Kano, Nigeria – Theriseof Africa’s super-rich has put the continent on the map as the new frontier for global luxury brands. WealthInsight, a global research and analysis firm focused on the world’s richest individuals, has singled out 10 cities where Africa’s ultra-high-net-worth individuals (UHNWI), those with over $30 million of net assets excluding their primary residence, live.
2. Marrakesh, Morocco
Marrakesh, Morocco – Over the next five years, 13 of the 20 fastest-growing economies in the world are forecast to be in Africa. Morocco’s bustling tourist center Marrakesh is in ninth place with 15 residents worth over $30 million.
3. Addis Ababa, Ethiopia
Addis Ababa, Ethiopia – Real estate giant Knight Frank ranked Ethiopia’s capital as one of its Global Cities of the future in its 2015 Wealth Report. The city is in eighth place, hosting 21 UHNWIs.
4. Abuja, Nigeria
Abuja, Nigeria – Nigeria is among the countries expected to have the most potential for luxury goods demand despite recent troubles. Its capital Abuja has 23 ultra-high-net-worth individuals in residence.
5. Dar es Salaam, Tanzania
Dar es Salaam, Tanzania – The rise of the urban middle class is encouraging modern retail development in many of Africa’s major cities. Tanzania’s trade center and economic capital Dar Es Salaam has 36 super-rich individuals.
6. Nairobi, Kenya
Nairobi, Kenya – Single malt whiskey is a popular luxury alternative to beer in Kenya, a country whose economy has grown rapidly in recent years. The capital Nairobi has 69 UHNWIs.
7. Cape Town, South Africa
Cape Town, South Africa – The number of African individuals with $30 million in assets is set to more than double over the next decade. Cape Town has long been one of Africa’s most affluent cities, and has 115 ultra-high-net-worth individuals.
8. Lagos, Nigeria
Lagos, Nigeria – In 2013, Lagos, which has 131 UHNWIs, spent more on champagne than the whole of South Africa. With three cities in the ultra-rich list, it’s not surprising that Nigeria is now recognized as Africa’s largest economy, following a recalculation of its GDP in 2014.
9. Cairo, Egypt
Cairo, Egypt – Egypt’s capital has the second highest number of high net-worth individuals — 150. However, that’s still only half that of the city which claims the top spot on the list.
10. Johannesburg, South Africa
Johannesburg, South Africa – The commercial capital of South Africa has far more millionaires than any other African city. With 298 people with a net worth over $30 million, it’s the city with the most ultra-rich individuals in Africa.