The annual Africa Wealth Report, jointly published by Investment migration consultancy Henley & Partners and New World Wealth, has unveiled the top 10 richest cities in Africa based on the number of millionaires (in US dollars) residing in each city. This comprehensive report offers a deep dive into private wealth in Africa, covering a range of aspects including trends in high-net-worth individuals, luxury and wealth management, and expert insights on investing in Africa, migration sector investment, and economic mobility across the continent.
1. Johannesburg (14,600)
Topping the list is Johannesburg, often referred to as Joburg. This city, founded during the Witwatersrand Gold Rush of 1886, proudly holds the title of the wealthiest city in Africa. The heart of its affluence is centered in Sandton, home to the JSE, the largest stock exchange on the continent, and the headquarters of numerous major African banks and corporations. Johannesburg's mainstay industries encompass financial services, including banks, as well as professional services such as law firms and consultancies.
2. Cairo (7,400)
Cairo, nestled along the banks of the majestic Nile River, stands as one of the world's historically significant cities. It also boasts the highest number of billionaires among all African cities. Cairo's economic landscape features financial services, telecommunications, retail, tourism, and basic materials as its primary industries.
3. Cape Town (7,200)
Cape Town, renowned for its stunning natural beauty, is Africa's gem, with some of the continent's most opulent neighborhoods, including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt, and Constantia. These areas are characterized by prime residential rates akin to cities like Washington, D.C., and Berlin. Additionally, Cape Town boasts upscale lifestyle estates like Steenberg, Atlantic Beach, and Silverhurst Estate. The city thrives on major industries such as real estate and fund management.
4. Lagos (5,400)
Lagos, the most populous city in Africa, takes center stage as the primary economic hub for West Africa. The affluent neighborhoods of Lagos, including Ikoyi and Victoria Island, exude opulence. Key sectors driving the city's economy include basic materials, oil and gas, transportation, and financial services.
5. Nairobi (4,700)
Nairobi, one of the world's fastest-growing cities, plays a pivotal role as the economic hub of East Africa. Some of its affluent areas include Runda Estate, Lavington, Kitisuru, Karen, and Muthaiga. Nairobi's economic landscape encompasses financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages, and cigarettes.
6. Durban (3,600)
7. Casablanca (2,800)
8. Pretoria (2,400)
9. Accra (2,000)
10. Luanda (1,800)
These rankings provide valuable insights into the wealth distribution across African cities and underscore the economic vibrancy of the continent.