bird TenX: African cities with the most millionaires
Seth Onyango, bird story agency
Growing private wealth in Africa is transforming the continent’s major cities into hubs for millionaires and billionaires, according to the latest Henley & Partners Africa Wealth Report. Collectively, these urban centres are home to 135,200 millionaires, 342 centi-millionaires with fortunes exceeding US$100 million, and 21 billionaires.
With the number of high-net-worth individuals projected to jump by 65% over the next decade, these cities are not only expanding economically but are also setting the stage for a new era of prosperity and influence. bird TenX lists the top ten cities and regions for private wealth in Africa:
1. Johannesburg, South Africa: 12,300 millionaires
The heartbeat of South Africa’s economy, Johannesburg’s vitality stems from its extensive mining sector, robust financial services, and diverse manufacturing base. Jo’burg is a city where commerce thrives and cultural diversity is embraced, attracting ambitious professionals and entrepreneurs alike. This bustling metropolis also houses 25 centi-millionaires and 2 billionaires, reflecting its status as a magnet for high-net-worth individuals.
2. Cape Town, South Africa: 7,400 millionaires
Cape Town’s spectacular natural beauty is matched by its economic vitality, driven by innovation, real estate, and a booming tech industry. Also home to 28 centi-millionaires, and 1 billionaire, Cape Town attracts a diverse group of affluent individuals who are drawn to its vibrant culture and entrepreneurial spirit.
3. Cairo, Egypt: 7,200 millionaires
As the largest city in the Arabic-speaking world, Cairo is the industrial and commercial heart of Egypt and packs an additional 30 centi-millionaires, and 4 billionaires to its HNW. Its economy is diverse, with sectors like tourism, textiles, food processing, and chemicals playing significant roles.
4. Nairobi, Kenya: 4,400 millionaires, 10 centi-millionaires
Known as the “Silicon Savannah,” Nairobi is a growing tech hub, attracting multinational corporations and startups. Also home to 10 centi-millionaires, its economy is supported by financial services, real estate, tourism, and its strategic position as a commercial gateway to East Africa.
5. Lagos, Nigeria: 4,200 millionaires
Lagos is the pulsating heart of Nigeria’s economy and the most populous city in Africa. Known for its vibrant culture, entertainment, and bustling markets, Lagos is also a major financial centre with a rapidly growing tech scene. It also boasts 12 centi-millionaires, and 2 billionaires, underlining its role as a critical economic and cultural hub in Africa.
6. Cape Winelands (region), South Africa: 3,600 millionaires
The Cape Winelands, an area celebrated for its exquisite landscapes and premium wines, is also a luxury real estate hotspot. It is home to 16 centi-millionaires, and 2 billionaires, who are attracted by its serene lifestyle and high-quality amenities.
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7. Durban, Umhlanga & Ballito, South Africa: 3,500 millionaires
Also home to 11 centi-millionaires, this vibrant area combines Durban’s industrial strength with Umhlanga and Ballito’s resort-style living. Durban is a critical trade gateway due to its extensive port facilities, while Umhlanga and Ballito are famed for their luxury accommodations and pristine beaches, making the region a perfect blend of business and leisure.
8. The Garden Route (region), South Africa: 3,200 millionaires
The Garden Route offers stunning vistas and a high quality of life, which has attracted 3,200 millionaires and 5 centi-millionaires. This region thrives on tourism and luxury real estate, making it a prime location for affluent individuals seeking beauty and tranquillity.
9. Casablanca, Morocco: 2,800 millionaires
Casablanca, the commercial heartbeat of Morocco, melds Moorish charm with industrial strength. Its diverse economy thrives on robust finance, manufacturing, and shipping sectors. With modern business amenities and a rich cultural scene, Casablanca attracts commerce and lifestyle seekers alike. The city is home to 10 centi-millionaires and 1 billionaire, underscoring its status as a hub for wealth and business in North Africa.
10. Pretoria, South Africa: 2,100 millionaires
Also home to 2 centi-millionaires Pretoria balances its role as South Africa’s administrative capital with a vibrant local economy focused on education, research, and technology. Known for its jacaranda-lined streets and grand Union Buildings, the city offers a serene yet intellectually stimulating environment, fostering a community that values both heritage and innovation.
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