This article takes a look at the richest cities in Africa. 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. South Africa, the second largest economy in Africa boasts of four cities on this list while Accra, the capital city of Ghana makes a break into the top ten wealthiest cities in Africa for the first time. Let’s take a comprehensive look at the list below.
TOP 10 RICHEST CITIES IN AFRICA 2018
- 1. Johannesburg, SA
- Total Wealth: US$245 billion
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 the largest South African city and one if 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$245 billion. The city is home to an impressive 18,200 millionaires (HNWIs), 970 multi-millionaires and 2 billionaires. Major economic sectors in this beautiful city of wealth include financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms, and basic materials.
- 2. Cairo, Egypt
- Total Wealth: US$140 billion
Coming a distant second behind Johannesburg is the city of Cairo. Cairo is the largest city in the whole of Africa, the Middle East, the entire Arab world and one the 15th largest in the world in fact. The city is the capital of the North African country, Egypt. The city is associated with ancient Egypt as the world-famous Giza pyramid complex as well as the ancient city of Memphis are 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 major economic sectors in the city include real estate & construction, financial services and basic materials.
- 3. Cape Town, SA
- Total Wealth: US$135 billion
Rounding up our top three richest cities in Africa is another South African City, the beautiful city of Cape Town. 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. Living in the city of Cape Town are 8,200 millionaires, 440 multi-millionaires and 2 billionaires. The total wealth is put at US$135 billion, slightly below that of Cairo. The major economic sectors of this city of riches are real estate, financial services (fund management), retail and tourism. Also worthy of mention is the fact that Cape Town is a second home hotspot for the rich with well over 1,500 multi-millionaires living in this city during peak holiday months. Many of these wealthy individuals come from outside of South Africa.
4. Lagos, Nigeria
- Total Wealth: US$120 billion
Metropolitan Lagos locally called Eko is the economic capital of the largest economy in Africa, Nigeria. 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. The major economic sectors of this coastal city include real estate & construction, telecoms, transport, financial services, and basic materials.
- 5. Nairobi, Kenya
- Total Wealth: US$55 billion
Our next city is one of the most beautiful and also one of the fastest growing cities on the African continent. 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.
- 6. Luanda, Angola
- Total Wealth: US$48 billion
The capital city of Angola is next on our ranking of 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).
- 7. Durban, South Africa
- Total Wealth: US$46 billion
The beautiful city of Durban is the third South African city to feature on this list so far. Durban is the third most populous city in South Africa behind Johannesburg and Cape Town, the previous two South African cities on this list. 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 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.
- 8. Pretoria, South Africa
- Total Wealth: US$42 billion
The fourth and last SA city on this list of richest cities in Africa is Pretoria. It is the administrative seat of 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$42 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
- Total Wealth: US$40 billion
Casablanca is to the second North African city to feature on this list behind Cairo. The city is located in the central-western part of Morocco bordering the Atlantic Ocean and is the largest city in the country. It is one of the largest cities on the African continent both economically and demographically. Total wealth held in the city is US$40 billion. There are 2,300 millionaires, 110 multi-millionaires and 2 billionaires living in the city. The major sectors of the economy in this city include basic materials, manufacturing, and financial services.
- 10. Accra, GhanaA, GHANA
Total Wealth: US$35, billion
Rounding up our list of richest cities in Africa is the West African city of Accra. It is the capital and the largest city in Ghana. The beautiful city of Accra breaks into the top ten richest cities in Africa for the first time. The Total amount of wealth held in the city amounts to US$35 billion. The city is home to 2,300 millionaires and 100 multi-millionaires. There are no billionaires currently living in Accra. The major sectors of the economy in the city include basic materials, manufacturing, and financial services.
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CONCLUSION ON THE RICHEST CITIES IN AFRICA 2018
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.
Tags: Wealthiest, Top 10 Richest Cities In Africa 2018