The top 10 cities in Africa with the most millionaires

Nairobi is fourth with 4,400 millionaires, as per latest wealth report

In Summary

• Nairobi is a growing tech hub, attracting multinational corporations and startups

Illustration of African millionaires
Illustration of African millionaires

Growing private wealth in Africa is transforming the continent's major cities into hubs for millionaires and billionaires, according to the latest Henley & Partners Africa Wealth Report.

Collectively, these urban centres are home to 135,200 millionaires, 342 centi-millionaires with fortunes exceeding $100 million, and 21 billionaires.

With the number of high-net-worth individuals projected to jump by 65 per cent over the next decade, these cities are not only expanding economically but are also setting the stage for a new era of prosperity and influence.

bird TenX lists the top 10 cities and regions for private wealth in Africa.

1. Johannesburg, South Africa: 12,300 millionaires

The heartbeat of South Africa’s economy, Johannesburg's vitality stems from its extensive mining sector, robust financial services and diverse manufacturing base.

Jo'burg is a city where commerce thrives and cultural diversity is embraced, attracting ambitious professionals and entrepreneurs alike. This bustling metropolis also houses 25 centi-millionaires and two billionaires, reflecting its status as a magnet for high-net-worth individuals.

2. Cape Town, South Africa: 7,400 millionaires

Cape Town's spectacular natural beauty is matched by its economic vitality, driven by innovation, real estate and a booming tech industry. Also home to 28 centi-millionaires and one billionaire, Cape Town attracts a diverse group of affluent individuals who are drawn to its vibrant culture and entrepreneurial spirit.

3. Cairo, Egypt: 7,200 millionaires

As the largest city in the Arabic-speaking world, Cairo is the industrial and commercial heart of Egypt and packs an additional 30 centi-millionaires and four billionaires to its HNW. Its economy is diverse, with sectors like tourism, textiles, food processing, and chemicals playing significant roles. 

4. Nairobi, Kenya: 4,400 millionaires, 10 centi-millionaires

Known as the "Silicon Savannah," Nairobi is a growing tech hub, attracting multinational corporations and startups.

Also home to 10 centi-millionaires, its economy is supported by financial services, real estate, tourism and its strategic position as a commercial gateway to East Africa.

5. Lagos, Nigeria: 4,200 millionaires

Lagos is the pulsating heart of Nigeria’s economy and the most populous city in Africa. Known for its vibrant culture, entertainment and bustling markets, Lagos is also a major financial centre with a rapidly growing tech scene.

It also boasts 12 centi-millionaires and two billionaires, underlining its role as a critical economic and cultural hub in Africa.

6. Cape Winelands (region), South Africa: 3,600 millionaires

The Cape Winelands, an area celebrated for its exquisite landscapes and premium wines, is also a luxury real estate hotspot. It is home to 16 centi-millionaires and two billionaires, who are attracted by its serene lifestyle and high-quality amenities.

7. Durban, Umhlanga and Ballito, South Africa: 3,500 millionaires

Also home to 11 centi-millionaires, this vibrant area combines Durban's industrial strength with Umhlanga and Ballito's resort-style living. Durban is a critical trade gateway due to its extensive port facilities, while Umhlanga and Ballito are famed for their luxury accommodations and pristine beaches, making the region a perfect blend of business and leisure.

8. The Garden Route (region), South Africa: 3,200 millionaires

The Garden Route offers stunning vistas and a high quality of life, which has attracted 3,200 millionaires and five centi-millionaires. This region thrives on tourism and luxury real estate, making it a prime location for affluent individuals seeking beauty and tranquillity.

9. Casablanca, Morocco: 2,800 millionaires

Casablanca, the commercial heartbeat of Morocco, melds Moorish charm with industrial strength. Its diverse economy thrives on robust finance, manufacturing and shipping sectors.

With modern business amenities and a rich cultural scene, Casablanca attracts commerce and lifestyle seekers alike. The city is home to 10 centi-millionaires and one billionaire, underscoring its status as a hub for wealth and business in North Africa.

10. Pretoria, South Africa: 2,100 millionaires

Also home to two centi-millionaires, Pretoria balances its role as South Africa’s administrative capital with a vibrant local economy focused on education, research and technology.

Known for its jacaranda-lined streets and grand Union Buildings, the city offers a serene yet intellectually stimulating environment, fostering a community that values both heritage and innovation.

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