10 Richest Cities in Africa with the Most Millionaires

Africa is often depicted as a continent rich in natural resources yet struggling with widespread poverty. However, this narrative overlooks the burgeoning wealth among its urban centers, where a significant number of millionaires continue to shape the economic landscape. 

Recent reports from Henley and Partners indicate that Africa is home to 135,200 millionaires, 342 centi-millionaires, and 21 billionaires, collectively holding an investable wealth of $2.5 trillion. Despite a trend of migration among high-net-worth individuals (HNWIs) seeking opportunities abroad, many African cities remain vibrant hubs of affluence and prosperity. Here are the top richest cities in Africa, ranked by the number of resident millionaires, revealing a diverse tapestry of wealth and economic dynamism across the continent.

Johannesburg

Johannesburg tops the list with 12,300 millionaires. Known as the economic engine of South Africa, it hosts the Johannesburg Stock Exchange and a concentration of wealth in suburbs like Sandhurst and Hyde Park. Johannesburg’s status as a wealthy metropolis is reflected in its dynamic economic activities and luxurious lifestyles, making it a prime destination for those seeking prosperity in Africa.

Cape Town

Cape Town is home to 7,400 millionaires, making it one of the most affluent cities in Africa. The city attracts millionaires with its stunning landscapes, high-end real estate, and vibrant cultural scene. The exclusive suburbs of Clifton and Camps Bay are particularly appealing for their breathtaking ocean views and luxury amenities.

Cairo

Cairo, the pulsating heart of Egypt along the Nile, hosts 7,200 millionaires. This historic city is not only a tourist destination but also a prime location for Egypt’s wealthiest. The affluent areas of Zamalek and Garden City are particularly popular, offering luxurious living that aligns with Cairo’s rich cultural backdrop.

Nairobi

Nairobi is not just Kenya’s capital but also a leading center of affluence in East Africa, with a community of 4,400 millionaires. The city’s mild climate and geographic elevation make it a pleasant and strategic choice for wealthy individuals. Neighborhoods like Karen and Muthaiga are synonymous with luxury and exclusivity in the region.

Lagos

Lagos, Nigeria’s financial nucleus, is a city of over 4,200 millionaires. Home to major corporations and the Nigerian Stock Exchange, Lagos is a powerhouse of African commerce. The city’s elite enjoy a lifestyle of luxury and influence, with exclusive neighborhoods that are home to some of Nigeria’s richest individuals.

The Cape Winelands

The Cape Winelands, encompassing towns like Stellenbosch and Franschhoek, are home to 3,600 millionaires. This region is celebrated for its vineyards and breathtaking landscapes, attracting wealthy individuals who appreciate the finer things in life, such as premium wines and exquisite dining. The area’s luxury estates are popular among both local and international millionaires looking for serene retreats.

Durban and Its Luxurious Coasts

Durban, along with its neighboring towns of Umhlanga and Ballito, hosts 3,500 millionaires. The region is famous for its world-class eco-estates like Zimbali and Simbithi, which provide a blend of luxury and sustainability. These coastal towns are becoming increasingly popular as residential choices for the wealthy, thanks to their stunning ocean views and high-end amenities.

The Garden Route

South Africa’s Garden Route is more than a stunning coastline—it’s a magnet for 3,200 millionaires. Towns like Plettenberg Bay and Knysna offer luxurious living with breathtaking views, making this region especially popular among those who value nature and exclusivity. The real estate here, particularly in areas like Beachy Head Drive, is among the most sought-after in the continent.

Casablanca

With 2,800 millionaires, Casablanca stands as Morocco’s cosmopolitan axis and financial powerhouse. The city’s economic vitality is boosted by major corporations and the bustling Casablanca Stock Exchange. Casablanca’s blend of modern business and rich cultural heritage creates a unique magnetism for Morocco’s affluent individuals.

Pretoria

Pretoria, the administrative capital of South Africa, is not only a seat of government but also a haven for 2,100 millionaires. The city’s luxurious neighborhoods like Waterkloof and Silver Lakes are testament to its affluence. These areas are renowned for their opulent homes and high-quality lifestyle, attracting South Africa’s wealthy who seek security and tranquility away from the bustling business districts.