Which five African cities are the richest?
According to the report, the number of millionaires in Africa is expected to increase by 65% over the next ten years.
Lagos is ranked fifth out of the 20 wealthiest African cities in the most recent Henley & Partners report that highlights affluent cultures in the continent.
Based on millionaire (1 million USD), centi-millionaire (100 million USD), and billionaire (1 billion USD) status, the paper analyzes the high-net-worth population in Africa.
Further examination of the growth rate of millionaires in Africa from 2013 to 2023 revealed that, although some saw declines of 20% and 22%, respectively, other countries such as Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) all saw significant growth in the number of millionaires.
According to the report, the number of millionaires in Africa is expected to increase by 65% over the next ten years.
Over 90% of Africa’s billionaires own an investable wealth of $2.5 trillion, and the continent’s top five wealthiest nations—South Africa, Egypt, Nigeria, Kenya, and Morocco—collectively account for 56% of the continent’s high-net-worth people (HNWIs).
The top five richest cities in Africa are listed below;
- South Africa’s Johannesburg
With 12,300 millionaires, 25 centimillionaires, and 2 billionaires, this South African metropolis ranked first.
However, the wealthiest residents of the city saw a negative growth rate of -44% between 2013 and 2023.
- South Africa’s Cape Town
In second place, closely behind with 7,400 millionaires, 28 centi-millionaires, and one billionaire, was Cape Town, another South African metropolis.
The number of millionaires in Cape Town increased by 20% between 2013 and 2023.
- Egypt’s Cairo
With 7,200 millionaires, 30 centi-millionaires, and 4 billionaires, this Egyptian metropolis has positioned itself as a millionaire utopia, ranking third among the wealthiest towns in Africa.
The number of millionaires in Cairo fell by 21% between 2013 and 2023.
- Kenya’s Nairobi
Nairobi, with 4,400 millionaires and 10 centimillionaires, ranked fourth. The number of millionaires in Nairobi experienced a remarkable surge, increasing by 21% from 2013 to 2023.
- Lagos, Nigeria
Lagos, home to an astounding 4,200 millionaires, 12 centi-millionaires, and 2 billionaires, ranked fifth in the world. The number of millionaires residing in the city decreased by 48% between 2013 and 2023.
Approximately 50% of the wealthiest people in Nigeria reside in the city.
With almost 5,400 millionaires, 16 centimillionaires, and 3 billionaires, Lagos ranked fourth the previous year.
Other African towns that produced fewer than 1,200 millionaires included Dar Es Salaam, Tanzania; Tangier, Morocco; Algiers, Algeria; Grand Baie, Mauritius; and Kigali, Kenya. These cities were ranked lower.
