It should come as no surprise that the richest cities in Africa are concentrated in the continent’s two most developed economies, South Africa and Nigeria, respectively. Cities from other regional economic giants, such as Egypt and Kenya, have also emerged on the map in recent years.
According to data from the 2021 Africa Wealth Report, the top five wealth markets in Africa are Nigeria, South Africa, Kenya, Egypt, and Morocco, which account for more than half of Africa’s total wealth. An increase in the number of people with a net worth of $30 million or more is utilized to boost the wealth of a city.
Top 10 Richest Cities In Africa
10. Paarl, Franschhoek and Stellenbosch, South Africa
In South Africa, the towns of Paarl, Franschhoek, and Stellenbosch are all close to one another and share a border. Their combined efforts have resulted in one of South Africa’s fastest-growing destinations for those with a net worth of $ 1 million or more. These towns have seen a significant increase in the number of retirees from this demographic during the past decade. Each of the three cities has a total net worth of $ 47 billion.
9. Marrakesh, Morocco
However, despite being Morocco’s fourth-most populous city, Marrakesh is one of the country’s wealthiest, having the country’s greatest concentration of affluent individuals. Every year, millions of visitors come to Marrakesh, and tourism is the city’s most important source of revenue and employment.
The capital city has set an ambitious goal for itself: by 2022, it hopes to attract 20 million visitors each year. The service sector also contributes significantly to the city’s gross domestic product (GDP).
8. Addis Ababa, Ethiopia
Ethiopia is an East African economic powerhouse that has made significant achievements in economic development in previous years. In addition, Addis Ababa, the country’s capital, is rated as Africa’s eighth richest city, and its residents are among the wealthiest people in the region, according to the World Bank.
The combined value of the city’s 21 inhabitants is believed to be $ 30 million per person, making it the richest city in Ethiopia in terms of wealth. The most important sectors in Addis Ababa’s economy are trade, commerce, and manufacturing, which together account for the lion’s share of the city’s gross domestic product (GDP).
Because it serves as the headquarters of the African Union, the city is often known as Africa’s political capital and one of the well known African cities.
7. Abuja, Nigeria
When it comes to billionaire population, Nigeria’s capital city of Abuja is the seventh wealthiest city in Africa, according to the World Bank. The capital of Nigeria, Abuja, has the second-highest concentration of very rich individuals in West Africa, behind Lagos.
There are many multinational corporations with their corporate headquarters in Nigeria, notably the Central Bank of Nigeria. In Nigeria’s capital, transportation is the main economic engine, and the city is served by a comprehensive rail and highway network that runs across the city. Nigeria is also one of the richest countries in Africa.
6. Dar es Salaam, Tanzania
Tanzania, although it is one of the world’s poorest nations, has one of the fastest-growing per capita GDP rates of any country in the world. Dar es Salaam, the nation’s most populous metropolis, is also the richest city in the country and one of the wealthiest cities in Africa.
The city has 36 very wealthy people, which is the second-highest number in East Africa and the sixth-highest number in Africa. The DSE (Dar Es Salaam Stock Market) is the most important stock exchange in the nation.
It is one of the most essential economic elements in the city to have a thriving service sector. Because Dar es Salaam is home to Tanzania’s main port, international commerce makes a substantial contribution to the city’s economic well-being. Dar es Salam is also one of the most developed cities in Africa.
5. Nairobi, Kenya
At fifth on the list of the world’s wealthiest cities, Nairobi is Africa’s richest city, and the country’s capital boasts more billionaires than any other city in East Africa, with 69 of them considered very affluent people. There were 1,290 millionaires in the city in 2017, representing a 16.2 per cent rise over the previous year.
This number is expected to rise over the next few years, reaching 2,000 people by 2022, according to predictions. The city is the financial and economic powerhouse of the area, and it is home to the African headquarters of dozens of international institutions, including the World Bank.
The Nairobi Stock Market (NSE) is the largest stock exchange in the area and one of the most important in Africa.
4. Cape Town, South Africa
According to the United Nations Development Program, the GDP of Cape Town is $58.9 billion, which when divided by the city’s population of 0.433 million gives a GDP per capita of $15.718, according to the United Nations Development Program. Cape Town, which has 115 fewer people than Johannesburg, has the second wealthiest population of any city in the nation, behind Pretoria.
As a result of the large percentage of very affluent people in the city, Cape Town is the fourth wealthiest city in Africa and the third richest city in Sub-Saharan Africa. Affluent Cape Town residents may be found in some of Africa’s most exclusive areas such as Constanta, Bishopskoort, and Camps Bay, among other suburbs. The city’s information technology sector is the most important not just in South Africa but also on the continent.
3. Lagos, Nigeria
Nigeria is home to the biggest economy in Africa. Its capital, Lagos, is one of the wealthiest cities on the African continent, ranking in the top ten. As the wealthiest metropolis in West Africa, Lagos has the third-largest net worth of any African country and the highest of any city on the continent, with 131 people having a net worth of at least $30 million. Lagos is the richest city in Nigeria.
Lagos’ economy is based on the oil fortunes of the nation since the city is the headquarters of the country’s oil industry. The city serves as Nigeria’s economic and financial center, accounting for 10% of the country’s gross domestic product. ICT and shipping are two of the most important economic drivers in Lagos, which is home to one of the busiest port complexes on the African continent. It is also the largest city in West Africa in terms of population.
2. Cairo, Egypt
According to some estimates, Cairo is the second wealthiest city on the continent and the richest city in North Africa, behind Luxor. The city is home to 150 very rich individuals, each with a net worth of at least $ 30 million, making it the wealthiest city in both North Africa and Africa, according to Forbes magazine.
Cairo has the largest concentration of millionaires in North Africa, with a total of 8,900 millionaires living there. The Egyptian capital, Cairo, is the country’s economic powerhouse, accounting for more than 20% of the country’s gross domestic product. Agriculture, services, and tourism are some of the most important economic drivers in Cairo.
1. Johannesburg, South Africa
Johannesburg, also known as “the City of Gold”, is the richest city in Africa. 298 people in Johannesburg are worth more than $30 million, making it the city with the greatest concentration of wealthy people on the continent. Although the city has a total domestic product of $83.9 billion, the service sector is the main economic engine of the city.
Johannesburg, South Africa’s economic center, is the most significant contributor to national economic output, accounting for 16 percent of the country’s gross domestic product. The Johannesburg Stock Market (JSE) is the largest stock exchange on the African continent. Johannesburg’s major industries include financial services (banks) and professional services (law firms and consultancies).
Conclusion: The Economic Impact of Wealthy Individuals
There is a clear correlation between the number of affluent individuals in a city and the development of the city’s economic base. The presence of a large number of wealthy people in a city is indicative of a bloated middle class, which is related to the city’s economic development. However, in the majority of instances, the city’s wealthy control a large amount of the city’s wealth, demonstrating the huge economic inequality that exists between the affluent and the poor.