10 Wealthiest African Cities

Oct 5, 2017 | Finance, Finance Features

AfrAsia Bank and New World Wealth reviewed the 10 wealthiest cities in Africa by “total wealth”, referring to the private wealth held by individuals in each city. It includes property, cash, equities and business interests, less any liabilities.

1. JOHANNESBURG

Total wealth held of $245bn. Home to 18,200 millionaires, 970 multimillionaires and two billionaires. Major sectors: financial services, professional services, construction and telecoms.

2. CAIRO

Total wealth held of $140bn. Home to 8,900 millionaires, 480 multimillionaires and five billionaires. Major sectors: real estate and construction, financial services and basic materials.

 3. CAPE TOWN

Total wealth held of $135bn. Home to 8,200 millionaires, 440 multimillionaires and two billionaires. Major sectors: real estate, financial services, retail and tourism. Also a second-home hotspot with more than 1,500 multimillionaires in the city during peak holiday months.

4. LAGOS

Total wealth held of $120bn. Home to 6,800 millionaires, 360 multimillionaires and four billionaires. Major sectors: real estate and construction, telecoms, transport, financial services and basic materials.

5. NAIROBI

Total wealth held of $55bn. Home to 6,800 millionaires and 280 multimillionaires. Major sectors: financial services, real estate and construction, retail, tourism, fast-moving consumer goods, telecoms and basic materials.

6. LUANDA

Total wealth held of $48bn. Home to 4,100 millionaires, 240 multimillionaires and one billionaire. Major sectors: real estate and construction, transport, and oil and gas.

7. DURBAN

Total wealth held of $46bn. Home to 3,200 millionaires, 130 multimillionaires and one billionaire. Major sectors: real estate, finance, healthcare, construction, retail and transport.

8. PRETORIA

Total wealth held of $42bn. Home to 2,600 millionaires and 110 multimillionaires. Major sectors: basic materials, manufacturing and financial services

9. CASABLANCA

Total wealth held of $40bn. Home to 2,300 millionaires, 110 multimillionaires and two billionaires. Major sectors: basic materials, manufacturing and financial services.

10. ACCRA

Total wealth held of $35bn. Home to 2,300 millionaires and 100 multismillionaires. Major sectors: basic materials, manufacturing and financial services.