Cape Town, Marrakesh, Nairobi stand out as Africa’s ultra-rich hubs

Key Points

• Cape Town, Marrakesh, and Nairobi are emerging as hotspots for Africa’s centimillionaires, with populations expected to double by 2035.
• Cape Winelands in South Africa is becoming a sought-after address for the ultra-wealthy, attracting business moguls like Johann Rupert and Koos Bekker.
• Marrakesh and Nairobi are growing wealth hubs, driven by stable economies, expanding infrastructure, and rising tech sectors, making them prime locations for investors.

As Africa moves beyond its traditional focus on natural resources and political news, a quieter transformation is underway—one that’s reshaping the continent’s wealth landscape. A new group of centimillionaires, individuals with at least $100 million in investable assets, is not only growing in number but also becoming more prominent.

They’re making long-term moves, laying down roots with a level of intention that echoes their peers in places like New York, London, or Dubai. A recent report by Henley & Partners, in partnership with global data firm New World Wealth, spotlights three cities—Cape Town, Marrakesh, and Nairobi—as the next hotspots for Africa’s ultra-wealthy, each expected to more than double their centimillionaire populations by 2035.

But this shift isn’t simply about chasing better weather or picturesque backdrops. It reflects something deeper—a growing appetite for stability, opportunity, and connection to the continent’s evolving future. Cape Town stands out as a prime example.

Long admired for its mountains and oceans, it’s now also the city with the highest number of centimillionaires in Africa. Thirty-four ultra-wealthy individuals now call it home, up from 28 just a year ago. That quiet uptick signals confidence—not just in Cape Town’s lifestyle appeal but in its potential as a serious base for wealth and influence.

Cape Winelands beckon billionaire class

Much of this change is anchored in the Cape Winelands—home to Stellenbosch, Franschhoek, and Paarl. What used to be a postcard-perfect wine region is fast becoming South Africa’s most desirable address for the rich. Since 2015, the number of centimillionaires living there has nearly doubled, from 10 to 18

 While South Africa as a whole wrestles with policy gridlock and crumbling infrastructure, the Western Cape offers something different: safety, scenic beauty, solid governance, and financial advantages that rival some of the world’s most exclusive havens.

This part of the country has also attracted some of South Africa’s most powerful business figures. Johann Rupert, the billionaire behind luxury giant Richemont, is among the best-known residents of the Winelands. He’s joined by other heavyweights—Koos Bekker of Naspers, Michiel Le Roux of Capitec Bank, PSG Group founder Jannie Mouton, and retail tycoon Christo Wiese.

Their presence speaks volumes. Increasingly, wealth in South Africa is drifting away from Gauteng—the longtime economic engine—and heading toward the coast. It’s a trend shaped by more than tax planning. Many are simply choosing a better quality of life.

There are several reasons why this region continues to pull in the wealthy. The Western Cape enjoys lower crime rates, a relatively effective provincial government, and a more relaxed pace of life. Add to that its sunny climate, good schools, and booming restaurant scene, and it’s easy to see the appeal. Many high-net-worth individuals from Johannesburg—and even parts of Europe—are snapping up wine farms and luxury estates as full-time homes, not just holiday escapes.

Marrakesh becomes magnet for wealth; Nairobi’s growth lures investors

But this wave of wealth isn’t stopping in South Africa. Marrakesh is undergoing its own transformation. With 14 centimillionaires already settled there, the Moroccan city is fast becoming one of North Africa’s top destinations for serious wealth.

Long known for its culture, architecture, and high-end tourism, Marrakesh is now attracting residents who want more than a vacation. Morocco’s stable economic policies, expanding infrastructure, and open-door stance toward investors have turned the city into a key hub—linking Africa to Europe, the Gulf, and beyond.

In East Africa, Nairobi is carving out its own place in this emerging network of prosperity. The Kenyan capital is home to 10 centimillionaires and counting, buoyed by a fast-growing tech and innovation sector. Its youthful population, solid infrastructure, and location as a logistics and financial center are making it increasingly attractive to entrepreneurs and investors who are playing the long game. And with luxury retreats in the nearby highlands and along the Indian Ocean, Nairobi’s appeal extends well beyond the boardroom.

New wealth shapes Africa’s urban future

What ties Cape Town, Marrakesh, and Nairobi together isn’t just the rising number of millionaires living there—it’s how these cities are shaping a new story about African wealth. They’ve become more than just places to live; they’re part of a growing ecosystem of influence and ambition. The wealthy in these cities aren’t just sitting on their fortunes. They’re building legacies—investing in tech, backing education, starting conservation projects, and laying down infrastructure for the next generation.

The numbers may still be small compared to global hubs, but what’s catching analysts’ attention is how fast things are changing. According to Henley & Partners, centimillionaire numbers in these cities could more than double by 2035. That kind of growth won’t just impact the luxury market. It will reshape everything from philanthropy and governance to how African economies are structured and led.

In this new chapter, Africa’s elite are no longer looking only to the outside world for security and opportunity. Increasingly, they’re turning inward—finding, in places like Cape Town, Marrakesh, and Nairobi, not just homes but springboards to influence the future of the continent itself. And in doing so, they’re offering a new definition of what it means to be wealthy in Africa: not just in terms of dollars, but in legacy, purpose, and connection.