Johannesburg may still hold the title of Africa’s wealthiest city, but Cape Town is gaining ground — fast. A new global report suggests the Mother City could double its ultra-wealthy population over the next decade, setting up a fascinating shift in South Africa’s financial landscape.

The Rise of Cape Town: A Magnet for Millionaires

The New World Wealthiest Cities Report 2025, published by Henley & Partners in collaboration with New World Wealth, explores trends in global wealth migration and positions both Cape Town and Johannesburg as key players on the continent.

Speaking on Hot Business with Jeremy Maggs and MoneyWeb, Andrew Amoils, head of research at New World Wealth, said that while Cape Town may be attracting the ultra-rich, Johannesburg still leads in terms of traditional millionaires — those with liquid assets over R20 million — thanks to its role as home to many of the JSE’s top companies.

“We’re expecting US dollar millionaire growth of over 100% in Cape Town over the next 10 years. It’s being driven by a mix of local and international migration, especially from parts of Europe and the UK, along with a fast-growing fintech sector.”

Johannesburg’s Enduring Strength as a Business Hub

The interview also unpacks what Cape Town could learn from global hotspots like Dubai and Shenzhen, and what Johannesburg can do to maintain its edge. There’s also a deeper discussion around rising inequality, economic volatility, and the fine line cities must walk between attracting wealth and supporting inclusive growth.