By Brian Okoth
South Africa's Johannesburg city has the highest number of rich people in a ranking that traces dollar-millionaires in African cities or districts.
The city, which is the capital of Gauteng province, has a total of 12,300 high-net-worth individuals (HNWIs), according to the 2024 Africa Wealth Report published by Henley & Partners.
A high-net-worth individual (HNWI) refers to someone who owns liquid assets valued at $1 million or more.
Johannesburg also has 25 people worth at least $100 million (centi-millionaires), and two dollar-billionaires.
SA dominates top spots
At second place, is another South African city – Cape Town – which has 7,400 dollar-millionaires, 28 centi-millionaires and one person worth more than $1 billion. "Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030," the report says.
Egypt's capital Cairo is third with 7,200 dollar-millionaires, 30 centi-millionaires, and four dollar-billionaires.
Kenya's capital Nairobi comes fourth with 4,400 dollar-millionaires, 10 centi-millionaires and zero dollar-billionaire.
Nigeria's economic hub Lagos rounds out five African cities with the highest number of HNWIs. In Lagos, 4,200 people are worth at least $1 million, while 12 are worth at least $100 million, and two have a net worth of $1 billion or above.
Serenity
South African district, The Cape Winelands located in Western Cape province, comes sixth with 3,600 dollar-millionaires, 16 centi-millionaires, and two dollar-billionaires. The district is largely a retirement place for rich people in South Africa due to its serenity.
Durban city, also in South Africa, comes seventh on the continent, with 3,500 people worth at least $1 million, and 16 others worth at least $100 million. Some two people have a net worth of more than $1 billion in Durban.
The Garden Route, another district in South Africa's Western Cape province, has 3,200 dollar-millionaires, and five centi-millionaires. There is no dollar-billionaire in the municipality that ranks eighth in Africa, with the highest number of HNWIs.
At number nine, is Morocco's port city of Casablanca, which has 2,800 dollar-millionaires, 10 centi-millionaires and one dollar-billionaire.
Accra is second West African city on list
South Africa's administrative capital Pretoria rounds out top 10 cities, or districts, with the highest number of HNWIs. Pretoria has 2,100 people worth at least $1 million, five people worth at least $100 million, and one worth more than $1 billion.
At position 11 is Ghana's capital Accra with 1,900 dollar-millionaires and four centi-millionaires.
Angola's capital Luanda ranks 12th, with 1,500 dollar-millionaires and three centi-millionaires.
Morocco's Marrakesh comes in at position 13, with 1,400 dollar-millionaires, 12 centi-millionaires and two dollar-billionaires.
Dar es Salaam is second East African city on list
The Whale Coast region in South Africa ranks 14th, with 1,200 dollar-millionaires and five centi-millionaires.
Namibia's capital Windhoek has 1,200 dollar-millionaires and two centi-millionaires to take the 15th position.
Tanzania's commercial hub Dar es Salaam has 1,200 dollar-millionaires, four centi-millionaires and one dollar-billionaire to take the 16th position.
Billionaire Mo Dewji, who is the 12th-richest person in Africa with a net worth of $1.8 billion according to Forbes, hails from Dar es Salaam. He has interests in textile manufacturing, flour milling, beverages and edible oils.
Rwanda's Kigali rounds out top 20
Morocco's northern city of Tangier comes in at position 17, with 1,000 dollar-millionaires, six centi-millionaires and one dollar-billionaire.
The other three cities in the top 20 are Algeria's capital Algiers (1,000 dollar-millionaires and four centi-millionaires); Grand Baie in Mauritius (900 dollar-millionaires and five centi-millionaires) and Rwanda's capital Kigali (800 dollar-millionaires and three centi-millionaires).
Between 2013 and 2023, Grand Baie, Kigali and Marrakesh had the highest number of people attaining dollar-millionaire status. Tangier and Windhoek are the other cities that saw a surge in the number of dollar-millionaires.
According to Henley & Partners, the figures are as of December 2023, and the ranking includes only individuals living in each of the cities.
Below is a summary of African cities or districts with the highest number of high-net-worth individuals (HNWIs):
1. Johannesburg (South Africa) – 12,300
2. Cape Town (South Africa) – 7,400
3. Cairo (Egypt) – 7,200
4. Nairobi (Kenya) – 4,400
5. Lagos (Nigeria) – 4,200
6. Cape Winelands (South Africa) – 3,600
7. Durban (South Africa) – 3,500
8. The Garden Route (South Africa) – 3,200
9. Casablanca (Morocco) – 2,800
10. Pretoria (South Africa) – 2,100
11. Accra (Ghana) – 1,900
12. Luanda (Angola) – 1,500
13. Marrakesh (Morocco) – 1,400
14. The Whale Coast (South Africa) – 1,200
15. Windhoek (Namibia) – 1,200
16. Dar es Salaam (Tanzania) – 1,200
17. Tangier (Morocco) – 1,000
18. Algiers (Algeria) – 1,000
19. Grand Baie (Mauritius) – 900
20. Kigali (Rwanda) – 800
➤Click here to follow our WhatsApp channel for more stories.
