Africa rising has been on the lips of many in the past decade, but whether the continent is growing or not is a matter of continuous debate. As economic sectors expand, and so does the number of entrepreneurs joining the exclusive billionaires club.
The continent has its fair share of dollar millionaires, people who have minted their wealth from industries like retail, manufacturing, mining and banking among others.
The continents economic giants including South Africa, Nigeria, Egypt and Kenya account for the largest share of the wealthy.
South African cities and regions dominate the list of richest cities and towns. The country has major industries and boasts of the largest retail sectors on the continent, which has minted a huge share of millionaires.
However, other countries like Rwanda and Ghana are emerging. Here is the list of the top 10 wealthiest cities in Africa in terms of the number of dollar millionaires (high-net-worth individuals or HNWIs), according the Henley & Partners 2024 Africa Wealth Report.
Contents
- 1. Johannesburg, South Africa: 12,300 HNWIs
- 2. Cape Town, South Africa: 7,400 HNWIs
- 3. Cairo, Egypt: 7,200 HNWIs
- 4. Nairobi, Kenya: 4,400 HNWIs
- 5. Lagos, Nigeria: 4,200 HNWIs
- 6. The Cape Winelands, South Africa: 3,600 HNWIs
- 7. Durban, Umhlanga, and Ballito, South Africa: 3,500 HNWIs
- 8. The Garden Route, South Africa: 3,200 HNWIs
- 9. Casablanca, Morocco: 2,800 HNWIs
- 10. Pretoria, South Africa: 2,100 HNWIs
1. Johannesburg, South Africa: 12,300 HNWIs
Johannesburg is the largest city in South Africa, Africa’s most industrialised country and the largest economy. That it tops the list of cities with the greatest number of millionaires is not a surprise. The city hosts the biggest stock exchange in Africa– the Johannesburg Stock Exchange (JSE).
Like most cities around the world, the wealthiest have exclusive neighbourhoods. A significant number of the wealthy in the city reside around Sandton City Shopping Centre, often referred to as “the richest square mile in Africa.” Some of the upmarket residential areas include Sandhurst, Hyde Park, Westcliff, and Inanda.
2. Cape Town, South Africa: 7,400 HNWIs
Cape Town is known for exclusive hotels and residences, attracting a lot of wealthy individuals on the continent. Wealth attracts wealth, as many would say. The city will surpass Johannesburg, which has been battling surging crimes, as Africa’s wealthiest by 2030. Most luxurious residential areas in the city include Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James.
The neighbourhoods are not only top in South Africa, but have also been ranked as some of the top in Africa. It is also emerging as a retirement destination for the wealthy from around the globe.
3. Cairo, Egypt: 7,200 HNWIs
Cairo is one of the oldest cities in Africa. Its history traces back to the agrarian revolution era. Modern day Egypt is home to many industries and a booming middle-income that has accelerated the economic growth.
Cairo ranks third among African cities with the highest number of high-net-worth individuals (HNWIs), but it has the biggest population of billionaires and centi-millionaires than any other African city.
4. Nairobi, Kenya: 4,400 HNWIs
Nairobi is the capital of the largest economy in East Africa, and so that it hosts the greatest number of millionaires in the region is not new. While Kenya’s wealthy have not featured prominently in the list of African billionaires and ultra-rich, a few industrialists and entrepreneurs have made a name for themselves.
The rich in Nairobi live in exclusive neighbourhoods of Karen, Runda and Muthaiga. Recently, some have moved to the outskirts of the city in areas like Tigoni, west of Nairobi.
5. Lagos, Nigeria: 4,200 HNWIs
Lagos is Africa’s most populous city and the most important economic heartbeat of oil-rich Nigeria. It hosts the Nigerian Stock Exchange, one of the most important stock exchanges in Africa. It serves as the base for major African multinational corporations like the Dangote Group and Zenith Bank.
Banana Island is the city’s home of the wealthy, with music stars and billionaires owning a portion of the exclusive neighbourhood. The rich in Nigeria make their money from manufacturing, retail and mining, including oil. Lately, Nigeria has seen a surge of people who have made their millions from music and film.
6. The Cape Winelands, South Africa: 3,600 HNWIs
South Africa is a top producer of wine in Africa, with vineyards spread across the country. The Cape Winelands include the nearby towns of Paarl, Franschhoek, and Stellenbosch.
Luxury lifestyle estates like Val de Vie, De Zalze, and Domaine des Anges attract HNWIs. Many of the area’s wine farms are owned by ultra-wealthy HNWIs and centi-millionaires who often retire there. It is home to about 3,600 HNWIs.
7. Durban, Umhlanga, and Ballito, South Africa: 3,500 HNWIs
Durban, Umhlanga, and Ballito are neighboring towns on South Africa’s Natal Coast with some of the world’s top eco-estates like Zimbali, Simbithi, and Dunkirk Estate. Lagoon Drive in Umhlanga is particularly opulent, featuring luxury apartment complexes such as the Oysters and the Pearls.
The region serves as home for some 3,500 ultra-rich.
8. The Garden Route, South Africa: 3,200 HNWIs
The Garden Route spans from Mossell Bay to Storms River along South Africa’s South Coast. It includes affluent towns like Plettenberg Bay, George, Knysna, and Wilderness. Beachy Head Drive in Plettenberg Bay is known as “Africa’s Millionaire Row.”
9. Casablanca, Morocco: 2,800 HNWIs
Casablanca is Morocco’s largest city and economic hub. Major companies headquartered there include OCP Group, Al Mada, and Attijariwafa Bank. Casablanca is home to one of Africa’s largest stock exchanges.
10. Pretoria, South Africa: 2,100 HNWIs
Pretoria is the capital city of South Africa and a major business center. Its affluent areas include Waterkloof and Waterkloof Ridge, with luxury lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.
