Africa’s millionaire population is expected to rise by 42 per cent over the next 10 years driven partly by the growth of cities, according to Knight Frank Wealth Report 2023 will hit 195,000 by 2032.
The growth in number of millionaires has seen fast-expanding cities on the continent creating larger markets for businesses. Here is the list of top ten cities with the highest concentration of millionaires in Africa.
The most affluent city in Africa is Johannesburg, where top-end wealth is concentrated in the suburbs surrounding Sandton City shopping mall, an area which has been dubbed “the richest square mile in Africa”. The Sandton suburbs of Hyde Park, Inanda, and Sandhurst in particular are home to large numbers of high-net-worth individuals. The “old money” suburb of Westcliff is also highly affluent. The city has 14,600 millionaires, 30 centi-millionaires and two billionaires.
Located on the Nile River, Cairo is historically one of the world’s most important cities. It is also home to more billionaires than any other city in Africa. Major sectors there include financial services, telecoms, retail, tourism and basic materials. Cairo has five billionaires perhaps due to its proximity to Europe and the Middle East making it a hub. Cairo has 7400 millionaires and 27 centi millionaires.
Affectionately referred to as the “Mother City”, Cape Town is home to some of the world’s most prestigious residential suburbs including Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Fresnaye, and Llandudno. The cosmopolitan city is also home to several luxury lifestyle estates such as Atlantic Beach, Erinvale, Silverhurst, Steenberg, Stonehurst Mountain Estate, and Sunset Links.
This is the largest city in Africa in terms of its overall population and is the economic hub of West Africa. Lagos is home to over half of Nigeria’s high-net-worth individuals. Major sectors in the city include basic materials, oil and gas, transport and financial services. The huge population of Lagos and Nigeria at large makes it a suitable market for entrepreneurs who make up most of the super-rich. Lagos has a vibrant service and financial services sector. The city has 5,400 millionaires and 16 centi-millionaires.
Known as the economic hub of East Africa, Nairobi is one of the fastest-growing cities in the world. It is also home to some of Africa’s oldest and most established luxury residential suburbs and streets, including Karen and Muthaiga. Major industries include financial services, tourism, media, real estate, tea, textiles, and tobacco. Nairobi is East Africa’s financial and transport hub. It hosts African headquarters for major global tech companies and was ranked Africa’s best city for expatriates early this year. Nairobi has 4,700 millionaires and 11 centi-millionaires.
Durban is home to the fastest growing number of ultra-high net worth individuals in South Africa, and we’re not talking about small fry here, but people with assets worth more than $1 million. Durban has 3,600 millionaires and 10 centi-millionaires. For instance, Stephen Saad, founder of Aspen Pharmacare who is among 14 South Africans who made it into the Forbes list of the top richest people in Africa, is listed as residing in Durban. Durban’s “Teflon couple” Shauwn and S’bu Mpisane, who recently faced off fraud charges and whose company was awarded government tenders in excess of R450 million, are wealthy enough to be classified as ultra-high net worth individuals.
According to a report by AfrAsia Bank and New World Research Firm, half of Morocco’s wealthiest individuals live in Casablanca. Currently, the Kingdom has 4,800 classified millionaires of which 2,800 call the city of Casablanca their hometown. The number of millionaires in Casablanca (2,800) is expected to increase an average of 42 per cent by 2025, reaching 3,400. Respectively, Morocco occupies the 6th position of wealthiest African countries with its 4,800 millionaires.
The city has 2,400 millionaires and 2 centi-millionaires according to Knight Frank. Affluent parts of Pretoria, South Africa’s administrative capital that hosts all foreign embassies, include Waterkloof and Waterkloof Ridge, as well as luxury lifestyle estates such as Mooikloof Equestrian Estate and Silver Lakes.
Accra has 2000 millionaires and 4 centi millionaires. Ghana’s capital of Accra is expected to add dollar millionaires at the fastest rate of any African city over the next decade as a stable political regime and developed banking system help boost financial services, telecommunications and property development. The number of people with net assets, excluding their primary residence, of more than $1 million will surge by 78 per cent to 4,100 individuals in Accra by 2025, according to an AfrAsia Bank New World Wealth report.
The oil capital boasts 1,800 millionaires and 4 billionaires. Most of the billionaires in the capital are either in oil, private equity or conglomerates. The top five cities with the fastest-growing millionaire populations are not in the US or Europe or Asia but is Luanda is among them.
They are Riyadh in Saudi Arabia, Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. In the first half of 2022, they saw an increase of up to 20 per cent in terms of their wealthy population.