Top 10 Africa’s Wealthiest Cities with Highest Number of Millionaires

Top 10 Africa’s Wealthiest Cities with Highest Number of Millionaires

Africa is a continent with rapidly growing cities and untapped potential, fueled by the aspirations of its people. With a total investable wealth of $2.5 trillion, 135,200 millionaires, 342 centi-millionaires, and 21 billionaires, Africa presents a picture of economic growth. However, a recent report by Henley and Partners reveals that over the past decade, approximately 18,700 high-net-worth individuals have left Africa seeking opportunities abroad. Key destinations include the UK, USA, Australia, UAE, France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel. Notably, these figures exclude internal migrations within the continent, with around 1,600 millionaires relocating between African countries during the same period, primarily to Mauritius, South Africa, Morocco, and Namibia.

Despite facing challenges like infrastructure deficits and socio-economic inequalities, these cities showcase resilience and dynamism, continuously attracting affluent individuals and businesses worldwide. The Africa Wealth Report 2024 highlights that cities like Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are expected to lead with over 85% millionaire growth each over the next decade. Lusaka and Mombasa will also see a rise in high-net-worth residents.

Cape Town is predicted to surpass Johannesburg as Africa’s wealthiest city by 2030, driven by corporate relocations and upscale developments. Africa’s millionaire

population is projected to increase by 65% by 2033, fueled by key industries like fintech, eco-tourism, software development, rare metals mining, green tech, media and entertainment, and wealth management.

Here are the top 10 wealthiest cities in Africa, ranked by the number of resident millionaires (HNWIs):

  1. Johannesburg, South Africa – 12,300 millionaires
    Johannesburg is the economic heartbeat of Africa, pulsating with energy and opportunity. As the continent’s financial hub, it’s home to the Johannesburg Stock Exchange and a plethora of multinational corporations. The city’s diverse economy is a fertile ground for innovation and growth.
  2. Cape Town, South Africa – 7,400 millionaires
    Cape Town is a gem on the African coast, where natural beauty and economic dynamism converge. Its thriving tech scene, robust financial sector, and creative industries make it a magnet for entrepreneurs and investors. The city’s stunning surroundings and business-friendly environment create an irresistible allure for high-net-worth individuals.
  3. Cairo, Egypt – 7,200 millionaires
    Cairo is an ancient city with a modern twist, where tradition meets innovation. As the economic and cultural capital of Egypt, it’s a hub for investment and growth. The city’s strategic location at the crossroads of Africa, Asia, and Europe makes it an attractive destination for businesses and investors.
  4. Nairobi, Kenya – 4,400 millionaires
    Nairobi, known as the “Green City in the Sun,” is East Africa’s leading financial centre and a key player in the region’s economy. The city hosts the Nairobi Securities Exchange (NSE) and serves as the headquarters for many multinational corporations and international organizations.
  5. Lagos, Nigeria – 4,200 millionaires
    Lagos is the commercial capital of Nigeria, a city that’s bursting with energy and opportunity. Its vibrant markets, thriving nightlife, and entrepreneurial spirit make it a magnet for investors and entrepreneurs. The city’s lucrative investment opportunities in finance, real estate, and technology make it a hub for high-net-worth individuals.
  6. Cape Winelands, South Africa – 3,600 millionaires
    The Cape Winelands is a region of breathtaking beauty, where rolling hills and lush vineyards meet luxury living. This picturesque region is famous for its world-class wineries, gourmet dining experiences, and exclusive estates. It’s a haven for affluent individuals seeking a high quality of life and investment potential in luxury real estate and hospitality.
  7. Durban, Umhlanga & Ballito, South Africa – 3,500 millionaires
    The Durban region is a coastal gem, with a strategic location, excellent infrastructure, and a booming tourism industry. The city’s warm climate, pristine beaches, and vibrant cultural scene make it an attractive destination for tourists and wealthy residents seeking a relaxed yet sophisticated lifestyle.
  8. The Garden Route, South Africa – 3,200 millionaires
    The Garden Route is a scenic region of unparalleled beauty, where lush forests and rolling hills meet the coast. This tranquil region is a haven for affluent individuals seeking a serene escape and investment opportunities in luxury properties, boutique hotels, and eco-friendly ventures.
  9. Casablanca, Morocco – 2,800 millionaires
    Casablanca city is a centre for finance, trade, and industry, with thriving sectors such as banking, logistics, and manufacturing. Casablanca’s strategic location on the Atlantic coast and its modern infrastructure make it an attractive destination for business and investment.
  10. Pretoria, South Africa – 2,100 millionaires
    Pretoria city’s economy is diverse, with significant contributions from sectors such as government services, manufacturing, and research. Pretoria’s proximity to Johannesburg and its reputation as a centre for education and innovation make it an appealing choice for affluent residents seeking a blend of urban convenience and suburban tranquillity.
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