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Top 10 cities for African millionaires

13 Aug 2013

Property News

Brought to you by Property24

According to the research, Johannesburg has the most millionaires of any city in Africa with 23 400, followed by Cairo with 12 300 and Lagos with 9 800.

New World Wealth, an Oxford based wealth consultancy has conducted an in-depth analysis of the African high net worth community.

The new research ranks the top African cities and countries for African millionaires.

According to the research, Johannesburg has the most millionaires of any city in Africa with 23 400, followed by Cairo with 12 300 and Lagos with 9 800.

Cape Town and Nairobi round out the top five and notably, there are four South African cities in the top 10.

Rank City No. of millionaires
1 Johannesburg 23 400
2 Cairo 12 300
3 Lagos 9 800
4 Cape Town 9 000
5 Nairobi 5 000
6 Durban 2 700
7 Casablanca 2 700
8 Pretoria 2 500
9 Luanda 2 400
10 Algiers 2 300

Source: NW-Wealth.com (numbers rounded off to nearest 100)

Other key findings of the study:

• Accra in Ghana is expected to be the fastest growing major city for African millionaires, with millionaire numbers there rising from 800 in 2012 to 1 500 in 2020.

• In the top 10 country rankings, South Africa comes out on top with 48 800 millionaires, followed by Egypt with 23 000 and Nigeria with 15 900.

• Ethiopia and the Ivory Coast are expected to be the fastest growing African markets for millionaires up to 2020 with growth of 7.4 percent per annum. Zambia, Ghana and Angola are also expected to grow strongly. – Andrew Amoils

About the Author
Andrew Amoils

Andrew Amoils

Andrew is the head of research at New World Wealth, a global wealth intelligence company based in Johannesburg. He can be contacted on andrew@nw-wealth.com.

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