You can tell a lot about a city based on the number of millionaires that choose to reside there, which is why the New World Wealth organisation released their report on the top 10 African cities based on their share of millionaires. Four of those cities are in South Africa, with Johannesburg topping the list both locally and on the continent. If you’re thinking of investing in property in one of South Africa’s top cities, then these are the top picks you can choose from:
There are apparently 23 400 millionaires in Johannesburg (Cairo is next on the African list with almost half that) – with a millionaire being defined as someone with net assets (excluding their primary residence) of $1 million or more. An ultra-high net worth individual has $30 million or more – there are approximately 260 ultra-high net worth individuals in Johannesburg. Most of these individuals reside in Sandhurst, Bryanston, Hyde Park, Westcliff, Houghton, Parktown, and Dainfern (respectively). The rest are spread amongst various other suburbs.
Ranked number four on the top 10 list of African cities for millionaires, Cape Town is second on the South African list, and it attracts a lot of attention from international millionaires. Many of the luxury properties available on the Atlantic Seaboard are of such a standard that they easily rival penthouse apartments in New York and London… but with a better view.
Coming in at number six on the top 10 list, and third on the South African list, Durban is still highly rated as a choice residence for millionaires in South Africa. Its property value growth rate is still rising steadily, with the suburbs of Morningside, Glenwood, and Berea attracting exclusive residents.
Ranked number 10 on the African list and fourth on the South African list, the country’s capital is still desirable for its stunning redeveloped and new properties in Brooklyn, Waterkloof, Muckleneuk, and Lynnwood, as well as Irene, Centurion, and Midrand. There are 31 multi-millionaires who found the ideal houses for sale in Pretoria , and who currently reside there.
These four cities are worthy considerations for your own property investments – keep them in mind for when you’re next on the market.
Visual courtesy of: South-africa-tours-and-travel.com