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In the past decade, Africa's total private wealth has increased by 13%, and private wealth totaled $2.3 trillion. These figures are expected to increase by 34% in the next decade and reach $3.1 trillion by the end of 2027.
Africa's growing elite has added 19,000 millionaires over the past decade, with total private wealth totaling $2.3 trillion. These figures are predicted to increase by 34% over the next decade, reaching $3.1 trillion by the end of 2027.
The five wealthiest cities hail from three countries:
1. Johannesburg,
South Africa ($276 billion)
Founded in the Witwatersrand Gold Rush of 1886, South Africa’s City of Gold is a hub for financial services, professional services (law firms and consultancies), construction, telecommunications, and basic materials.
2. Cape Town, South Africa ($155 billion)
One of South Africa’s three capital cities, Cape Town’s major sectors include real estate, financial services, retail, and tourism. Cape Town has the highest prime residential rates on the continent at US$6,100 per square meter, similar to cities such as Washington, D.C., or Berlin.
3. Cairo,
Egypt ($140 billion)
A hub for Africa and the Middle East, Cairo’s major sectors include real estate, construction, financial services, and basic materials.
4. Lagos, Nigeria ($108 billion)
The clearing house for 80% of Nigeria’s imports, major sectors include basic materials, real estate, construction, telecommunications, transport, and financial services.
5. Durban, South Africa ($55 billion)
Home to the biggest shopping center in Africa – complete with 350 stores, 70 restaurants, 18 movie theaters, an IMAX theater, an indoor climbing wall, and a skate park designed by Tony Hawk – Durban’s major sectors include real estate, finance, healthcare, construction, retail, and transport.
The Full List of Cities
Rank City Country Total Private Wealth (USD)
#1 Johannesburg South Africa $276 billion
#2 Cape Town South Africa $155 billion
#3 Cairo Egypt $140 billion
#4 Lagos Nigeria $108 billion
#5 Durban South Africa $55 billion
#6 Nairobi Kenya $54 billion
#7 Luanda Angola $49 billion
#8 Pretoria South Africa $48 billion
#9 Casablanca Morocco $42 billion
#10 Accra Ghana $38 billion
#11 Abidjan Côte d'Ivoire $27 billion
#12 Dar es Salaam Tanzania $25 billion
#13 Alexandria Egypt $25 billion
#14 Kampala Uganda $16 billion
#15 Windhoek Namibia $13 billion
#16 Abuja Nigeria $13 billion
#17 Addis Ababa Ethiopia $13 billion
#18 Marrakesh Morocco $11 billion
#19 Tangier Morocco $11 billion
#20 Lusaka Zambia $10 billion
#21 Maputo Mozambique $10 billion
#22 Gaborone Botswana $9 billion
#23 Mombasa Kenya $8 billion
