Top 10 African Cities with the Most Millionaires

As Africa’s economy grows and its cities expand, more millionaires choose to live in certain urban areas. These High Net Worth Individuals with assets over $1 million, not counting their main homes are drawn to these cities.

Let us look at the top cities in Africa where many millionaires are gathering, exploring what draws them there in terms of business opportunities and lifestyle choices.

1. Johannesburg, South Africa 

Leading the pack is Johannesburg, known as the “City of Gold.” It is home to about 15,100 millionaires. The city’s economy is powered by mining, finance, and real estate, and it hosts the Johannesburg Stock Exchange, the largest in Africa.

2. Cape Town, South Africa 

With around 7,500 millionaires, Cape Town is known for its stunning scenery, culture, and high quality of life. The real estate market here is booming, with luxury homes offering beautiful views of the ocean and Table Mountain.

3. Cairo, Egypt  

Cairo ranks third with roughly 6,500 millionaires. As a historical and commercial hub, Cairo has a vibrant real estate market driven by a growing population and demand for modern infrastructure.

4. Lagos, Nigeria  

Nigeria’s economic powerhouse, Lagos, houses approximately 5,000 millionaires. The city’s diverse economy and booming tech scene create numerous opportunities for wealth creation.

5. Nairobi, Kenya 

Nairobi, the capital of Kenya, has about 6,000 millionaires. Known for its robust service sector and status as a regional headquarters for numerous multinationals, Nairobi attracts wealth through its dynamic economy and luxury real estate market.

6. Durban & Umhlanga, South Africa 

These cities share a spot with a combined total of 3,400 millionaires. Known for their beautiful beaches and relaxed lifestyle, they attract individuals looking for a tranquil beachside life combined with economic opportunities.

7. Paarl, Franschhoek & Stellenbosch, South Africa 

These picturesque towns in the Western Cape, famous for their wine production, have about 2,800 millionaires. They offer a serene setting with opportunities in the wine and tourism sectors.

8. Pretoria, South Africa 

With 2,400 millionaires, Pretoria is not just an administrative but also an economic hub with a thriving real estate market that appeals to those seeking an upscale lifestyle.

9. Casablanca, Morocco 

This bustling city is home to approximately 2,300 millionaires. Its role as a financial center and major port makes it a key player in North Africa’s economy.

10. Accra, Ghana

Accra closes the list with about 2,200 millionaires. The city’s growth is spurred by industries like oil and gas, finance, and real estate, making it a business hub in West Africa.