Africa is frequently depicted as a continent endowed with natural resources but plagued by pervasive poverty. However, this story ignores the rising wealth in major cities, where a sizable number of billionaires continue to control the economy.
According to Henley and Partners, Africa has 135,200 millionaires, 342 centi-millionaires, and 21 billionaires, totaling $2.5 trillion in investable wealth. Despite a tendency of high-net-worth individuals (HNWIs) migrating for chances abroad, many African cities remain dynamic centers of affluence and prosperity. Here are Africa’s richest cities, sorted by the number of millionaires who live there, exhibiting a variegated tapestry of wealth and economic vitality across the continent.
1. Johannesburg
Johannesburg leads the list, with 12,300 millionaires. Johannesburg is known as South Africa’s economic engine, with the Johannesburg Stock Exchange and a concentration of wealth in areas such as Sandhurst and Hyde Park. Johannesburg’s prominence as an affluent metropolis is mirrored in its vibrant economic activity and lavish lifestyles, making it an ideal destination for anyone seeking African affluence.
2. Cape Town
Cape Town has 7,400 millionaires, making it one of Africa’s most affluent cities. Millionaires are drawn to the city because of its breathtaking scenery, high-end real estate, and thriving cultural environment. The upscale suburbs of Clifton and Camps Bay are particularly enticing because to their stunning ocean vistas and luxurious amenities.
3. Cairo
Cairo, the pulsating center of Egypt along the Nile, is home to 7,200 millionaires. This historic city is not only a tourist destination, but also a popular residence for Egypt’s wealthy. The affluent neighborhoods of Zamalek and Garden City are especially popular, providing opulent living that complements Cairo’s rich cultural heritage.
4. Nairobi
Nairobi is not only Kenya’s capital, but also East Africa’s most affluent city, with a community of 4,400 millionaires. The city’s warm climate and geographical elevation make it a desirable and strategic location for wealthy persons. Karen and Muthaiga neighborhoods are known for their luxury and exclusivity in the region.
5. Lagos
Lagos, Nigeria’s financial capital, is home to more than 4,200 millionaires. Lagos, home to large enterprises and the Nigerian Stock Exchange, is Africa’s economic powerhouse. The city’s elite live a life of luxury and influence, with private districts that house some of Nigeria’s wealthiest individuals.
6. The Cape Winelands
The Cape Winelands, which includes places such as Stellenbosch and Franschhoek, is home to 3,600 millionaires. This region is known for its vineyards and magnificent scenery, which attracts wealthy people who value the finer things in life, such as premium wines and great dining. The area’s opulent estates are popular with both local and international millionaires seeking peaceful retreats.
7. Durban
Durban, along with its adjacent municipalities of Umhlanga and Ballito, has 3,500 millionaires. The region is well-known for its world-class eco-estates, such as Zimbali and Simbithi, which offer a combination of luxury and sustainability. These coastal villages are becoming increasingly popular among the elite due to their spectacular ocean vistas and high-end amenities.
8. The Garden Route
South Africa’s Garden Route is more than just a beautiful beach; it attracts 3,200 millionaires. Plettenberg Bay and Knysna provide exquisite living with stunning vistas, making this place particularly appealing to individuals who respect nature and exclusivity. The real estate here, notably along Beachy Head Drive, is among the most sought-after on the continent.
9. Casablanca
With 2,800 millionaires, Casablanca is Morocco’s cosmopolitan axis and financial powerhouse. The busy Casablanca Stock Exchange and significant enterprises contribute to the city’s economic vitality. Casablanca’s blend of sophisticated commerce and rich cultural heritage captivates Morocco’s wealthiest individuals.
10. Pretoria
Pretoria, South Africa’s administrative capital, serves as both a seat of administration and a shelter for 2,100 millionaires. The city’s luxury areas, such as Waterkloof and Silver Lakes, attest to its wealth. These communities are known for their lavish mansions and high-quality lifestyles, attracting South Africa’s elite who want peace and quiet away from the city’s bustling business sectors.
