Johannesburg ranks as Africa’s wealthiest city

While Johannesburg is the wealthiest African city with the most millionaires, another South African city is hot on their heels to overtake. Picture: Steve Lawrence/Independent Media

Johannesburg, the financial capital of South Africa, has emerged as the wealthiest city on the African continent with the most HNWI (high-net-worth individuals).

This is according to the 2024 Africa Wealth Report, a publication by Henley & Partners, an international wealth advisory firm, produced in collaboration with New World Wealth, a global wealth intelligence partner.

As Africa’s wealthiest city, Johannesburg is home to 12,300 millionaires, 25 centi-millionaires, and two billionaires.

Holding the second spot is another South African city, Cape Town. Cape Town, South Africa’s legislative capital, follows Johannesburg closely with 7,400 millionaires, 28 centi-millionaires, and one billionaire.

Rounding up the top five wealthiest cities in Africa are Egyptian capital Cairo with 7,200 millionaires, followed by Nairobi with 4,400 millionaires, and Lagos with 4,200 millionaires. They all stand out as key urban wealth hubs.

According to Andrew Amoils, the head of Research at New World Wealth, cities such as Cape Town, SA’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are projected to experience over 85% growth in millionaires over the next decade, making them attractive destinations for wealth accumulation.

“Solid growth of over 80%+ is also projected in Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030,” Amoils said.

“We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city.”

The South African region of Cape Winelands also features on the list with 3,600 millionaires.

The areas of Durban, Umhlanga and Ballito have 3,500 millionaires while the Garden Route, Pretoria and the Whale Coast have 3,200 millionaires, 2,100 millionaires and 1,200 millionaires respectively.

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