Representing 50% of the continent’s wealth, here are the top 10 richest cities in Africa

The recent rankings of the major countries by Henley & Partners with New World Wealth showed that the G-5 Wealth Markets in the continent of Africa are South Africa, Egypt, Nigeria, Morocco, and Kenya.

The five countries accounted for 50% of the total wealth in Africa (private wealth held by individuals in each country, including their assets and fewer liabilities).

The total private wealth in South Africa amounted to $651 billion, $307 billion for Egypt, $228 billion for Nigeria, $125 billion for Morocco, and $91 billion for Kenya, indicating that South Africa has more than twice the number of millionaires in any other country. South Africa and Egypt have the highest number of billionaires in Africa (five billionaires each), while Nigeria has three billionaires.

In the top ten wealthiest cities in Africa, South Africa alone accounted for four cities (Johannesburg, Cape Town, Durban and Umhlanga, and Pretoria). The top ten cities came from Southern Africa (four cities), Northern Africa (two cities), and West Africa (two cities), while Central Africa and East Africa have a city each.

The four Southern African cities topped the list with a combined private wealth of $475 billion, the two North African Cities have $171 billion, and the two West African cities have $132 billion. In all, the combined private wealth of the ten wealthiest cities in Africa amounted to $858 billion, while the total Private Wealth in Africa amounted to $2.1 trillion.

The catalyst for Wealth Growth

Some of the factors that drive wealth growth in a country include adequate safety and security, ease of doing business, media freedom, freedom of speech, Rule of Law, ownership rights, effective economic plans and policies, a well-developed financial system, effective stock market, stable banking system, low level of government intervention political stability, low income, and corporate tax rates, and wealth migration.

Below are the ten wealthiest cities in Africa by total private wealth.


Johannesburg (South Africa)– Total Private Wealth ($239 billion)

Johannesburg is the wealthiest city in Africa, with a total private wealth of $239 billion. There are about 16,000 High-Net-Worth-Individuals (HNWIs) living in Johannesburg. Johannesburg has about 840 Multi-Millionaires, 34 Centi-Millionaires, and 2 Billionaires.


Cape Town (South Africa)– Total Private Wealth ($131 billion)

Cape Town is home to many exclusive suburbs, luxury vacation destinations, top-most lifestyle estates, and holiday resorts in Africa. Total private wealth in Cape Town is $131 billion, comprising about 6,000 HNWIs, 420 Multi-Millionaires, 25 Centi-Millionaires, and 1 Billionaire.

Cairo (Egypt)– Total Private Wealth ($128 billion)

Situated along the Nile River, Cairo remains one of the renowned historical cities in Africa. Egypt has robust financial, telecommunication, retail, and tourism industries. Total private wealth in Cairo is $128 billion comprising about 8,200 HNWIs, 440 Multi-Millionaires, 29 Centi-Millionaires, and 4 Billionaires.

Lagos (Nigeria)

Total Private Wealth ($97 billion)

The City of Lagos has the largest population in Africa. It is the economic hub of West Africa, with a vibrant economy and lifestyle. Lagos has robust oil and gas, telecommunication, financial, retail, tourism, and transport industries. The private wealth in Lagos is $97 billion with about 5,500 HNWIs, 290 Multi-Millionaires, 17 Centi-Millionaires, and 3 Billionaires.


Durban and Umhlanga (South Africa)

Total Private Wealth ($60 billion)

Durban is the third-largest City in South Africa, with many HNWIs combined with the residential towns in the north of Durban – Umhlanga, La Lucia, and Ballito, which have affluent individuals also. The combined private wealth stood at $60 billion. Durban and Umhlanga have about 3,700 HNWIs, 230 Multi-Millionaires, and 11 Centi-Millionaires.

Nairobi (Kenya)– Total Private Wealth ($48 billion)

Nairobi is the capital of Kenya and the economic hub of East Africa and among the fastest-growing cities in the world. High-class residential areas in Nairobi include Runda Estate, Lavington, Kitisuru, Karen, and Muthiaga. Financial services, real estate, tourism, media, clothing, processed foods, and beverages are the major industries in Nairobi. Total private wealth in Nairobi is $48 billion. Nairobi has about 5,400 HNWIs, 260 Multi-Millionaires, and 12 Centi-Millionaires.

Pretoria (South Africa)– Total Private Wealth ($45 billion)

Pretoria is the administrative capital of South Africa and the fourth South African City on this list. The major economic activities in Pretoria include engineering, food processing, financial services, diamond mining, and education services. Pretoria has about 2,600 HNWIs, 110 Multi-Millionaires, and 2 Centi-Millionaires.

Casablanca (Morocco)– Total Private Wealth ($43 billion)

Casablanca is the second North African City on this list, with a total private wealth of $43 billion. Casablanca has about 2,500 HNWIs, 120 Multi-Millionaires, and 13 Centi-Millionaires. Casablanca is a port city, the largest city in Morocco, and the commercial hub of Morocco.

Accra (Ghana)– Total Private Wealth ($35 billion)

Accra is the capital of Ghana and the second West African City on this list, with a total private wealth of $35 billion. Accra has about 2,400 HNWIs, 110 Multi-Millionaires, and 4 Centi-Millionaires. Manufacturing, marketing, finance, insurance, transportation, real estate, and hospitality are some of the industries in Accra.

Luanda (Angola)– Total Private Wealth ($32 billion)

Luanda is a port city, the largest city, and the capital of Angola, with a private wealth of $32 billion. Luanda has about 2,000 HNWIs, 90 Multi-Millionaires, and 3 Centi-Millionaires. Major industries in Luanda include manufacturing, petroleum, food processing, and transportation.

For a better understanding, Billionaires are individuals with a wealth of $1 billion and above. Centi-millionaires have a wealth of $100 million and above but below $1 billion. Multi-millionaires have a wealth of $10 million and above but below $100 million. Millionaires (HNWIs) have a wealth of $1 million and above but below $10 million. Affluents are individuals with a wealth of $100,000 or more but below $1 million.