst.
A millionaire means a resident individual with more than 1 million US dollars in liquid investable assets. The same definition is used for every row. Three entries are regions, not single municipalities: Cape Winelands, Umhlanga and Ballito, and the Garden Route. They are kept as Henley and New World Wealth group them, and they are labelled as regions in this note.
Every table figure was checked against two sources: the Henley report as carried in its press release, and the full top 10 table in Daily Investor, with Intelpoint's June 2025 chart as a further check. All three agree on every row, so no discrepancy had to be resolved. Derived claims were recomputed from the final table: top 10 total 50,700, average 5,070, top 2 share 39.8 percent, top 3 share 53.3 percent, six South African entries 33,200 or 65.5 percent, Johannesburg to Lagos ratio 3.25, and Johannesburg above the bottom three combined (11,700 against 8,400).
