Cape Town, Umhlanga and Sandton revealed as some of most expensive places in Africa



According to Henley &Partners’ Africa Wealth Report 2023, despite its many challenges, own goals, misperceptions and negative international press, Africa is open for business in 2023.

“Known as the continent with both the youngest and fastest growing populations means that Africa naturally holds the greatest potential for investment prospects,” highlighted the report.

The report also revealed that the growth in high-net-worth individuals on the continent is expected to be 42% over the next 10 years.

Important stats to consider on Africa for December 2022 highlight that there is a total of 2.4 trillion USD in investable wealth held on the continent.

The report reveals that there are 23 billionaires, 328 centi-millionaires and 138 000 millionaires living on the continent with the ‘Big 5’ wealth markets on the continent including South Africa, Egypt, Nigeria, Kenya and Morocco.

When it comes to centi-millionaires, South Africa’s high centi-millionaire count is particularly notable with 98 centi-millionaires residing in the country.

In this instance, centi-millionaires are typically the founders of large multi-national companies, making their presence in a country particularly valuable when it comes to creating employment.

South Africa dominates the list of Africa’s wealthiest cities and also has the most number of expensive cities for centi-millionaires, according to Henley & Partners Centi-millionaire report.

The Centi-Millionaire Report includes statistics on centi-millionaires provided by global wealth intelligence firm New World Wealth.

Here are the top 10 most expensive places for centi-millionaires in Africa as of June 2023.

The list was compiled by looking at the average square metre price of a prime 200 to 400 square metre apartment in city/town.

1. Cape Town, South Africa, at 5,200 USD/m²

2. Hermanus, South Africa, at 2,200 USD/m²

3. Plettenberg Bay, South Africa, at 2,200 USD/m²

4. Marrakech, Morocco, at 2000USD/m²

5. Umhlanga, South Africa, at 2000 USD/m²

6. Central Sandton, South Africa, at 1800USD/m²

7. Tangier, Morocco, at 1600 USD/m²

8. Casablanca, Morocco, at 1200 USD/m²

9. Cairo, Egypt, at 1200 USD/m²

10. Nairobi, Kenya at 1200 USD/m²

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