Rural families face barriers as South Africa’s reading crisis deepens

South Africa has been identified as Africa's wealthiest country, boasting 48,200 high-net-worth individuals as of June 2026, according to the 2026 Africa Wealth Report by New World Wealth. This figure represents 38% of Africa's total millionaires. The country also houses 131 centi-millionaires and 10 billionaires.

South Africa's wealth prominence is a result of its diversified economy, a robust financial sector, top-tier healthcare system, and renowned educational institutions, as attributed by the report. The allure of South Africa's lifestyle, encompassing its climate, beaches, natural environment, and luxury residential estates, continues to attract wealthy residents and retirees.

The Johannesburg Stock Exchange (JSE) is noted as the 17th-largest stock exchange globally by market capitalization. The country's well-developed fund management industry also bolsters its wealthy status. Johannesburg remains Africa's wealthiest city, with the majority of its wealth concentrated in Sandton, home to numerous JSE Top 40-listed companies. The Waterfall-Midrand area is also emerging as a significant wealth hub.

Cape Town ranks as the second-wealthiest city in Africa, with its wealth increasing by 35% over the past decade. The Cape Winelands, including Stellenbosch, Paarl, and Franschhoek, have experienced a wealth growth of 55%, while the Garden Route, comprising towns like Plettenberg Bay, George, Knysna, Wilderness, and Mossel Bay, has seen a 43% growth in wealth. The Whale Coast, encompassing locations such as Hermanus, Rooi Els, and Betty's Bay, has recorded an impressive 63% wealth growth over the decade.