Growing private wealth in Africa is transforming the continent’s major cities into hubs for millionaires and billionaires, according to the latest Henley & Partners Africa Wealth Report. Collectively, these urban centres are home to 135,200 millionaires, 342 centi-millionaires with fortunes exceeding US$100 million, and 21 billionaires. With the number of high-net-worth individuals projected to jump by 65% over the next decade, these cities are not only expanding economically but are also setting the stage for a new era of prosperity and influence. Here’s a list of the top ten cities and regions for private wealth in Africa:
1. Johannesburg, South Africa: 12,300 millionaires
The heartbeat of South Africa’s economy, Johannesburg’s vitality stems from its extensive mining sector, robust financial services, and diverse manufacturing base. Jo’burg is a city where commerce thrives and cultural diversity is embraced, attracting ambitious professionals and entrepreneurs alike. This bustling metropolis also houses 25 centi-millionaires and 2 billionaires, reflecting its status as a magnet for high-net-worth individuals.
2. Cape Town, South Africa: 7,400 millionaires
Cape Town’s spectacular natural beauty is matched by its economic vitality, driven by innovation, real estate, and a booming tech industry. Also, home to 28 centi-millionaires, and 1 billionaire, Cape Town attracts a diverse group of affluent individuals who are drawn to its vibrant culture and entrepreneurial spirit.
3. Cairo, Egypt: 7,200 millionaires
As the largest city in the Arabic-speaking world, Cairo is the industrial and commercial heart of Egypt and packs an additional 30 centi-millionaires, and 4 billionaires to its HNW. Its economy is diverse, with sectors like tourism, textiles, food processing, and chemicals playing significant roles.
4. Nairobi, Kenya: 4,400 millionaires
Known as the “Silicon Savannah,” Nairobi is a growing tech hub, attracting multinational corporations and startups. Also, home to 10 centi-millionaires, its economy is supported by financial services, real estate, tourism, and its strategic position as a commercial gateway to East Africa.
5. Lagos, Nigeria: 4,200 millionaires
Lagos is the pulsating heart of Nigeria’s economy and the most populous city in Africa. Known for its vibrant culture, entertainment, and bustling markets, Lagos is also a major financial centre with a rapidly growing tech scene. It also boasts 12 centi-millionaires, and 2 billionaires, underlining its role as a critical economic and cultural hub in Africa.
6. Cape Winelands (region), South Africa: 3,600 millionaires
The Cape Winelands, an area celebrated for its exquisite landscapes and premium wines, is also a luxury real estate hotspot. It is home to 16 centi-millionaires, and 2 billionaires, who are attracted by its serene lifestyle and high-quality amenities.
7. Durban, Umhlanga & Ballito, South Africa: 3,500 millionaires
Also, home to 11 centi-millionaires, this vibrant area combines Durban’s industrial strength with Umhlanga and Ballito’s resort-style living. Durban is a critical trade gateway due to its extensive port facilities, while Umhlanga and Ballito are famed for their luxury accommodations and pristine beaches, making the region a perfect blend of business and leisure.
8. The Garden Route (region), South Africa: 3,200 millionaires
The Garden Route offers stunning vistas and a high quality of life, which has attracted 3,200 millionaires and 5 centi-millionaires. This region thrives on tourism and luxury real estate, making it a prime location for affluent individuals seeking beauty and tranquility.
9. Casablanca, Morocco: 2,800 millionaires
Casablanca, the commercial heartbeat of Morocco, melds Moorish charm with industrial strength. Its diverse economy thrives on robust finance, manufacturing, and shipping sectors. With modern business amenities and a rich cultural scene, Casablanca attracts commerce and lifestyle seekers alike. The city is home to 10 centi-millionaires and 1 billionaire, underscoring its status as a hub for wealth and business in North Africa.
10. Pretoria, South Africa: 2,100 millionaires
Also, home to 2 centi-millionaires Pretoria balances its role as South Africa’s administrative capital with a vibrant local economy focused on education, research, and technology. Known for its jacaranda-lined streets and grand Union Buildings, the city offers a serene yet intellectually stimulating environment, fostering a community that values both heritage and innovation.
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