South Africa has become Africa’s wealthiest country, with 48,200 high-net-worth individuals (HNWIs) residing there as of June 2026. The country accounts for 38% of Africa’s millionaires and is home to 131 centi-millionaires and 10 billionaires. Globally, South Africa ranks 34th for millionaire residents, ahead of countries such as Turkey and Thailand. Analysts attribute the country’s wealth concentration to a diversified economy, strong financial sector, private healthcare, and educational institutions, alongside lifestyle attractions such as its climate, beaches, and natural environment. Johannesburg remains Africa’s richest city, with wealth concentrated in Sandton and the expanding Waterfall-Midrand area. Cape Town ranks just behind it, having recorded 35% wealth growth over the past decade. Other wealth hotspots in South Africa include the Cape Winelands, Garden Route, and Whale Coast. These areas have posted significant increases of 55%, 43%, and 63%, respectively.