When it comes to wealth and affluence, Africa has seen a significant rise in the number of High Net Worth Individuals (HNWIs) in recent years. These are individuals with investable assets exceeding $1 million, excluding their primary residence. As economic growth and urbanization continue to shape the African continent, some cities have emerged as hotspots for millionaires. In this article, we will take an in-depth look at the African cities with the highest concentration of millionaires, based on research and data analysis.
African cities with the most millionaires
|Number of Millionaires in US Dollars
|Durban & Umhlanga
|Paarl, Franschhoek & Stellenbosch
At the top of the list is Johannesburg, the largest city in South Africa, often referred to as the “City of Gold.” With an estimated 15,100 millionaires, Johannesburg boasts the highest number of HNWIs on the African continent.
The city’s robust economy, driven by industries such as mining, finance, and real estate, has created a favorable environment for wealth creation. The city is also home to the Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange, which further contributes to its status as a financial hub.
2. Cape Town
Cape Town, located on the southwestern coast of South Africa, comes in second with approximately 7,500 millionaires. Known for its stunning landscapes, vibrant culture, and thriving tourism industry, Cape Town has become a sought-after destination for wealthy individuals seeking a high quality of life.
The city’s real estate market, including exclusive neighborhoods like Clifton and Camps Bay, has attracted HNWIs looking for prime properties with picturesque views of the ocean and Table Mountain.
Egypt’s capital, Cairo, takes the third spot on the list with an estimated 6,500 millionaires. Cairo’s rich history, coupled with its strategic location as a business and trade hub in the Middle East and North Africa region, has contributed to its growing wealth.
The city’s real estate market, fueled by a booming population and demand for modern infrastructure, has been a key driver of wealth creation. Cairo’s luxury property market, including areas like Zamalek and New Cairo, has seen significant growth, attracting wealthy investors and entrepreneurs.
Lagos, the largest city in Nigeria, comes in fourth with around 5,000 millionaires. Lagos has emerged as a major economic powerhouse in Africa, with a diverse economy driven by sectors such as finance, real estate, and entertainment.
The city’s entrepreneurial spirit and booming tech scene have created opportunities for wealth creation, attracting HNWIs looking to tap into Nigeria’s growing consumer market. Lagos is also home to some of Africa’s most exclusive neighborhoods, such as Banana Island and Ikoyi, known for their luxury properties and high-end lifestyle.
Nairobi, the capital of Kenya, takes the fifth spot on the list with an estimated 6,000 millionaires. Nairobi has been experiencing rapid economic growth in recent years, fueled by a thriving services sector, including finance, real estate, and technology.
The city has become a regional hub for multinational companies and startups, creating a favorable environment for wealth creation. Nairobi’s luxury property market, including areas like Karen and Runda, has seen significant growth, attracting HNWIs looking for prime real estate investment opportunities.
6. Durban & Umhlanga
Durban and Umhlanga, located on the eastern coast of South Africa, share the sixth spot on the list with an estimated 3,400 millionaires. These coastal cities are known for their beautiful beaches, warm climate, and relaxed lifestyle, which have made them attractive destinations for wealthy individuals seeking a beachside retreat.
Durban is a major port city and has a diverse economy driven by industries such as manufacturing, tourism, and finance, while Umhlanga is known for its luxury residential properties and upscale lifestyle. The combination of natural beauty, a favorable climate, and economic opportunities has contributed to the growth of millionaires in these coastal cities.
7. Paarl, Franschhoek & Stellenbosch
The towns of Paarl, Franschhoek, and Stellenbosch, located in the Western Cape province of South Africa, are renowned for their wine production and have become magnets for wealthy individuals. These towns share the seventh spot on the list with an estimated 2,800 millionaires.
The region’s picturesque landscapes, world-class vineyards, and luxury estates have made it a favored destination for HNWIs seeking a tranquil and luxurious lifestyle. The wine and tourism industries in these towns have thrived, creating opportunities for wealth creation and investment in luxury properties.
Pretoria, the administrative capital of South Africa, takes the eighth spot on the list with an estimated 2,400 millionaires. Known for its political significance as the seat of the South African government, Pretoria also has a diverse economy with sectors such as finance, manufacturing, and research.
The city’s real estate market, including exclusive neighborhoods like Waterkloof and Lynnwood, has attracted wealthy individuals looking for upscale properties and a sophisticated lifestyle. The combination of political, economic, and social opportunities has contributed to the growth of millionaires in Pretoria.
Casablanca, the largest city in Morocco, ranks ninth on the list with an estimated 2,300 millionaires. Casablanca is known for its vibrant business environment, with a thriving financial sector and a bustling port that serves as a major trade hub in North Africa.
The city’s real estate market, including areas like Anfa and Maarif, has attracted wealthy investors looking for business and investment opportunities. Casablanca’s strategic location, coupled with its modern infrastructure and cosmopolitan lifestyle, has made it an attractive destination for HNWIs in Morocco.
Accra, the capital of Ghana, completes the top ten list with an estimated 2,200 millionaires. Accra has been experiencing rapid economic growth in recent years, driven by sectors such as oil and gas, finance, and real estate.
The city has become a regional hub for trade and investment in West Africa, attracting wealthy individuals looking for business opportunities in the region. Accra’s luxury property market, including areas like Airport Residential and Cantonments, has seen significant growth, catering to the demand of affluent residents and expatriates.
Africa is a continent that is experiencing rapid urbanization and economic growth, creating opportunities for wealth creation and investment. The cities mentioned in this article have emerged as hubs for millionaires, driven by factors such as economic growth, favorable business environments, real estate markets, and lifestyle factors.
These cities have attracted HNWIs from various industries, including finance, real estate, technology, and tourism, who are seeking investment opportunities, high-quality living standards, and a luxurious lifestyle.