Top Ten African Wealthiest Cities 

Shefiu Muib
By Muib Shefiu 5 Min Read

Africa is home to some of the world’s fastest-growing economies and wealthiest cities. According to a report by New World Wealth, the continent’s wealth is expected to grow by 30% over the next decade.

Here are the top 10 richest cities in Africa, based on the number of high net worth individuals (HNWIs) living there.

– Johannesburg, South Africa 

Johannesburg with 12, 300 high net worth individuals(HNWIs) who have above one million dollars is a home to the Johannesburg Stock Exchange, which is the largest stock exchange in Africa. 

It is also one of the world’s top 20 exchanges. Most of Johannesburg’s top-end wealth is concentrated in the suburbs surrounding Sandton City Shopping Centre, which has been dubbed “the richest square mile in Africa”.

– Cape Town, South Africa 

Image source: Wikimedia Commons

 Cape Town with 7,400 HNWIs contain many of Africa’s most opulent residential suburbs, including “New World Wealth’s Prime 7,” which comprise Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James.

The city is currently benefiting from the ongoing ‘semigration’ of large numbers of HNWIs from other parts of South Africa (especially Johannesburg and Pretoria).

– Cairo, Egypt 

Image source: Wikimedia Commons

Cairo with 7,200 HNWIs is Located along the Nile River.  Cairo is historically one of the world’s most important cities.

It is home to more billionaires and more centi-millionaires than any other African city, but ranks only 3rd by the number of HNWIs. Affluent parts of Greater Cairo include Zamalek, Garden City, and Newgiza.

– Nairobi, Kenya – 

Image source: National Geographic

Nairobi with 4,400 HNWIs is East Africa’s economic engine. It is a home to some of Africa’s oldest and most well-established luxury residential neighborhoods, including Karen and Muthaiga. It accounts for a high 48% of Kenya’s total wealth and over 60% of the country’s millionaires.

– Lagos, Nigeria 

Image source: Britannica

Lagos is the largest city in Africa in terms of overall population and home to the Nigerian Stock Exchange.

It has 4,200 HNWIs and it is the base city for African multi-national giants such as the Dangote Group, Zenith Bank and the UBA.

– The Cape Winelands

Image source: Wikimedia Commons

The Cape Winelands has 3,600 HNWIs Includes the neighboring towns of Paarl, Franschhoek, and Stellenbosch in South Africa’s winelands region.

The Cape Winelands have several luxury lifestyle estates that have attracted HNWIs such as Val de Vie, De Zalze, and Domaine des Anges.

– Durban, Umhlanga, and Ballito 

Image source: Wikimedia Commons

These neighboring towns on South Africa’s Natal Coast have 3,500 HNWIs. They featured many of world’s top eco-estates including Zimbali, Simbithi, Izinga, Brettenwood, Dunkirk Estate, and Hawaan Forest Estate.

– The Garden Route 

Image source: Wikimedia Commons

The Garden Stretches from Mossell Bay to Storms River on South Africa’s South Coast.

It has 3,200 HNWIs with Notable towns on the route that include Plettenberg Bay, George, Knysna, Wilderness, and Mossell Bay, as well as smaller up-and-coming hotspots such as Natures Valley and Keurboomstrand.

– Casablanca, Morocco 

Image source: Wikimedia Commons

Casablanca is Morocco’s largest city and it has 2,800 HNWIs.  It is the country’s economic center with major companies such as global phosphate giant OCP Group, Al Mada, and Attijariwafa Bank having their base in the city. 

– Pretoria, South Africa 

Image source: Britannica

Pretoria has 2,100 HNWIs, it is the capital city of South Africa and one of the country’s top business centers. Affluent parts of Pretoria include Waterkloof and Waterkloof Ridge, as well as luxury lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.

Africa’s wealthiest cities are hubs of economic activity, innovation, and luxury living. From Johannesburg’s Sandton City to Cairo’s Zamalek, these cities offer a glimpse into the continent’s growing wealth and prosperity.

As Africa’s economies continue to grow, we can expect to see even more cities emerge as centers of wealth and luxury living.

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