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Be Smart About South Africa

South Africa’s Commercial Capital, Johannesburg, Remains Africa’s Wealthiest City

Also called the “City of Gold,” it is home to the largest number of dollar millionaires in the continent, according to the World’s Wealthiest Cities Report 2023. The study was compiled by international investment migration firm Henley & Partners and global wealth intelligence firm New World Wealth. The wealthiest cities report reveals that Johannesburg, South Africa’s most populous city with 6.2 million people, hosts 14,600 high net-worth individuals. Thirty of them are dollar centi-millionaires and two are dollar-billionaires. Johannesburg appears to have weathered the difficult times South Africa’s economy has faced in recent times, including a persistent energy crisis and rising inflation. Global anti-money laundering and terrorism financing watchdog, Financial Action Task Force, even “graylisted” the country earlier this year, placing it under increased scrutiny by investors and financial institutions.

SOURCE: QUARTZ AFRICA

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