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Global wealth is shifting as more high-net-worth individuals (HNWIs) relocate from their traditional bases to other locations that promise better living conditions, lifestyle, and long-term security. This trend is also very clear in South Africa, where the Africa Wealth Report 2025 shows that the number of millionaires in the country has dropped year-on-year to 41,100 in dollar terms. The same report confirms that South Africa now has only eight billionaires.
Berry Everitt, the Chief Executive Officer of Chas Everitt International property group and a director on the LeadingRE Global Advisory Board, explained that there are three main reasons behind the relocation of wealthy South Africans. He noted that the figures show a strong movement of millionaires from Gauteng province, which has Johannesburg and Pretoria, towards the Western Cape, which has Cape Town, Winelands, Whale Coast, and the Garden Route.
According to Everitt, the Western Cape now hosts 17,300 millionaires compared to approximately 14,000 still based in Gauteng. In addition, the southern province is home to 65 of South Africa’s 112 centi-millionaires and six of the country’s eight billionaires. This wealth redistribution highlights the growing dominance of Cape Town and its surrounding regions as the preferred home for South Africa’s rich class.
Cape Town’s international recognition has also played a big role in this development. The 2025 Telegraph Travel Awards once again named Cape Town the “Best City on Earth,” a title it has now won for 11 years in a row. This global recognition has not only attracted more South African elites to the city but has also pulled in wealthy families from abroad, leading to fresh competition in the luxury property market.
Everitt traced the root of this shift to a movement popularly called “semigration,” where many wealthy families left Gauteng and other provinces for the Western Cape because of its better quality of life. The COVID-19 pandemic and the rise of remote working further accelerated the trend, giving people the freedom to choose where to live without being tied to office locations. Cape Town’s growing reputation as one of the world’s most livable cities then added fuel to the trend, resulting in a stronger demand for luxury homes in areas like the Atlantic Seaboard and Constantia.
However, as property prices in these high-demand areas continued to rise, wealthy buyers started looking at new locations that also offer a comfortable lifestyle. The Whale Coast, especially Hermanus, has become one of the top beneficiaries. Everitt said property sales in Hermanus have doubled in the last five years, while the average home price has increased by 75 percent. The Winelands area, which hosts luxury estates like Val de Vie, has also seen prices nearly triple since 2020.
A recent development that grabbed public attention was the listing of Markus Jooste’s property in Voëlklip, Hermanus. Jooste, the former Steinhoff boss and disgraced businessman linked to corruption, had his coastal mansion placed on the market with an expected selling price of over R100 million. The property sits in a private coastal estate, offering uninterrupted views of Walker Bay and the surrounding mountains, which real estate agents describe as the peak of privacy, prestige, and status. Years earlier, Jooste sold his plot at Val de Vie in Paarl for R13 million after first listing it for R15 million.
Beyond Hermanus and the Winelands, other millionaire hotspots are also spreading across the Western Cape. George and Plettenberg Bay along the Garden Route are attracting both South Africans and foreign HNWIs. These towns offer world-class golf estates, luxury homes with mountain and sea views, quality schools, modern healthcare, and upmarket shopping centers. International buyers see these as highly attractive options, especially since the cost of enjoying such a lifestyle in South Africa remains far cheaper than in Europe, the United States, or Australia.
Analysts believe that this steady shift of wealth and property demand towards the Western Cape will continue in the coming years. The combination of lifestyle advantages, global recognition, and investment opportunities is expected to keep attracting both local millionaires and international investors. This trend may further widen the gap between the Western Cape and other South African provinces, reinforcing Cape Town’s reputation not only as a tourist hub but also as the country’s millionaire capital.
