Ultra-rich Africans piling into property to preserve wealth, Standard Bank says

Africans with at least $50 million in investable assets are increasingly buying property for wealth preservation, diversification, and potential rental income, according to the continent’s biggest lender by assets.

In South Africa, the number of residential and commercial properties acquired by the lender’s so-called ultra-rich clients more than doubled in the 12 months through September 2025 compared with a year earlier, according to Chris Browne, the head of wealth and investment at Standard Bank Group.

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Activity surged after the South African central bank began lowering interest rates in 2024 and has remained elevated even as the Iran war fuels inflation and threatens to spur a rate-hiking cycle.

“Oftentimes, volatile micro and macro conditions provide them with buying opportunities that would not otherwise be available, or would be, but at a premium,” Browne said.

“Our clients take a very long-term view. They will set investment objectives and will strive, within good reason, to reach those objectives to hand into the care of the next generations, regardless of politics and short-term shocks.”

South Africa is home to more than 41 000 individuals with liquid investable wealth of at least $1 million, making it the continent’s richest country, according to Henley & Partners’ Africa Wealth Report.

Fast-growing economies and industrialisation across the continent are widely expected to mint more millionaires from Cairo to Cape Town.

Property is also a prized investment among high-net-worth individuals in key economies such as Kenya and Ghana, where they’re increasingly investing in grade-A office property, farmland and residential real estate partly to hedge against currency volatility, said Browne, adding that interest-rate movements have little impact on buying activity in the East African nation.

“What sets African high-net-worth individuals apart is their ability to navigate volatility, from currency swings to regulatory and political risk, while continuing to build, protect, and transfer wealth across generations,” he said.

“It is this combination of adaptability, long-term thinking, and strategic risk management that ultimately defines wealth on the continent.”

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In South Africa, the average value of residential properties bought by the rich increased 38% over the 12-month period, partly due to surging house prices in the Western Cape province.

The region hosts three of the continent’s top five fastest-growing hubs for millionaires: Cape Town, the Cape Winelands and the the Whale Coast – a collection of small holiday towns that certain species of the mammals pass during their annual migration from Antarctica.

Industrial properties, including for logistics, made up nearly two-thirds of Standard Bank clients’ commercial real estate purchases, followed by retail and offices.

The lender published a report Thursday in which it classified the continent’s rich as either entrepreneurs, corporate grafters or legacy stewards. Business owners account for about 90% of Africa’s wealthy, according to its research.

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