The 10 wealthiest cities in Africa

AfrAsia Bank and New World Wealth recently reviewed the 10 wealthiest cities in Africa by total wealth held. Note: The terms “Total wealth” refer to the private wealth held by all the individuals residing in each of these identified cities. In addition, it also includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds have been excluded from these figures.

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The top 10 cities:

  • Johannesburg: Total wealth held in the city amounts to US$245 billion. Home to 18,200 millionaires (HNWIs), 970 multi-millionaires and 2 billionaires. The figures for Johannesburg include Sandton. Major sectors in the city include: financial services (banks, accounting, insurance), professional services (law firms), construction, telecoms and basic materials.
  • Cairo: Total wealth held in the city amounts to US$140 billion. Home to 8,900 millionaires, 480 multi-millionaires and 5 billionaires. Major sectors in the city include: real estate & construction, financial services and basic materials.
  • Cape Town: Total wealth held in the city amounts to US$135 billion. Home to 8,200 millionaires, 440 multi-millionaires and 2 billionaires. Major sectors in the city include: real estate, financial services (fund management), retail and tourism. Cape Town is also a second home hotspot for the wealthy with over 1,500 multi-millionaires living in the city during peak holiday months (many of these individuals are from outside South Africa).
  • Lagos: Total wealth held in the city amounts to US$120 billion. Home to 6,800 millionaires, 360 multi-millionaires and 4 billionaires. Major sectors in the city include: real estate & construction, telecoms, transport, financial services and basic materials.
  • Nairobi: Total wealth held in the city amounts to US$55 billion. Home to 6,800 millionaires and 280 multi-millionaires (no billionaires). Major sectors in the city include: financial services, real estate & construction, retail, tourism, FMCG, telecoms and basic materials.
  • Luanda: Total wealth held in the city amounts to US$48 billion. Home to 4,100 millionaires, 240 multi-millionaires and one billionaire. Major sectors in the city include: real estate & construction, transport and basic materials (oil & gas).
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Louis XIII
  • Durban: Total wealth held in the city amounts to US$46 billion. Home to 3,200 millionaires, 130 multi-millionaires and one billionaire. The figures for Durban include Umhlanga, Ballito, Zimbali and La Lucia. Major sectors in the city include: real estate, finance, healthcare, construction, retail and transport.
  • Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires and 110 multi-millionaires (no billionaires). Major sectors in the city include: basic materials, manufacturing and financial services.
  • Casablanca: Total wealth held in the city amounts to US$40 billion. Home to 2,300 millionaires, 110 multi-millionaires and 2 billionaires. Major sectors in the city include: basic materials, manufacturing and financial services.
  • Accra: Total wealth held in the city amounts to US$35 billion. Home to 2,300 millionaires and 100 multi-millionaires (no billionaires). Major sectors in the city include: basic materials, manufacturing and financial services.

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The wealthiest cities in Africa, 2016
City Total wealth (US$bn) US$1m+ US$10m+  
Jo’burg & Sandton 245 18 200 970
Cairo 140 8 900 480
Cape Town 135 8 200 440
Lagos 120 6 800 360
Nairobi 55 6 800 280
Luanda 48 4 100 240
Durban & Umhlanga 46 3 200 130
Pretoria 42 2 600 110
Casablanca 40 2 300 110
Accra 35 2 300 100
Algiers 30 1 900 90
Abidjan 26 1 900 90
Alexandria 25 1 800 110
Dar Es Salaam 24 1 300 50
Grand Baie & Port Louis 21 2 400 120
Kampala 15 800 40
Abuja 14 800 40
Addis Ababa 12 800 40
Windhoek 12 1 400 60
Marrakesh 10 500 30
Tangier 10 500 30
Lusaka 10 600 30
Maputo 10 700 40
Mombasa 8 900 40
Gaborone 8 1 300 50
Note: Rounded to nearest 100 and nearest 10 respectively. Figures for end of December 2016.  
Source: New World Wealth

Notes:

  • “HNWIs” also known as “millionaires” refer to individuals with wealth of US$1 million or more.
  • “Multimillionaires” refer to individuals with wealth of US$10 million or more.
  • “Billionaires” refer to individuals with wealth of US$1 billion or more.

 

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Bentley Continental GT launch, Norway, June 2015 Photo: James Lipman / jameslipman.com

 

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