Africa’s top 10 richest cities with highest millionaire population
Africa stands as a hub of growing cities and untapped potential, showcasing a wealth narrative driven by aspiration. With 135,200 millionaires, 342 centi-millionaires, and 21 billionaires collectively holding investable wealth totaling $2.5 trillion, the continent paints a picture of economic dynamism.
However, recent data from a report by Henley and Partners reveals a migration trend among high-net-worth individuals (HNWIs) over the past decade (2013 to 2023). Approximately 18,700 individuals in this category have left Africa, seeking opportunities abroad.
Key destinations include the UK, the USA, Australia, and the UAE, with significant numbers also opting for France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
It is noteworthy that these figures exclude internal migrations within the continent. Around 1,600 millionaires have relocated between African countries during the same period, with popular destinations including Mauritius, South Africa, Morocco, and Namibia.
Despite this outward migration trend, Africa boasts some of the wealthiest cities and regions on the continent. Below are the top 10, ranked by the number of resident millionaires (HNWIs).
10. Pretoria
Pretoria, the capital city of South Africa and a prominent business hub, boasts a population of 2,100 high-net-worth individuals. Renowned for its affluent neighborhoods, Pretoria features upscale areas like Waterkloof and Waterkloof Ridge, along with exclusive lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.
9. Casablanca: 2,800 HNWIs
Casablanca, Morocco’s largest city and economic nucleus, accommodates a population of 2,800 affluent individuals. The city hosts major corporations such as the global phosphate giant OCP Group, Al Mada, and Attijariwafa Bank. Additionally, Casablanca boasts the presence of the Casablanca Stock Exchange, one of Africa’s largest stock markets.
8. The Garden Route: 3,200 HNWIs
Stretching from Mossel Bay to Storms River, South Africa’s South Coast is home to 3,200 financially independent individuals. Along this picturesque route lie notable towns including Plettenberg Bay, George, Knysna, Wilderness, and Mossel Bay, as well as emerging hotspots like Natures Valley and Keurboomstrand. Notably, Beachy Head Drive in Plettenberg Bay stands out as an especially affluent enclave, earning the title of “Africa’s Millionaire Row”.
7. Durban, Umhlanga, and Ballito
Neighboring towns along South Africa’s Natal Coast boast some of the world’s premier eco-estates, housing a population of 3,500 high networth individuals.
These estates, including Zimbali, Simbithi, Izinga, Brettenwood, Dunkirk Estate, and Hawaan Forest Estate, offer unrivaled luxury and environmental sustainability. Additionally, Lagoon Drive in Umhlanga stands out as a hub of opulence, featuring upscale apartment complexes such as the Oysters, the Pearls, the Bermudas, and Edge of the Sea.
6. The Cape Winelands
With a flourishing population of 3,600 resident millionaires, South Africa’s Winelands region encompasses the neighboring towns of Paarl, Franschhoek, and Stellenbosch. Renowned for its scenic beauty and wine culture, the Cape Winelands attract affluent individuals seeking a luxurious lifestyle.
The area boasts several upscale lifestyle estates, including Val de Vie, De Zalze, and Domaine des Anges, which have become magnets for high-net-worth individuals (HNWIs). Additionally, many of the region’s wine farms are owned by ultra-wealthy HNWIs and centi-millionaires, who often choose to retire in this picturesque setting.
5. Lagos
Lagos, the largest city in Africa by population, is home to the Nigerian Stock Exchange and some of Nigeria’s wealthiest individuals. With an average of 4,200 high-profile personalities, including figures like Tony Elumelu, Femi Otedola, Mike Adenuga, and Aliko Dangote, the city boasts a thriving community of affluent individuals.
Moreover, Lagos serves as the headquarters of African multinational giants such as the Dangote Group and Zenith Bank, solidifying its position as a major economic hub on the continent.
4. Nairobi
Nairobi, often regarded as East Africa’s economic engine, hosts some of the continent’s oldest and most esteemed luxury residential neighborhoods. With a population of 4,400 high net worth individuals, including areas like Karen and Muthaiga, Nairobi stands as a beacon of affluence in the region.
Remarkably, Nairobi contributes a significant 48% to Kenya’s total wealth and is home to over 60% of the country’s millionaires. Unlike other equatorial cities, Nairobi enjoys a mild and temperate climate due to its location at about 1,800 meters above sea level. This geographical advantage helps maintain relatively cool temperatures within the city.
3. Cairo
Situated along the Nile River, Cairo stands as one of the world’s most historically significant cities, boasting a staggering 7,200 heavy pocket individuals. This bustling metropolis is renowned for its rich cultural heritage and monumental landmarks.
Notably, Cairo is home to more billionaires and centi-millionaires than any other African city, underscoring its status as a magnet for wealth and influence. Despite ranking third in terms of the number of high-net-worth individuals (HNWIs), Cairo’s economic prowess is undeniable.
Affluent areas within the Greater Cairo region include Zamalek, Garden City, and Newgiza, offering luxurious living options for the city’s elite residents.
2. Cape Town: 7,400 HNWIs
Cape Town stands as a beacon of luxury, boasting many of Africa’s most affluent residential suburbs with 7,400 money bags. Among these is the esteemed “New World Wealth’s Prime 7,” comprising Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James. These exclusive enclaves attract discerning residents seeking unparalleled living standards.
The city is currently experiencing a surge in its affluent population due to the ongoing ‘semigration’ phenomenon. Large numbers of high net worth individuals (HNWIs) are relocating from other parts of South Africa, particularly Johannesburg and Pretoria, to enjoy Cape Town’s unrivaled lifestyle offerings.
Moreover, Cape Town has emerged as a favored retirement destination for migrating millionaires from Europe and other parts of Africa. This influx of wealth and talent positions Cape Town on a trajectory to surpass Johannesburg as Africa’s wealthiest city by 2030, reflecting its growing prominence on the global stage.
1. Johannesburg: 12,300 HNWIs
Johannesburg, renowned as the economic powerhouse of South Africa, boasts the prestigious Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa and one of the world’s top 20 exchanges. In addition to its financial prowess, Johannesburg is home to a staggering 12,300 wealthy individuals.
The city’s opulent wealth is predominantly concentrated in the suburbs surrounding the iconic Sandton City Shopping Centre, often referred to as “the richest square mile in Africa.” Notably, the Sandton suburbs of Sandhurst, Hyde Park, and Inanda host large numbers of high net worth individuals (HNWIs), alongside the esteemed ‘old money’ suburb of Westcliff, situated closer to the historic Johannesburg central business district.