According to new research conducted by AfrAsia Bank and New World Wealth, Africa is home to around 163 000 high net worth individuals (HNWI), also referred to as “dollar millionaires”. As a collective, they have amassed wealth holdings of around $670 billion (R9 trillion).
Here are the top 10 African cities for millionaires:
- Johannesburg, South Africa (23 400 millionaires)
- Cairo, Egypt (10 200 millionaires)
- Lagos, Nigeria (9 100 millionaires)
- Cape Town, South Africa (89 00 millionaires)
- Nairobi, Kenya (6 200 millionaires)
- Luanda, Angola (4 900 millionaires)
- Durban, South Africa (2 700 millionaires)
- Pretoria, South Africa (2 500 millionaires)
- Casablanca, Morocco (2 400 millionaires)
- Accra, Ghana (2 300 millionaires)
The research also reveals some interesting forecasts into which African cities are expected to grow the most over the next 10 years. Local favourites, like Jo’burg and Cape Town, will be clearing the way for cities like Durban and Pretoria to move up the ranks as the number of millionaires living in those cities look set to almost double by 2025. Here is the forecasted list of the top 10 fastest growing African cities for millionaires in 2025:
- Accra, Ghana, expected to grow by 78% to 4 100 millionaires.
- Nairobi, Kenya, expected to grow by 71% to 10 600 millionaires.
- Durban, South Africa, expected to grow by 48% to 4 000 millionaires.
- Lagos, Nigeria, expected to grow by 46% to 13 3000 millionaires.
- Pretoria, South Africa, expected to grow by 44% to 3 600 millionaires.
- Casablanca, Morocco, expected to grow by 42% to 3 400 millionaires.
- Luanda, Angola, expected to grow by 41% to 6 900 millionaires.
- Joburg, South Africa, expected to grow by 39% to 32 600 millionaires.
- Cape Town, South Africa, expected to grow by 38% to 12 300 millionaires.
- Alexandria, Egypt, expected to grow by 35% to 2700 millionaires.