Johannesburg continues to be the undisputed king of wealth in Africa, according to the recently published 2024 Africa Wealth Report by Henley & Partners. The City of Gold boasts an impressive 12,300 high-net-worth individuals (HNWIs), those with investable assets of $1 million or more. This puts Johannesburg comfortably ahead of the pack, solidifying its position as a financial powerhouse on the continent.
South Africa’s dominance extends beyond Johannesburg. Cape Town, with its breathtaking scenery and thriving tourism industry, secures the second spot with a population of 7,400 millionaires. The report also highlights a surprising contender – The Cape Winelands, a region known for its luxurious estates and vineyards, comes in sixth with a noteworthy 3,600 HNWIs, showcasing South Africa’s diverse pockets of wealth.
Following closely behind South Africa is Egypt. Cairo, the bustling capital, holds its own at number three with 7,200 millionaires. The city’s rich history and status as a major economic hub continue to attract significant wealth.
East Africa makes its mark with Nairobi, the capital of Kenya, claiming the fourth position. Nairobi’s 4,400 HNWIs reflect the city’s growing importance as a financial and technological center in East and Central Africa.
Nigeria’s economic powerhouse, Lagos, rounds out the top five with 4,200 millionaires. Despite a slight decrease compared to previous reports, Lagos remains a significant player in Africa’s wealth landscape.
The report also identifies exciting growth prospects. Cities like Kigali, Rwanda, and Windhoek, Namibia, are projected to see a surge in millionaire populations over the next decade, indicating a shift towards a more geographically diverse distribution of wealth in Africa.
This annual report by Henley & Partners provides valuable insights into Africa’s economic landscape. It highlights not only established financial centers but also up-and-coming destinations attracting high-net-worth individuals. As Africa’s economy continues to grow, the continent’s wealth story is set to become even more dynamic and multifaceted.
