Monday, May 10, 2021 – The top ten wealthiest cities in Africa have been ranked in the Africa Wealth Report, which has been released annually since 2017.
According to the report that is sponsored by Mauritius based banking group, AfrAsia Bank, the cities have been ranked by the total wealth held – the private wealth held by all the individuals living in each city, including all their assets (property, cash, equities, business interests) less any liabilities.
Below are the top ten wealthiest cities in Africa and the number of High Net worth Individuals (HNWIs)
1. Johannesburg
The city of gold is the wealthiest in Africa with an estimated wealth of $248 billion (Approx. Sh214 trillion). Most of Johannesburg’s wealth is concentrated in Sandton, which is home to the JSE (the largest stock market in Africa)
Joburg is home to 2 dollar billionaires and about 16,000 millionaires.
2. Cape Town
Besides being the legislative capital of South Africa, Africa’s most exclusive suburbs including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishop’s Court and Constantia are in this city.
Cape Town has an estimated wealth of $133 billion (Approx. Sh13 trillion) and one dollar billionaire
3. Cairo
Located along the Nile River, Cairo is the capital city of Egypt and the largest in the country. It is also home to more billionaires than any other city in Africa (5)
Cairo’s total wealth is $129 billion (Approx. Sh12.9 trillion).
4. Lagos
The largest city in Africa (in terms of its overall population of 22 million people) and the economic hub of West Africa.
Its wealth is estimated to stand at $96 billion (about Sh9.6 trillion).
Lagos has 2 dollar billionaires and 5,400 millionaires.
5. Durban
Located on the East coast of South Africa, It is the 3rd wealthiest city in the country with a total wealth of $54 billion (Approx Sh5.4 trillion).
6. Nairobi
Nairobi is the economic hub of East Africa and one of the fastest-growing cities in the world.
The capital of Kenya has a population of about 4.5 million people with an estimated total wealth of $49 billion (about Sh4.9 trillion). Nairobi is home to approx. 6,200 dollar millionaires.
7. Pretoria
The administrative capital of South Africa and has a total wealth of $45 billion (Approx. Sh4.5 trillion).
8. Luanda
This is the capital and the largest city in Angola with a total net wealth of $42 billion (Approx. Sh4.3 trillion).
The city has only 1 dollar billionaire.
It is Angola’s primary port, administrative, and its chief seaport.
9. Casablanca
This is the largest city in Morocco with an estimated population of 3.7 million people. It comes in 9th place with a total wealth of $39 billion (about Sh3.9 trillion).
Casablanca is home to 2 dollar billionaires
10. Accra
Ghana’s capital is the second West African city to make the cut.
Accra is a centre for manufacturing and marketing with over 100 people with a net worth of $100 million.
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