Cairo, Cape Town, and Lagos have been identified as some of the top cities to keep an eye on for ultra-rich individuals, as stated in the Centi-Millionaire Report by Henley & Partners.
With the anticipated acceleration of Africa’s economic growth, eight cities on the continent are now each home to more than ten centi-millionaires—individuals with net assets exceeding $100 million.
Cairo is at the forefront with 30 centi-millionaires, followed by Cape Town with 28, and Johannesburg with 25. Lagos, Africa’s most populous city and economic hub, boasts 12 centi-millionaires, indicating its emergence as a financial and technological centre.
Durban, Umhlanga, and Ballito together 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 is attracting 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 are driving up real estate prices, further enhancing the city’s appeal.
Johannesburg, despite competition from newer wealth hubs, remains a key player, thanks to its strong financial services sector and its role as South Africa’s mining capital.
Marrakech and Casablanca are also emerging as North African wealth hubs, with 12 and 10 centi-millionaires, respectively.
Casablanca’s financial services sector and Marrakech’s tourism-driven real estate market are propelling these cities into the global wealth spotlight.
The expected growth in ultra-wealthy populations will continue to reshape local economies in Africa, creating new opportunities in real estate, luxury services, and investment markets.
Beyond the obvious economic gains, this wealth boom is also prompting significant infrastructure development.
Cities like Lagos and Nairobi are witnessing a surge in high-end residential and commercial projects, as well as 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 is a direct response to the increasing demand from the city’s wealthy elite.
Similarly, Cape Town’s growth as a destination for the ultra-rich is not just about its luxury property market, but also its 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, are making it even more attractive to wealthy foreigners and expats.
Johannesburg, while facing competition from newer wealth hubs, remains a cornerstone of Africa’s financial landscape.
Its established industries continue to generate significant wealth, and it is likely to retain its status as a major player for years to come.
However, the rapid rise of cities like Lagos and Nairobi could challenge Johannesburg’s dominance, leading to increased competition for investment and talent across the continent.
In North Africa, cities like Casablanca and Marrakesh are also capitalising 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.
Marrakesh, with its strong tourism and luxury real estate markets, continues to draw high-net-worth individuals from around the world, bolstering its position as one of Africa’s key wealth hubs.
Seth Onyango, bird story agency