Gauteng is losing thousands of rich South Africans to its coastal counterpart.
Many affluent South Africans are relocating from Gauteng to the Western Cape due to poor service delivery in Johannesburg and Pretoria.by Henley & Partners, six South African cities are among the top ten most popular locations for millionaires to reside on the continent.
This semigration trend has benefited Cape Town, which has seen a rise in the number of rich South Africans moving to the city—showing a 20% increase in the number of millionaires residing there.According to Henley & Partners, this trend is set to continue, and Cape Town is predicted to become Africa’s wealthiest city by 2030, surpassing Johannesburg.
In the last ten years, the Winelands region saw a 28% increase in the number of millionaires residing there, and this trend is expected to accelerate in the 2030s. This trend is also evident in the country’s property market, with Cape Town and other smaller towns in the Western Cape experiencing a significant boom.
Additionally, there has been a rise in the number of rich foreign purchases of property in Cape Town. According to the CEO of Pam Golding, Dr Andrew Golding, both foreigners and locals are particularly attracted to the well-managed Cape Town Metro and the diverse lifestyle offerings from the Atlantic Seaboard.
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