Latest update on the richest cities in Africa. Some African societies are beginning to get things right due to several important steps being carried out. Certain strategic measures are being put in place, and it is rewarding in various regards. Some African cities can now boast of wealth via the growth they have been witnessing in certain important aspects, such as construction, tourism, and so on. Now, there are several rich African cities scattered around the continent. Nevertheless, in this article, we will explore the top ten richest amongst them.
Africa is regarded as one of the poorest continents around the world, as tons of people living there are still battling with lack and poverty. However, it is not a totally bad story, as there is also an equally extreme amount of wealth on the continent. This is measured by the private wealth held by inhabitants of the cities. It excludes government investments in the cities. The total wealth used for compiling this list refers to the private wealth held by all the people living in each of the cities on this list. It includes their assets such as property, cash, equities, business interests minus any liabilities. For those that are conversant with African cities, the obvious suspects dominate the list.
Top 10 Richest Cities In Africa 2020
1. Johannesburg, South Africa
The richest city in Africa currently is Johannesburg, with a total wealth of $276 billion. The largest city in South Africa is located in an advantageous position and makes much of its wealth from sectors like basic materials, telecoms, construction, financial services, etc.
Apart from being home of tons of millionaires (which is the largest in South Africa), there are many high paying jobs in the city, and many living there are doing fine with their jobs.
The top city in terms of private wealth held by residents of the city is Johannesburg. Jozi, Jo’burg, and eGoli are some other names by which this beautiful city is called. It is one of the 50 largest urban areas in the world. Johannesburg is also one of the most beautiful urban areas in Africa. It is therefore not surprising that this city features on this list as well. The city is the provincial capital and the largest city in Gauteng which unsurprisingly is the wealthiest province in South Africa. Joburg is not one of the three capital cities of South Africa but it is the seat of the Constitutional Court. Johannesburg is situated in the mineral-rich Witwatersrand hill range and is the center of large-scale commercial gold and diamond trades. This accounts for the high volume of wealth held in the city. The total wealth held in the city is estimated to be about US$276 billion. Major economic sectors in this beautiful city of wealth include financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms, and basic materials. The city is home to an impressive 18,200 millionaires (HNWIs), 970 multi-millionaires and 2 billionaires.
2. Cape Town, South Africa
As far as the list of richest cities in Africa is concerned, after Johannesburg comes Cape Town – another South African city. Although the city is regarded as a dangerous one, it is also a beautiful and rich one. Cape Town, with a total wealth that is estimated to be $155 billion, attracts a lot of tourists each year that expands its wealth base. This city also has the honor of being named the most beautiful city on the African continent. The city isn’t just beautiful, it holds enormous wealth as well. It is also one of the three capitals of South Africa. It is the home of the country’s legislature. It should also be added that there are about 8,200 millionaires, 440 multi-millionaires and 2 billionaires living in the city of Cape Town. Other sectors pumping wealth into Cape Town includes real estate, financial services, retail, and so on.
3. Cairo, Egypt
Egypt has a deep history and is a very well-known African country. Its capital, Cairo, is currently the third richest city in Africa. It is actually a huge and large city that has its own share of issues too (such as the high level of unemployment). Nevertheless, with a total wealth that is as huge as $140 billion, Cairo is one of the richest cities in Africa.
The city is associated with ancient Egypt as the world-famous Giza pyramid complex as well as the ancient city of Memphis is located in the present geographical area called Cairo. The city is located very close to the Nile Delta. The site remains the site of ancient Egyptian capitals as remnants of those capitals can be found in parts of Old Cairo while the modern Cairo was founded in the year 969 CE by the Fatimid dynasty. Cairo is a historical city that dates back thousands of years. It is well known for its Islamic architecture and is a popular tourist destination. Cairo is estimated to have a total wealth of US$140 billion and is home to 8,900 millionaires, 480 multi-millionaires and 5 billionaires. The city’s major sectors include real estate and construction with financial services. There are over 450 multimillionaires living in Cairo.
4. Lagos, Nigeria
It is well known that Lagos is one of the busiest ports in the African continent, hence, a lot of money is being made from its import/export trade. Additionally, the city also generates wealth from sectors like real estate & construction, telecoms, basic materials, financial services, transport, etc. There is an estimated $108 billion floating around Lagos, and there are over 350 multi-millionaires living in the city. Although currently bedevilled with its own challenges and issues, Lagos is one of the best states in Nigeria (and Africa as a whole).
It is home to one of the largest populations living in any African city. It is one of the fastest-growing cities in the world and one of the most populous urban areas in the world as well. Lagos without a doubt is one of the major financial centers in Africa. The city is home to one of the largest and busiest ports on the African continent. The city also has the highest GDP of any African city. The total wealth in the hands of private individuals in Lagos is put at US$120 billion. 6,800 millionaires, 360 multi-millionaires and 4 billionaires call Lagos home.
Some months back, Durban used to be somewhere down the list. Nevertheless, the city has experienced certain growth and development that has pushed her to the fifth spot on the list of richest cities in Africa.
There are a lot of people living in Durban, and the total wealth of the city is around $55 billion. It is an interesting city with lucrative sectors like tourism, real estate, healthcare, and so on. In fact, there are over 3000 millionaires living in the city, and also a billionaire that has made Durban a base.
Durban is the third-most populous city in South Africa behind Johannesburg and Cape Town. Durban is known to be the home of the busiest port in South Africa. It is also one of the major centers of tourism in the country because of the city’s warm subtropical climate and extensive beaches. The city is also the second most important manufacturing hub in South Africa behind Johannesburg. The city is clearly a city of riches as it has the highest number of dollar millionaires added annually of any South African city. The number of millionaires in the city rose by 200% between 2000 and 2014. Total wealth currently held in the city is estimated to be US$46 billion. The city houses 3,200 millionaires, 130 multi-millionaires and one billionaire. The major economic sectors in Durban include real estate, finance, healthcare, construction, retail, and transport.
6. Nairobi, Kenya
Our next city is one of the most beautiful and also one of the fastest-growing cities on the African continent. Nairobi, Kenya, is another rich African city. The city is witnessing some important positive changes and developments in recent times, and things are expected to get only better. Nairobi is the capital and the largest city of one of the regional powerhouses in East Africa, Kenya. The total wealth in this city is estimated to be about US$55 billion. 6,800 millionaires, 280 multi-millionaires and no billionaire are believed to inhabit this city. The major economic sectors in this city include; financial services, real estate & construction, retail, tourism, FMCG, telecoms, and basic materials.
7. Luanda, Angola
The capital city of Angola is next to our ranking of the wealthiest cities in Africa. Luanda was formerly called São Paulo da Assunção de Loanda. It is the largest city and the most populous city in Angola. It is the third most populous Portuguese-speaking city in the world, behind the duo. It is, however, the most populous Portuguese-speaking capital city in the world, ahead of Brasília, Maputo, and Lisbon. Total wealth held in Luanda is put at US$48 billion. The city is home to 4,100 millionaires, 240 multi-millionaires and only one billionaire. The major economic sectors in this city include real estate & construction, transport and basic materials (oil & gas).
8. Pretoria, South Africa
The fourth and last SA city on this list of richest cities in Africa is Pretoria. It is the administrative seat of the government. The city is known to be an academic city with three universities and the Council for Scientific and Industrial Research (CSIR) located in its eastern suburbs. Total wealth held in this city is put at US$48 billion. 2,600 millionaires and 110 multi-millionaires and no billionaire live in the city. The major sectors of the economy in the city include basic materials, manufacturing, and financial services.
9. Casablanca, Morocco
Casablanca, with a total wealth that is around $42 billion, is regarded as the ninth richest city in Africa. Apart from Cairo, Casablanca is another North African city on the list. Well, Casablanca is not only a popular city, but it’s also an important one, It is one of the largest cities on the African continent both economically and demographically. Although it isn’t the most visited Moroccan city (as far as tourism is concerned), yet, the city is the richest in the country, with thriving and lucrative sectors like basic materials, manufacturing and financial services.
Currently, there are over 2000 millionaires living in the city, as well as 111multi-millionaires. Additionally, Casablanca is a home of two billionaires.
10. Accra, Ghana
Finally, the capital of Ghana – Accra, comes into the list of top ten richest cities in Africa. Indeed, although some other Ghanaian cities are getting better too, the fact remains that the capital city is home to the largest concentration of wealth in the whole of Ghana. Accra, whose total wealth is placed around $38 billion, also have more excessively rich folks than other cities in the country (it was made known that there are over 100 multi-billionaires living in the city as things stand now). The major sectors generating wealth for Accra are manufacturing, basic materials, and financial services.
With more strategic planning and works, Accra will hopefully grow and move higher as far as the list of richest cities in Africa is concerned.
Just as mentioned earlier, there are other rich African cities no doubt. Nevertheless, these ones have grown tremendously well and are leading the pack as things stand now. Hopefully, very soon, more African cities will grow in riches and pull more people out of poverty.
The above cities are some of the most important cities on the African continent and it is no surprise that the rich inhabit them. With more growth being experienced on the African continent, more and more numbers of millionaires and billionaires are being added to the list yearly.
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