Maina wa Njuguna
Africa’s challenges many at times obscure the very many positive developments taking shape and entrenching an unstoppable economic renaissance.
The total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65% over the next 10 years.
Henley & Partners
The wealthiest cities on the continent are ranked with the number of High Networth Wealth Individuals (HNWI) – with over USD 1 million.
Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires – Henley & Partners.
(1) JOHANNESBURG, South Africa 🇿🇦
The city has over 12,300 USD millionaires, the highest concentration on the continent, city-wise.
It is also located within the mineral-rich Witeatersrand hills, an epicenter of international-scale gold and diamond mining and trade.
The city is home to 7.6 million residents with an estimated GDP per capita of USD 13.4 thousand.
(2) CAIRO, Egypt 🇪🇬
7,400 HNWIs call it home. Among them are 4 USD billionaires, 30 centi-millionaires (USD 100 or more) residing in affluent parts of Greater Cairo – Zamalek, Garden City and Newgiza.
Informal market absorbs 50% of the economic activities – small and micro enterprises. Cairo is among the most populated cities in the world at 22.1 million residents.
It is Egypt’s manufacturing hub for agricultural products, chemicals, plastics, textiles among other goods, and services.
The government plays a major part in spuring economic activities.
(3) CAPE TOWN, South Africa 🇿🇦
Cape Town ranks as one of the world’s top destinations. It has continued to tussle with Johannesburg for the top spot – the most visited city in Africa for years.
Its hiking trails👣, table mountain, stunning beaches ⛱️, world-renowned surf spots, and diverse culture are major pull factors.
Cape Town is home to 7,200 USD millionaires, 28 USD centi-millionaires, and 1 USD billionaire.
(4) NAIROBI, Kenya 🇰🇪
The city is East Africa’s economic hub. It accounts for 48% of the country’s wealth.
4,400 HNWIs reside in the city. Major economic activities are building and construction, manufacturing, transportation services.
The back drop of the city is the National Park, open grass plains that are host to a diverse wildlife such as the buffalos, cheetas, elephants, giraffes, hyenas, lions, leopards, rhinos, and so much more including over 400 species of birds.
(5) LAGOS, Nigeria 🇳🇬
Lagos is the most populous city in Africa with over 22 million in the metropolitan area.
It is home to Nigeria’s stock exchange and African multi-national giants – the Dangote Group and Zenith Bank.
Nigeria is the second largest economy in Africa per Nominal GDP behind South Africa.
There are 4,200 HNWIs. The GDP of the city is USD 84 billion, which is higher than a lot of African countries.
The Port of Lagos is one of the busiest ports in Africa. Maritime and logistics, oil and gas, and manufacturing are major economic activities.
The continent’s metro economic hubs are resilient even as the continent has hemorrhaged HNWIs to the West. Out of 51 African born USD billionaires, only 23 reside in the Africa.
Know Elon Musk? The world’s wealthiest person born in South Africa and now resides in US.
Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier and Marrakech are all expected to enjoy 85%+ millionaire growth over the next ten years.
Henley & Partners
Other cities that will experience growth of HNWIs over the next decade include – Lusaka, Zambia and Mombasa, Kenya.
Toping the 10 list of Africa’s wealthiest cities or with high numbers of HNWIs are – (6) The Cape Winelands, South Africa, (7) Durban, Umhlanga, and Ballito – South Africa, (8) The Garden Route, South Africa, (9) Casablanca, Morocco, (10) Pretoria, South Africa, capital city.
