South Africa’s economic capital, Johannesburg, is said to be the richest city in Africa. The city is the financial and economic hub of the region, with dozens of international organizations having their African headquarters in the city. 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. Cape Town is home to 64 percent of the Western Cape’s population and is known to be a hotspot for wealthy second homeowners from across the globe. It is actually a huge and large city that has its own share of issues too (such as the high level of unemployment). 6,800 millionaires, 360 multi-millionaires, and 4 billionaires call Lagos home. Check below the ten of the wealthiest African cities: Johannesburg The report highlights that the total wealth held in this city amounts to USD 248 Bn with most of the wealth concentrated in Sandstone which is home to Johannesburg Stock Exchange, Africa’s largest stock market. Top 20 Richest Countries In Africa Based On GDP Per Capita, TOP 20 RICHEST MUSICIANS IN AFRICA AND THEIR NET WORTH. The total wealth held in this Nigerian city is USD 96 Bn. Tourism is a primary economic contributor in the city, with Marrakesh attracting millions of tourists each year. The number of millionaires in the city rose by 200% between 2000 and 2014. The total wealth held in the Egyptian capital is USD 129 Bn. Apart from being home to 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 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 also houses top African banks. ©️ 2020 WeeTracker.com All rights reserved. The fourth and last SA city on this list of richest cities in Africa is Pretoria. The major economic sectors in this city include; financial services, real estate & construction, retail, tourism, FMCG, telecoms, and basic materials. Sunday, October 4 2020 Ethiopia is an economic giant in Eastern Africa and has in recent years experienced a tremendous economic growth rate. 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. It is also one of the major centers of tourism in the country because of the city’s warm subtropical climate and extensive beaches. 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. According to the 2019 wealth report compiled by AfrAsia Bank, four of the top ten positions have been taken by cities from South Africa. It is home to one of the largest populations living in any African city. 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. The richest city in Africa currently is Johannesburg, with a total wealth of $276 billion. If you are a Corporate or a Student, please reach out to us for subscription at Some of the suburbs where Cape Town’s wealthy reside include Constanta, Bishopscourt, and Camps Bay. The capital city of Angola is next to our ranking of the wealthiest cities in Africa. Nigeria is regarded as Africa’s largest economy. Cairo. Nairobi ranks fifth in Africa’s richest cities, and Kenya’s capital city has more millionaires than any other city in East Africa, 69 of whom are regarded as ultra-rich individuals. Cairo is a historical city that dates back thousands of years. The top city in terms of private wealth held by residents of the city is Johannesburg. The city has a GDP of $83.9 billion and has its service industry as its primary economic driver. The city has an ambitious goal of having 20 million tourists visiting annually by 2020. ICT and shipping are also important economic drivers in Lagos, with the Port of Lagos, which is among the busiest ports on the continent. The city’s IT industry is notable as it is the largest, not only in South Africa but on the continent. The city’s major sectors include real estate and construction with financial services. Agriculture, service, and tourism are among the main economic drivers in Cairo. The number of ultra-rich individuals in Abuja stands at 23 people, the second-highest in West Africa and only exceeded by Lagos. Accra The word Accra is derived from the Akan word Nkran meaning “ants”, a reference to the numerous anthills seen in the countryside around Accra. The major sectors generating wealth for Accra are manufacturing, basic materials, and financial services. The total wealth in the hands of private individuals in Lagos is put at US$120 billion. It is well known for its Islamic architecture and is a popular tourist destination. Although currently bedeviled with its own challenges and issues, Lagos is one of the best states in Nigeria (and Africa as a whole). Nairobi, Kenya, is another rich African city. It is one of the 50 largest urban areas in the world. Apart from Cairo, Casablanca is another North African city on the list. It's no surprise that cities from the continent's biggest economies, South Africa and Nigeria, dominant the list of the richest cities in Africa. The report notes that ” We expect Nairobi to break into the top five wealthiest cities in Africa soon, possibly replacing Lagos which has been slipping down the list of late.”. The richest city in Africa currently is Johannesburg, with a total wealth of $276 billion. The high number of ultra-rich people in Cape Town makes it the fourth-richest city in Africa and the third-richest in sub-Saharan Africa. Total wealth held in Luanda is put at US$48 billion. Save my name, email, and website in this browser for the next time I comment. Some African societies are beginning to get things right due to several important steps being carried out. Lagos without a doubt is one of the major financial centers in Africa. Cairo, … Pretoria The total wealth held in the SA city amounts to USD 45 Bn. 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. The country’s capital, Addis Ababa, is recognized as the eighth-richest city in Africa and among the richest in the region. The Johannesburg Stock Exchange (JSE) is the continent’s largest stock exchange. There is a direct relationship between the number of ultra-rich people in a city and its economic growth. The city’s number of millionaires grew by 16.2% to reach 1,290 millionaires in 2017. The city is home to an impressive 18,200 millionaires (HNWIs), 970 multi-millionaires, and 2 billionaires. Cairo has more billionaires than any other African city. 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. As home to the country’s oil industry, the economy of Lagos revolves around its oil wealth.The city is Nigeria’s economic and financial hub and accounts for 10% of Nigeria’s GDP. It excludes government investments in the cities. However, it is not a totally bad story, as there is also an equally extreme amount of wealth on the continent. Casablanca, with a total wealth that is around $42 billion, is regarded as the ninth richest city in Africa. However, in most cases, the ultra-rich people in a city control the majority of the city’s wealth, which is a testament to the huge economic gap between the rich and the poor. 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. The quiet city in Gauteng features a number of natural and cultural attractions as well as significant old buildings and museums. Your email address will not be published. This accounts for the high volume of wealth held in the city. Despite being among the poorest countries in the world, Tanzania has recorded one of the fastest growths in per capita income of any country. Help us build a narrative on African Business, Startups, Tech and Economy Cape Town has a GDP of $58.9 billion which when divided by its population of 0.433 million translates to a GDP per capita of $15,918. Now, there are several rich African cities scattered around the continent. Its capital, Cairo, is currently the third richest city in Africa. Required fields are marked *. Commerce, trade, and manufacturing are the most important sectors in the economy of Addis Ababa and cumulatively account for the bulk of the city’s GDP. Accra, whose total wealth is placed around $38 billion, also has 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). Additionally, Casablanca is the home of two billionaires. Nollywood Nigeria’s popular film industry which has become the third-largest film industry in the world is located in Lagos. Join us today to empower great story telling, one story at a time. Nairobi is the capital and the largest city of one of the regional powerhouses in East Africa, Kenya. Nevertheless, with a total wealth that is as huge as $140 billion, Cairo is one of the richest cities in Africa. The yardstick used to establish the wealth of a city is the number of its residents who have a net worth of $30 million and above. The city is home to one of the largest and busiest ports on the African continent. Egypt’s capital is recognized as the continent’s second-richest city and the richest in North Africa. Cairo. Egypt has a deep history and is a very well-known African country. The city is home to 36 ultra-rich people, the second-highest in East Africa, and the sixth-highest of any city in Africa. 2,600 millionaires and 110 multi-millionaires and no billionaire live in the city. Johannesburg has the highest number of super-rich individuals on the continent, with 298 of its residents having a net worth of over $30 million. Certain strategic measures are being put in place, and it is rewarding in various regards. The richest city in Africa currently is Johannesburg, with a total wealth of $276 billion. Although the city is regarded as a dangerous one, it is also a beautiful and rich one. Tanzania’s primary port is situated in the city, making trade an important contributor to Dar es Salaam’s economy. The city isn’t just beautiful, it holds enormous wealth as well. The DSE (Dar es Salaam Stock Exchange) is the country’s largest stock exchange. There are over 450 multimillionaires living in Cairo. For those that are conversant with African cities, the obvious suspects dominate the list. As far as the list of richest cities in Africa is concerned, after Johannesburg comes Cape Town – another South African city. However, it is not a totally bad story, as there is also an equally extreme amount of wealth on the continent. Jozi, Jo’burg, and eGoli are some other names by which this beautiful city is called. [email protected]. Nairobi Total wealth held in the Kenyan capital amounts to USD 49 Bn. It is well known for its Islamic architecture and is a popular tourist destination. The major sectors of the economy in the city include basic materials, manufacturing, and financial services. The total wealth held in the Egyptian … With a population of over 2.8 million residents, Kano is Nigeria’s second-most populous city, only surpassed by Lagos. In fact, there are over 3000 millionaires living in the city, and also a billionaire that has made Durban a base. Egypt’s capital is recognized as the continent’s second-richest city and the richest in North … Cairo Cairo has more billionaires than any other African city. It is the third most populous Portuguese-speaking city in the world, behind the duo. The city’s major sectors include real estate and construction with financial services. It is, however, the most populous Portuguese-speaking capital city in the world, ahead of Brasília, Maputo, and Lisbon. The city houses 3,200 millionaires, 130 multi-millionaires, and one billionaire. Luanda The city holds wealth amounting to USD 42 Bn. Luanda was formerly called São Paulo da Assunção de Loanda.

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