South Africa is still by far the number one place in Africa for high net worth,” Amolis noted. “There are a number of reasons for that, including the fact we have the biggest stock exchange in Africa, and we have the greatest number of entrepreneurs, especially in Johannesburg

According to a report by AfrAsia Bank and New World Wealth released yesterday, 23 400 of Africa’s approximately 163 000 dollar millionaires live in Johannesburg. Egypt’s capital Cairo is second with 10 200. Africa’s millionaires hold about $670 billion in their collective purses.

Cape Town featured fourth while Durban seventh (with 2 700), and Pretoria eighth (with 2 500) – all made it into the top 10. Oddly, not only is South Africa topping the continent’s wealth chart but the list comes in the midst of a shrinking economy which is battling rand shrinkage and a manufacturing slump.

South Africa’s economy contracted by 1.3% (seasonally adjusted and annualised) in the second quarter of 2015, according to preliminary estimates of real gross domestic product (GDP) released by Statistics SA.

Yet despite all this, predicted head of research at New World Wealth Andrew Amoils, by the year 2025 at a predicted growth rate of 39%, 32 600 Johannesburg residents should be able to call themselves dollar millionaires too.

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