Super rich flock to Cape Winelands

The number of centimillionaires living in the Cape Winelands has almost doubled in the past decade, while Johannesburg keeps losing its spark.

According to the “World’s Wealthiest Cities Report 2025” compiled by Henley & Partners and New World Wealth, the winelands — including the towns of Paarl, Franschhoek and Stellenbosch — counts 18 centimillionaires as residents, up from 10 of these super-wealthy individuals just a decade ago.

Centimillionaires are individuals with liquid investable wealth of $100m (R1.91bn) or more. They are arguably the most important wealth band when it comes to wealth creation due to the large percentage of entrepreneurs in this segment, said Henley & Partners.

Andrew Amoils, head of research at New World Wealth, a global data intelligence firm, said the Cape Winelands has “several exclusive lifestyle estates in the area that are attracting high-net-worth individuals.

“Also, most of the wine farms in the area are owned by wealthy individuals, who are increasingly retiring there. The schools in the area and Stellenbosch University are also highly regarded.”

According to the report, Cape Town has the highest number of high net-worth individuals in the country, counting 34 centimillionaires among its residents, up from 28 in the 2024 report. The city has benefited from the migration of large numbers of entrepreneurs and wealthy retirees from other parts of South Africa and from the UK and Europe over the past decade, said Amoils.

Centimillionaires in South Africa own or are shareholders in businesses such as banks, law firms, consulting firms, fund and wealth management firms, technology & telecoms, basic materials (including mining and agriculture), health care, retail, transport and logistics.

Some of the country’s richest businessmen residing either full-time or part-time in Cape Town and the Cape Winelands include:

• Johann Rupert, chair of luxury goods company Richemont;
• Jannie Mouton, founder of financial group PSG;
• Capitec founder Michiel le Roux;
• Koos Bekker, chair of technology and media companies Prosus and Naspers; and
• Christo Wiese, whose extensive investment empire includes Brait, Invicta and mining company Trans Hex.

According to the Forbes African billionaire list, Rupert is the second richest African with a fortune of $14bn (R267.80bn). 

Johannesburg has 24 centimillionaires, down from 25 the previous year, while Umhlanga and Ballito in KwaZulu-Natal are home to 12 super-wealthy individuals, up from 11 the previous year. 

Amoils said these areas had been losing their billionaires to migration over the past few years, which constrains their future wealth growth prospects.

While no African cities were among 50 wealthiest in the world, the report expects rising stars such as Cape Town, Nairobi and Marrakesh to more than double their resident centi-millionaire populations in 10 years

While no African cities made it into the world’s top 50 wealthiest cities, the report expects rising stars such as Cape Town, Nairobi — which has 10 centimillionaires — and Morocco’s Marrakesh (14), to more than double their resident centimillionaire populations over the next 10 years.

“They are all forecast to see +100% growth in their super-wealthy communities before 2035,” the report states.

Topping the list of the top 50 cities the ultra-millionaires call home is New York, with 384,500 high-net-worth individuals, followed by the Bay Area, which includes San Francisco and Silicon Valley.

In third place is Japan's capital Tokyo. According to the report, Tokyo, which has 292,300 centimillionaires, was boosted by a strong recovery of the Nikkei 225 over the past two years. Singapore is in fourth place, with 242,400.

The US dominates the list, with 11 cities in the top 50. 

Juerg Steffen, CEO of Henley & Partners, said a clear pattern emerging in 2025 is that cities that blend investment freedom with lifestyle dividends are winning the competition for mobile capital.

“These urban centres share common DNA — robust legal frameworks, sophisticated financial infrastructure and, perhaps most critically, investment migration programmes that welcome global talent and capital. Seven of the top 10 wealthiest cities are in countries with residence by investment programmes, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs,” he said.

Cities such as Dubai, home to 237 centimillionaires, and Abu Dhabi (75), lead the pack of anticipated high-growth centres, with both UAE cities projected to see their centimillionaire populations more than double over the next 10 years.

“This Middle East wealth shift reflects the region’s strategic pivot towards becoming global financial centres, combined with zero income and capital gains taxes,” it said.

Cape Town and the Cape Winelands also feature in the cities with high growth potential.

Some cities in countries that provide residence and citizenship by investment are expected to record 100% growth in the number of centimillionaires. In Africa, Mauritius and Egypt are the only countries featured in the report that provide citizenship by investment. 

The report states that in an unsettled, ever-changing world, wealthy individuals need a plan B for themselves and their families — one that offers them a safer place to live in times of crisis, while also providing them with greater access to global business and lifestyle opportunities.

“The world’s centimillionaires are increasingly designing their geographical footprints with the same strategic care they apply to their investment portfolios — diversifying their presence across multiple jurisdictions to mitigate risk while maximising opportunity,” said Dominic Volek, group head of private clients at Henley & Partners.

“Formal investment migration pathways create systematic entry routes into these rapidly developing regions, enabling forward-looking individuals to situate themselves and their family members within environments designed for both safeguarding and multiplying personal wealth.”