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Millionaires calling it quits in South Africa’s richest city | SA News

Malcolm Libera
 ·13 May 2026

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City of Johannesburg’s worsening financial position is posing a major risk to property sentiment and values in the city, which is already seeing an outflow of millionaires due to governance concerns. 

Last week, Finance Minister Enoch Godongwana noted that the city is technically bankrupt, with the minister threatening to withdraw billions of rands in funding if it does not scrap an unaffordable wage bill. 

Godongwana revealed that the City of Johannesburg currently…

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