Money Advice

5 rich cities in South Africa to invest and live in

Published by
Leslie Phiri

We all crave a life of affluence.

Residing in an area where people share the same ideas of making money is also something that we all yearn for.

Additionally, we all strive to associate ourselves with class and position ourselves strategically in areas where we can grow our business.

In any country, there is always a place that acts as an economic hotspot thus the need to either move there or establish your business.

This article will analyse the top 5 cities to live in South Africa.

1. Johannesburg

The City of Gold stands out as the top city in South Africa to live and invest in. Johannesburg is home to one of the biggest Stock Markets in Africa, the Johannesburg Stock Exchange. This places Johannesburg as the epicentre of trading in South Africa.

Total wealth held in the city amounts to US$250 Billion which ranks as the highest in South Africa.

The majority of Multi-National companies are also headquartered in Johannesburg.

Africa’s richest square mile, Sandton is also in Johannesburg playing host to a number of top-notch retail, financial services, telecoms, and law firms.

2. Cape Town

The Mother City has stood the test of time over the years grandiosely positioning itself as a City to invest and live in.

As a port city, Cape Town offers great business opportunities as global trade is increasing. As trade keeps growing, it directly boosts the economic development of the cities which handle cargo traffic.

Further, Capetown has vast opportunities in Tourism, Real Estate and retail.

Capetown sits on a total wealth of $132 Billion.

3. Durban & Umhlanga

According to research done by Rateweb, Durban stands out as one of the fastest-growing cities in South Africa over the last 10 years with a total wealth of $56 Billion.

Durban and Umhlanga have been steadily entrenching their niche in manufacturing, real estate, transport, storage, and communication.

As a tourism hub, Durban and Umhlanga also contribute extensively to South Africa’s Gross Domestic Product.

4. Paarl, Franschhoek & Stellenbosch

Many rich South Africans have been living in Paarl, Franschhoek & Stellenbosch for a long time.

Of South Africa’s five billionaires, 2 reside in Paarl, Franschhoek & Stellenbosch. That alone goes to show how affluent the areas are.

The three areas hold a combined wealth of $48 Billion.

South Africa exports an estimated 420 to 450 million liters of wine a year.

Paarl, Franschhoek & Stellenbosch are the hubs for wine production in South Africa and contributes largely to South African Wine exports.

5. Tshwane

The Administrative Capital of South Africa has a total worth of $45 billion.

The city of Tshwane is an important rail and industrial centre. Economic activities include engineering and diamond mining.

A number of companies also have their head offices in Tshwane, which forms an economic hotspot in South Africa’s administrative capital.

Conclusion

These cities are where most South Africans and people outside South Africa are investing their money since the environment around these cities is conducive. These cities allow most people to lead comfortable lives because of the many opportunities it presents.

Leslie Phiri

Leslie Phiri holds a Diploma in English Literature from the National University of Science and Technology and a Bachelor of Science in Journalism from the University of South Africa. At Rateweb he focuses on news and developing story in finance. He also hosts Rateweb's personal finance podcast. You can get hold of him at leslie@rateweb.co.za

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Published by
Leslie Phiri

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