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Here are the African cities with the highest concentrations of millionaires. Earlier this year, Henley & Partners analyzed data from New World Wealth to identify the African cities with the largest millionaire populations. Although Africa’s richest man, Aliko Dangote, hails from Nigeria, wealth across the continent is generally concentrated in specific cities, often outside of Nigeria.....Read Full Article>>
Skyline of Johannesburg, South Africa
Africa’s largest stock exchange—and one of the top 20 globally—is the Johannesburg Stock Exchange, located in Johannesburg. The city’s wealth is heavily concentrated in the upscale suburbs surrounding Sandton City Shopping Centre, often called “the richest square mile in Africa.”
Westcliff is known for its “old money” charm, while many high-net-worth individuals (HNWIs) prefer the affluent Sandton suburbs of Sandhurst, Hyde Park, and Inanda
High net worth individuals (HNWIs) from various regions of South Africa, particularly Johannesburg and Pretoria, are relocating to Cape Town.
Cape Town boasts some of Africa’s most exclusive residential areas, including the “Prime 7” identified by New World Wealth: Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James.
By 2030, Cape Town is projected to surpass Johannesburg as the wealthiest city in Africa, positioning it as a favored retirement destination for affluent individuals from Europe and Africa.
Cairo, one of the world’s most historically important cities, is located alongside the Nile River.
While it ranks third in terms of high net worth individuals (HNWIs), it boasts a higher number of billionaires and centi-millionaires than any other city in Africa. Notable affluent neighborhoods in Greater Cairo include Newgiza, Garden City, and Zamalek.
Nairobi, East Africa’s economic hub, is home to established luxury residential neighbourhoods like Karen and Muthaiga.
It holds 48% of Kenya’s total wealth and over 60% of its millionaires. The city’s mild and cool climate, situated at an altitude of 1,800 meters above sea level attracts a lot of foreigners.
Lagos is the most populous city in Africa and many high-net-worth individuals live in Lagos.
It serves as the headquarters for major African multinational corporations, including Zenith Bank and the Dangote Group, entertainers and entertainment companies, and tech companies.
It is believed that the number of millionaires in these African countries will grow as their economies expand.
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