Africa boasts some of the world’s largest and most dynamic cities, where significant economic growth and urban development have led to the emergence of several wealthy hubs with a high concentration of millionaires, also known as high-net-worth individuals (HNWIs).
This growing prominence in the global economy offers abundant opportunities for wealth creation, investment, and luxurious living. Despite facing challenges such as infrastructure deficits and socio-economic inequalities, these cities demonstrate resilience and dynamism, continuously attracting affluent individuals and businesses from around the world.
The Africa Wealth Report 2024 on “Africa’s Wealthiest Cities” highlighted that over the next decade, expect Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech to lead with over 85% millionaire growth each. Lusaka and Mombasa will also see rising high-net-worth residents.
Cape Town is also set to overtake Johannesburg as Africa’s wealthiest city by 2030, driven by corporate relocations and upscale developments.
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Africa’s millionaire population is projected to increase by 65% by 2033, fueled by key industries such as fintech, eco-tourism, software development, rare metals mining, green tech, media and entertainment, and wealth management.
Here are the 10 wealthiest cities in Africa with the most millionaires (USD) in 2024
1. Johannesburg, South Africa — 12,300 millionaires
Johannesburg stands as the economic powerhouse of the country and the entire African continent. It is home to the Johannesburg Stock Exchange (JSE), Africa’s largest stock exchange, and numerous multinational corporations. The city’s diverse economy spans finance, mining, manufacturing, technology, and services.
2. Cape Town, South Africa — 7,400 millionaires
Cape Town is not just a tourist hotspot but also a thriving economic hub. The city has a vibrant tech startup scene, a robust financial sector, and a growing creative industry. Its beautiful surroundings and favourable business environment make it an attractive destination for wealthy individuals.
Read also: 4 countries in Africa with the most billionaires in 2024 – Forbes
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3. Cairo, Egypt — 7,200 millionaires
As the capital city of Egypt and one of the oldest civilizations in the world, Cairo is a major economic centre in Africa. It serves as the financial, cultural, and political hub of Egypt, attracting investment across various sectors such as real estate, telecommunications, and tourism. The city’s strategic location at the crossroads of Africa, Asia, and Europe further enhances its importance.
4. Nairobi, Kenya — 4,400 millionaires
Nairobi, known as the “Green City in the Sun,” is East Africa’s leading financial centre and a key player in the region’s economy. The city hosts the Nairobi Securities Exchange (NSE) and serves as the headquarters for many multinational corporations and international organizations.
5. Lagos, Nigeria — 4,200 millionaires
Lagos serves as Nigeria’s commercial capital and is known for its bustling markets, vibrant nightlife, and entrepreneurial spirit. Lagos is a magnet for wealthy individuals, offering lucrative investment opportunities in sectors such as finance, real estate, and technology.
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6. Cape Winelands (region), South Africa — 3,600 millionaires
The Cape Winelands is synonymous with luxury living and picturesque landscapes. This region is famous for its world-class wineries, gourmet dining experiences, and exclusive estates. Many affluent individuals are drawn to the Cape Winelands for its high quality of life and investment potential in luxury real estate and hospitality.
7. Durban, Umhlanga & Ballito, South Africa — 3,500 millionaires
Durban region benefits from its strategic location, excellent infrastructure, and booming tourism industry. Durban’s warm climate, pristine beaches, and vibrant cultural scene attract both tourists and wealthy residents seeking a relaxed yet sophisticated lifestyle.
8. The Garden Route (region), South Africa — 3,200 millionaires
The Garden Route scenic region offers a serene escape for affluent individuals looking to invest in luxury properties, boutique hotels, and eco-friendly ventures. The Garden Route’s charm and tranquillity make it a coveted destination for wealthy travellers and retirees.
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9. Casablanca, Morocco — 2,800 millionaires
Casablanca city is a centre for finance, trade, and industry, with thriving sectors such as banking, logistics, and manufacturing. Casablanca’s strategic location on the Atlantic coast and its modern infrastructure make it an attractive destination for business and investment.
10. Pretoria, South Africa — 2,100 millionaires
Pretoria city’s economy is diverse, with significant contributions from sectors such as government services, manufacturing, and research. Pretoria’s proximity to Johannesburg and its reputation as a centre for education and innovation make it an appealing choice for affluent residents seeking a blend of urban convenience and suburban tranquillity.
Chisom Michael
Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.
