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10 wealthiest cities in Africa

By Faeza
25 July 2017

joburg city

Four South African cities are among the top 10 wealthiest in Africa in terms of "total wealth held", according to a review by AfrAsia Bank and New World Wealth.

For the purposes of the report, “total wealth” refers to the private wealth held by all the individuals living in each city. It includes all their assets - property, cash, equities, business interests - less any liabilities. Government funds are excluded from the figures used.

Johannesburg came out top of the list with total wealth held in the city of $245bn. The city is home to 18 200 so-called high-net worth individuals (HNWIs) - in other words those with wealth of $1m (about R13m) or more. The city also has 970 so-called multi-millionaires - those individuals with wealth of $10m (about R130m) or more and two billionaires with wealth of $1bn (about R13bn) or more.

Major sectors in the city include financial services, professional services (law firms), construction, telecoms and basic materials.

Cairo in Egypt, with total wealth held in the city of $140bn is in second place. It is home to 8 900 millionaires, 480 multi-millionaires and 5 billionaires. Major sectors in the city include real estate and construction, financial services and basic materials.

Third on the list is Cape Town with total wealth held in the city of $135bn. It is home to 8 200 millionaires, 440 multi-millionaires and 2 billionaires.

Major sectors in the city include real estate, financial services (fund management), retail and tourism.

The report found that Cape Town is also a second home hotspot for the wealthy with over 1 500 multi-millionaires living in the city during peak holiday months. Many of these individuals are from outside South Africa.

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