In line with the 2024 Africa Wealth Report by Henley & Companions, Africa boasts 135,200 high-net-worth people (HNWIs) with liquid investable wealth exceeding USD 1 million. The continent additionally hosts 342 centi-millionaires, every price USD 100 million or extra, and 21 billionaires.
Africa’s high 5 wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for 56% of the continent’s millionaires and over 90% of its billionaires.
On a metropolis degree, Johannesburg stays Africa’s wealthiest metropolis, with 12,300 millionaires, 25 centi-millionaires, and a pair of billionaires.
Cape City follows with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Different distinguished city wealth hubs embody Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200).
Trying forward, Andrew Amoils, head of analysis at New World Wealth, identifies Cape City, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech as areas anticipated to see over 85% development in millionaire numbers over the subsequent decade.
“Strong development of over 80% can also be projected for Lusaka and Mombasa. Cape City is on observe to overhaul Johannesburg as Africa’s wealthiest metropolis by 2030.
We anticipate a number of main Johannesburg-based corporations will relocate their head workplaces to Cape City within the coming decade, which ought to increase town’s wealth development,” Amoils acknowledged.
Under are the ten wealthiest cities in Africa in 2024
| Rank Metropolis |
Nation | Millionaires (USD 1m+) |
Centi-millionaires (USD 100m+) |
Billionaires (USD 1bn+) |
||
| Johannesburg | South Africa | 12,300 | 25 | 2 | ||
| Cape City | South Africa | 7,400 | 28 | 1 | ||
| Cairo | Egypt | 7,200 | 30 | 4 | ||
| Nairobi | Kenya | 4,400 | 10 | – | ||
| Lagos | Nigeria | 4,200 | 12 | 2 | ||
| Cape Winelands (area) | South Africa | 3,600 | 16 | 2 | ||
| Durban, Umhlanga & Ballito | South Africa | 3,500 | 11 | – | ||
| The Backyard Route (area) | South Africa | 3,200 | 5 | – | ||
| Casablanca | Morocco | 2,800 | 10 | 1 | ||
| Pretoria | South Africa | 2,100 | 2 | – |