South Africa has emerged as the standout nation in Africa’s latest wealth rankings, with six of its cities dominating the continent’s top 10 list of the richest urban centres.
The report, compiled by Henley & Partners and New World Wealth, highlights African cities with the highest number of millionaires, centi-millionaires (individuals worth over $100 million), and billionaires. The data is based on figures from December last year, measuring long-term trends and regional wealth dynamics.
Johannesburg tops the list
Johannesburg, South Africa’s economic powerhouse, leads the rankings with 12,300 millionaires, 25 centi-millionaires, and two billionaires. Much of this wealth is concentrated in Sandton, a prestigious district often dubbed ‘the richest square mile in Africa’.
Sandton hosts luxury shopping centres, five-star hotels, and the Johannesburg Stock Exchange (JSE), Africa’s largest bourse.
Cape Town and Cairo follow
Cape Town claims second place with 7,400 millionaires, followed closely by Cairo, Egypt’s capital, with 7,200 millionaires. Both cities boast centi-millionaire and billionaire counts, reflecting their economic influence across Africa.
Notably, Cape Town experienced a 20 percent growth in millionaires over the past decade, driven by its appeal to high-net-worth individuals. Cairo, however, reported a 21 percent decline in millionaire numbers.
Nairobi and Lagos in the top five
Kenya’s capital, Nairobi, saw a strong 25 percent growth in its millionaire population, securing fourth place. Meanwhile, Lagos, Africa’s most populous city and Nigeria’s commercial hub, ranks fifth, with 4,200 millionaires. Despite its wealth, Lagos recorded a steep 48 percent decline in millionaire numbers over the past decade.
South Africa’s dominance
Beyond Johannesburg and Cape Town, four other South African cities made the list:
- Cape Winelands (6th): 3,600 millionaires
- Durban, Umhlanga & Ballito (7th): 3,500 millionaires
- Garden Route (8th): 3,200 millionaires
- Pretoria (10th): 2,100 millionaires
These findings underline South Africa’s continued dominance as the continent’s economic heartland, with attractive infrastructure, lifestyle options, and business opportunities.
Full top 10 list of Africa’s wealthiest cities:
- Johannesburg, South Africa – 12,300 millionaires
- Cape Town, South Africa – 7,400 millionaires
- Cairo, Egypt – 7,200 millionaires
- Nairobi, Kenya – 4,400 millionaires
- Lagos, Nigeria – 4,200 millionaires
- Cape Winelands, South Africa – 3,600 millionaires
- Durban, Umhlanga & Ballito, South Africa – 3,500 millionaires
- Garden Route, South Africa – 3,200 millionaires
- Casablanca, Morocco – 2,800 millionaires
- Pretoria, South Africa – 2,100 millionaires
Henley & Partners’ findings reflect both growing wealth hubs and challenges across Africa, showcasing the economic pull of South Africa’s urban centres.
Credit: Africabrieifing
