Why Johannesburg is the Wealthiest City in Africa

Johannesburg, also known as the “City of Gold,” is South Africa’s commercial capital, the wealthiest city in Africa, and 56th in the world.

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Johannesburg is home to the continent’s top dollar millionaires, according to the World’s Wealthiest Cities Report 2023, released by worldwide investment migration agency Henley & Partners in collaboration with global wealth intelligence firm New World Wealth.

According to the research, Johannesburg, South Africa’s most populous city with a population of 6.2 million, is home to 14,600 high net-worth individuals, including thirty centi-millionaires and two billionaires.

Individuals with an investable fortune of USD 1 million or more are classified as high-net-worth individuals (HNWIs) according to the study methodology. Centi-millionaires are individuals with a net worth of USD 100 million or more. Billionaires are individuals having a net worth of one billion dollars or more.

According to the publishers, the data on high-net-worth individuals in the World’s Wealthiest Cities Report 2023 covers 97 cities in nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia) and includes the majority of the world’s top wealth hubs.

Exclusive data identifying the world’s wealthiest and fastest-growing cities with the most millionaires, centi-millionaires, and billionaires was included in the research, along with global and real estate insights from prominent academic and industry experts.

It also demonstrates that South Africa has more wealthy people than other African countries, and Johannesburg has more wealthy people than any other African metropolis.

Other African cities (with several HNWIs) featured in the report are:

Cairo (7,400)

Cape Town (7,200)

Lagos (5,400)

Nairobi (4,700)

Durban (3,600)

Cape Winelands (3,400)

Garden Route (3,000)

Casablanca (2,800)

Pretoria (2,400)

Accra (2,000)

Luanda (1,800)

Dar Es Salaam (1,400)

Whale Coast (1,100)

Windhoek (1,100)

Marrakech (900)

Addis Ababa (800)

Kigali (800)

Maputo (800)

Mombasa (700)

Tangier (700)

Lusaka (600)

Swakopmund (300)

Walvis Bay (300)

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