The wealthiest cities in Africa represent the economic powerhouses driving the continent’s growth and development.
The 2024 Africa Wealth Report published by Henley & Partners highlights these cities as key players in Africa’s economic landscape, showcasing their prosperity and potential.
As indicated in the report, Africa currently accommodates a total of 135,200 high-net-worth individuals (HNWIs) possessing liquid investable wealth surpassing USD $1 million.
Additionally, the continent is also home to 342 centi-millionaires, whose net worth amounts to USD 100 million or more, and 21 billionaires.
The report provides a comprehensive review of private wealth in Africa, including trends in high-net-worth individuals, luxury, and wealth management, as well as expert insights on investing in Africa, the migration sector investment, and economic mobility on the continent.
Number of high net-worth individuals in Nigeria, South Africa, and other African cities
The following ranking is based on the number of millionaires (in US dollars) living in these cities:
Johannesburg: 12,300 HNWIs
Johannesburg is home to the Johannesburg Stock Exchange, the largest stock exchange in Africa by some margin and 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”. In particular, the Sandton suburbs of Sandhurst, Hyde Park, and Inanda are all home to large numbers of HNWIs, as is the ‘old money’ suburb of Westcliff, which is located closer to the old Johannesburg central business district.
Cape Town: 7,400 HNWIs
Cape Town contains 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).
It is also an increasingly popular retirement destination for migrating millionaires from Europe and the rest of Africa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.
Cairo: 7,200 HNWIs
Located along the Nile River, Cairo is one of the world’s most important cities historically. 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 the Greater Cairo include Zamalek, Garden City, and Newgiza.
Nairobi: 4,400 HNWIs
East Africa’s economic engine, Nairobi is 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.
Unlike other cities near the equator, Nairobi is known for its mild and temperate climate — the city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool.
Lagos: 4,200 HNWIs
Lagos is the largest city in Africa in terms of overall population and is home to the Nigerian Stock Exchange. It is also the base city for African multinational giants such as the Dangote Group and Zenith Bank.
The Cape Winelands: 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. Also, most of the wine farms in the area are owned by ultra-wealthy HNWIs and centi-millionaires, who often retire there.
Durban, Umhlanga, and Ballito: 3,500 HNWIs
These neighboring towns on South Africa’s Natal Coast feature many of the world’s top eco-estates including Zimbali, Simbithi, Izinga, Brettenwood, Dunkirk Estate, and Hawaan Forest Estate. Lagoon Drive in Umhlanga is also very opulent, with luxury apartment complexes such as the Oysters, the Pearls, the Bermudas, and Edge of the Sea.
The Garden Route: 3,200 HNWIs
Stretches from Mossell Bay to Storms River on South Africa’s South Coast. Notable towns on the route include Plettenberg Bay, George, Knysna, Wilderness, and Mossell Bay, as well. as luxury lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.
