Accra named the 10th wealthiest city in Africa
Accra, Ghana’s capital city has been named the tenth wealthiest city on the African Continent.
The report published by New World Wealth for Mauritius-based AfrAsia Bank, ranks the wealthiest cities in Africa considering private wealth held.
The report defines the “total wealth” of a city as the personal wealth held by all the individuals living in it.
All other assets (property, cash, equities, business interests) are considered less any liabilities. Government funds are excluded from the calculation.
The most populous city in Africa, Lagos was ranked fourth. Its wealth is estimated to be at $96 billion. The report stated that Lagos has 2 dollar billionaires and some 5,400 millionaires.
Below are the top 10 wealthiest cities in Africa:
1. Johannesburg
The wealthiest city in Africa. Most of Johannesburg’s wealth is concentrated in Sandton, home to the JSE (the largest stock market in Africa) and the head offices of most of Africa’s largest banks and corporates. Major sectors in the city include financial services (banks) and professional services (law firms, consultancies). The total wealth is estimated at $226 billion.
2. Cape Town
Home to Africa’s most exclusive suburbs, including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt and Constantia. Also home to several top-end lifestyle estates, including Steenberg, Atlantic Beach and Silverhurst Estate. Major sectors there include real estate and fund management. The total wealth is $123 billion.
3. Cairo
One of the world’s most important cities historically is also home to more billionaires than any other city in Africa. Major sectors there include financial services, telecoms, retail, tourism and basic materials. The total wealth is $118 billion.
4. Lagos
The total wealth of the city is $88 billion. Affluent parts of Lagos include Ikoyi and Victoria Island. Major sectors in the city include basic materials, oil & gas,
5. Durban
The study for this area showed that wealth is held in Durban, Umhlanga, La Lucia and Ballito. According to the report, the total wealth in Durban is $55 billion.
6. Nairobi
The Kenyan city has a total wealth of $47 billion.
The economic hub of East Africa is also one of the fastest-growing cities in the world. Places where you would find the rich in the city, are Runda Estate, Lavington, Kitisuru, Karen and Muthaiga. The major industries include financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages and cigarettes.
7. Paarl Franschhoek & Stellenbosch
The towns of Paarl, Franschhoek & Stellenbosch are located next to each other in South Africa. They combine to form one of the fastest-growing areas in South Africa for individuals with a wealth of US$1 million or more. A large number of retired people in this category have moved to these towns over the past decade. The three cities together have a total wealth of $47 billion.
8. Pretoria
The report showed that Pretoria has a total wealth of $42 billion. The city’s most expensive suburbs are all found in Waterkloof Ridge, Waterkloof, Sterrewag, Brooklyn and Lynnwood.
9. Casablanca
Casablanca is home to over 2300 millionaires and 2-dollar billionaires. Their total wealth is estimated to be $39 billion. One can find the wealthy in the suburbs, such as Anfa and Ain Diab.
10. Accra
Accra, the capital, administrative and economic city of Ghana, is the largest in Ghana.
The wealthy in the capital city of Ghana can be found in places such as Airport residential area, West Legon, Cantonments, Roman Ridge, Labone and Dzorwulu. According to the report, Accra has a total wealth of $32 billion.
