Eight African cities now host more than ten centi-millionaires each, making Cairo, Cape Town, and Lagos the latest global hotspots for the ultra-rich as Africa’s wealth boom reshapes the continent’s financial landscape.
The three cities are some of the world’s ultra-rich hotspots cities to watch, according to the Centi-Millionaire Report from Henley & Partners.
With Africa’s economic growth set to accelerate, eight on the continent are home to over ten centi-millionaires—individuals with net assets exceeding $100 million.
Cairo leads with 30 centi-millionaires, Cape Town with 28, and Johannesburg with 25. Lagos, Africa’s most populous city and economic hub, has 12 centi-millionaires, reflecting its rise as a financial and tech centre.
Durban, Umhlanga, and Ballito host 11 centi-millionaires, cementing their status as one of South Africa’s rising coastal wealth regions.
The report shows that Africa is home to 342 centi-millionaires, part of a broader shift in global wealth distribution. In cities like Lagos and Nairobi, the tech sector is driving rapid wealth creation, with Nairobi now counting ten centi-millionaires.
Both cities are projected to experience explosive growth in ultra-high-net-worth individuals, with Henley predicting over a 150% increase in their centi-millionaire populations by 2040.
Nairobi’s reputation as East Africa’s tech and financial hub attracts multinational investments, solidifying its role in wealth generation.
Cape Town, long a destination for high-net-worth individuals (HNWIs), continues to benefit from a “semigration” of wealthy South Africans seeking better lifestyle options and investment opportunities.
Luxury property markets in affluent suburbs such as Camps Bay and Clifton drive up real estate prices, further enhancing the city’s appeal. Despite competition from newer wealth hubs, Johannesburg remains a key player, thanks to its strong financial services sector and its role as South Africa’s mining capital.
Marrakech and Casablanca also emerge as North African wealth boom hubs, with 12 and 10 centi-millionaires, respectively. Casablanca’s financial services sector and Marrakech’s tourism-driven real estate market propel these cities into the global wealth spotlight.
The expected growth in ultra-wealthy populations will continue to reshape African local economies, creating new opportunities in real estate, luxury services, and investment markets.
Beyond the obvious economic gains, this wealth boom also prompts significant infrastructure development. Cities like Lagos and Nairobi are witnessing a surge in high-end residential and commercial projects and improvements in public amenities and transport systems.
These upgrades are designed to attract more high-net-worth individuals and international businesses, further accelerating growth.
In Nairobi, for instance, the rise of upscale developments in areas like Upper Hill and Westlands directly responds to the increasing demand from the city’s wealthy elite.
Similarly, Cape Town’s growth as a destination for the ultra-rich is influenced by its luxury property market and evolving tech and finance sectors.
Startups and venture capital firms are making Cape Town a growing hub for innovation, luring wealthy investors seeking to capitalise on the city’s entrepreneurial spirit.
Meanwhile, the city’s cultural and lifestyle offerings, such as international festivals and art fairs, make it even more attractive to wealthy foreigners and expats.
While facing competition from newer wealth hubs, Johannesburg remains a cornerstone of Africa’s financial landscape. Its established industries continue to generate significant wealth and will likely retain its status as a major player for years.
However, the rapid rise of cities like Lagos and Nairobi could challenge Johannesburg’s dominance, increasing competition for investment and talent across the continent.
In North Africa, cities like Casablanca and Marrakesh capitalise on their strategic locations and growing industries. Casablanca, in particular, is becoming a financial powerhouse in the region, benefiting from its close ties with Europe and the Middle East.
With its vital tourism and luxury real estate markets, Marrakesh continues to draw high-net-worth individuals worldwide, bolstering its position as one of Africa’s key wealth boom hubs.
Credit: Seth Onyango, Bird Story Agency