Inside Africa’s wealthiest city: Home to 12,300 millionaires and 2 billionaires

Johannesburg, also known as Joburg, boasts 12,300 millionaires, 25 cent millionaires (with a net worth of at least $100 million), and 2 billionaires.

With a population of around 5 million, the city comfortably holds the title of Africa’s wealthiest city, beating contenders like Cape Town, Cairo, and Lagos according to the 2024 Africa Wealth Report by Henley & Partners.

Originally founded in 1886 during the Gold Rush, Johannesburg has long been the economic heartbeat of South Africa. While its wealth has historically been rooted in gold mining, Johannesburg has evolved into a diversified economy, with finance, real estate, and technology sectors driving its modern prosperity.​

Today, Joburg is home to the Johannesburg Stock Exchange (JSE), Africa’s largest stock market, and the headquarters of major corporations and banks.

Johannesburg is where you will find Africa’s most expensive real estate, high-end shopping malls, and an elite social scene. Shopping centres like Sandton City and Nelson Mandela Square host international brands such as Gucci, Louis Vuitton, and Versace.

Johannesburg’s status as Africa’s wealthiest city remains unshaken, but it faces mounting challenges. Economic inequality, failing infrastructure, and crime continue to weigh on its growth.

The city is faced with a massive 221 billion rand ($12 billion) infrastructure deficit, according to a city council review. Frequent power outages, caused by a deteriorating distribution network, crumbling roads with delayed pothole repairs, and severe water shortages are some of the pressing issues demanding urgent attention.

Despite these setbacks, Johannesburg remains Africa’s financial powerhouse. However, Cape Town is predicted to challenge Johannesburg in the coming years.