Africa’s economic landscape is undergoing a transformation, with a growing concentration of wealth in its major cities. A recent report by New World Wealth reveals the continent’s top 10 richest cities, brimming with high-net-worth individuals (HNWIs), those with net assets exceeding $1 million.
Taking the crown is Johannesburg, South Africa’s financial powerhouse. With a staggering 12,300 millionaires, Johannesburg boasts the “richest square mile in Africa” – Sandton, a district synonymous with luxury.
Following closely behind is Cape Town, another South African gem. This scenic city with its world-class lifestyle attracts a wealthy population of 7,400 millionaires, with affluent neighborhoods like Clifton and Camps Bay drawing the elite.
Surprisingly, Cairo, Egypt, snags the third-place position with 7,200 millionaires. This historic city’s significance as a trade and commerce hub continues to attract significant wealth.
East Africa makes its mark with Nairobi, Kenya, boasting a healthy 4,400-millionaire population. Nairobi’s position as a regional economic powerhouse fuels its affluent class.
Nigeria’s bustling Lagos rounds out the top five with an estimated 4,200 millionaires. Lagos’ thriving business scene and entertainment industry contribute to its growing pool of wealthy residents.
The list continues with several intriguing entries. Casablanca, Morocco’s economic and financial heart, holds its own with 2,800 millionaires. South Africa makes a strong showing with Pretoria (2,100 millionaires), Durban (Durban, Umhlanga & Ballito – combined), and the scenic Garden Route (all exceeding 2,000 millionaires) featuring prominently.
This report by New World Wealth paints an optimistic picture of Africa’s economic future. The significant rise in millionaires across the continent indicates a growing and dynamic entrepreneurial spirit. Looking ahead, the report predicts continued growth in cities like Cape Town, Nairobi, and Kigali, solidifying Africa’s position on the global wealth map.
