Faith Nyasuguta
African millionaires gravitate towards major cities and economic hubs, drawn by better infrastructure, business opportunities, and a higher standard of living.
A new report by Henley & Partners titled Insights into Africa’s Wealthiest Cities sheds light on where the continent’s affluent reside, ranking cities based on their number of high-net-worth individuals (HNWIs).
South African Cities Lead
Unsurprisingly, South African cities dominate the list, boasting six out of the top ten wealthiest cities. Johannesburg, often referred to as Africa’s economic powerhouse, tops the ranking with 12,300 millionaires. Cape Town follows with 7,400, and Pretoria rounds off South Africa’s representation with 2,100 millionaires.
The report highlights the close relationship between a country’s economic standing and its ability to attract and sustain wealthy individuals. South Africa, with the continent’s largest GDP, is projected by the International Monetary Fund (IMF) to remain Africa’s leading economy until at least 2027.
Wealth Concentration Across Africa
Beyond South Africa, Cairo, Egypt’s bustling capital, ranks third with 7,200 HNWIs, leveraging its historical significance and growing economic clout. Nairobi, Kenya’s vibrant capital, secures fourth place with 4,400 millionaires, reflecting its status as East Africa’s financial hub.
Lagos, Nigeria, Africa’s most populous city, ranks fifth with 4,200 HNWIs. Despite its challenges, Lagos remains a magnet for wealth creation due to its vast economic opportunities. Casablanca, Morocco, is another notable entrant at ninth place with 2,800 HNWIs, demonstrating North Africa’s growing influence.
Factors Behind Millionaire Migration
Cities that attract millionaires share several key characteristics. Safety and security, underpinned by low crime rates and effective law enforcement, are critical. Infrastructure, including quality housing, schools, and healthcare, also plays a pivotal role.
Desirable geographic features, such as proximity to beaches, mountains, or other scenic locations, enhance a city’s appeal. Good governance, characterized by transparent and efficient local administrations, further boosts a city’s attractiveness. For the ultra-wealthy, proximity to their sources of wealth, such as businesses or key industries, is equally significant.
Top 10 Wealthiest African Cities
The following table presents Africa’s top 10 wealthiest cities, ranked by their number of resident millionaires:
| Rank | City | Country | Number of HNWIs |
| 1 | Johannesburg | South Africa | 12,300 |
| 2 | Cape Town | South Africa | 7,400 |
| 3 | Cairo | Egypt | 7,200 |
| 4 | Nairobi | Kenya | 4,400 |
| 5 | Lagos | Nigeria | 4,200 |
| 6 | The Cape Winelands | South Africa | 3,600 |
| 7 | Durban, Umhlanga, and Ballito | South Africa | 3,500 |
| 8 | The Garden Route | South Africa | 3,200 |
| 9 | Casablanca | Morocco | 2,800 |
| 10 | Pretoria | South Africa | 2,100 |
Economic Hubs Drive Growth
As African cities continue to evolve, their ability to attract and retain millionaires will hinge on sustained economic growth, enhanced security, and good governance. For now, South Africa remains the continent’s prime destination for the ultra-wealthy, with its cities setting the standard for wealth concentration in Africa.
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