Johannesburg has higher exposure to political and labor-related risks but benefits from a larger, diverse market with strong business activity. Cape Town offers a more stable political environment and higher disposable income per capita, but its market is smaller and more tourism-dependent. Buyers should weigh risk versus market size and spending patterns when evaluating opportunities.

Johannesburg offers bigger spending power and a deeper customer base, which can feel exciting for growth, but it also comes with higher political, infrastructure, and security risks that can wear on owners. Cape Town, by contrast, has more stable local governance and lifestyle-driven consumers who spend willingly on quality and experiences, though the market is smaller and more seasonal. Emotionally, Joburg feels high-energy and high-reward but stressful, while Cape Town feels steadier and more predictable, which many small business buyers find comforting.