In 2023, the spotlight on African millionaires has never shone brighter, with most cities emerging as the continent’s hubs of wealth and opulence.
These cities are not just economic powerhouses; they are also home to individuals whose net worths have reached the coveted millionaire and billionaire status.
Let’s take a journey through these cities and meet some of the continent’s wealthiest individuals.
Johannesburg, South Africa
Johannesburg, often referred to as Jo’burg, is the economic heartbeat of South Africa and arguably the entire continent.
With its vibrant business district and stock exchange, it’s no surprise that it houses some of Africa’s wealthiest individuals.
The Africa Wealth Report published by Henley and Partners in partnership with New World Wealth states that the city boasts 14,600 millionaires, 30 centi-millionaires and two billionaires.
The ancient city of Cairo, known for its rich history and the majestic pyramids, is also a modern-day economic hub.
The Sawiris family, among others, has played a significant role in Egypt’s economic landscape. Cairo reportedly has five billionaires, 7400 millionaires and 27 centi millionaires.
Cape Town, South Africa
Nestled at the foot of Table Mountain, Cape Town is not only a tourist’s paradise but also a city of immense wealth.
The city is home to some of the world’s most prestigious residential suburbs including Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno.
Cape Town is home to about 7200 millionaires.
Lagos, the bustling megacity of Nigeria, is a blend of cultures, businesses, and immense wealth. Described as the largest city in Africa in terms of its overall population, Lagos is home to over half of Nigeria’s high net-worth individuals.
The city boasts of 5400 millionaires, 16 centi-millionaires and 2 billionaires.
The capital city of Kenya is one of the fastest-growing cities in the world. It has been described as East Africa’s financial and transport hub.
Nairobi reportedly hosts African headquarters for major global tech companies and was ranked Africa’s best city for expatriates early this year. The city has 4,700 millionaires and 11 centi-millionaires.
Durban, South Africa
Another South African city, Durban is home to the fastest growing number of ultra-high net worth individuals.
It reportedly has 3,600 millionaires and 10 centi-millionaires. Some of the millionaires include Stephen Saad, founder of Aspen Pharmacare and Durban’s “Teflon couple” Shauwn and S’bu Mpisane.
Casablanca, immortalised by the classic film of the same name, is home to half of Morocco’s wealthiest individuals.
According to reports, Casablanca has 2800 millionaires. This number is expected to increase by an average of 42 per cent by 2025, reaching 3,400.
Pretoria, South Africa
South Africa’s administrative capital, Pretoria, is home to several wealthy individuals like Koos Bekker, and Douw Steyn.
The city hosts all foreign embassies and houses 2,400 millionaires and 2 centi-millionaires.
Accra, the vibrant capital of Ghana, has seen significant economic growth over the years. It has 200 millionaires and 4 centi millionaires. One such is Ernesto Taricone, who is involved in real estate, construction.
The Africa Wealth Report predicts that Accra is expected to witness a surge in the number of dollar millionaires over the next decade.
Luanda, with its beautiful coastline, is not just a tourist attraction. It’s the centre of Angola’s oil wealth and has given rise to several high-net-worth individuals, including Isabel dos Santos.
It boasts about 1,800 millionaires and 4 billionaires.
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