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Africa is creating more millionaires and five cities hold sway

Average individual net assets in Africa was also put at $2,000 (wealth per capita), with approximately 145,000 HNWIs living within the continent.

Alhaji Aliko Dangote - the richest man in Africa, is one of many Billionaires living in Lagos, Nigeria.
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In a recent report of AFRISAT Bank on Wealth distribution in Africa, Africa New Wealth 2017, revealed that there are currently 7001 multi-millionaires living in Africa, with a growth forecast of about 4.5% in 2017.

Average individual net assets in the Africa was also put at $2,000 (wealth per capita), with approximately 145,000 HNWIs living within the continent.

Importantly, there are five African cities listed with at least 100 multi-millionaires living in them. These cities are listed below.

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1. Johannesburg, South Africa

Johannesburg is reported to have the highest number of multi-millionaires in Africa. According to the report, there are 970 multi-millionaires and 18,200 HNWIs living in the city.

Johannesburg is the largest city in South Africa with a population of 4.4 million people.

The city is also one of the world's leading financial centres, as well as the economic and financial hub of South Africa with 16% of South Africa’s GDP being generated from the artificial coastal city.

2. Cairo, Egypt

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Cairo is reported to be residence to 480 multi-millionaires and 8,900 HWNIs as at 2016.

The city accounts for about 22% of economic activities and 11% of the population of Egypt. Major media houses and outlets covering the Middle East and North Africa have their regional offices in the city, thus leading to a boom in its real estate industry.

3. Cape Town, South Africa

Cape Town is another major commercial city in South Africa. It is also the Capital of the Rainbow nation.

It is the second most populous urban area after Johannesburg. It is Africa’s third main economic hub and regional manufacturing centre in the South African region.

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The African New Wealth report noted that there are 440 multi-millionaires and 8200 HNWIs living in the city.

4. Lagos, Nigeria

Lagos is the economic and commercial lifeline of Nigeria. The coastal city contributes about 70% of the country’s economic activities and accounts for about 95% of foreign capital inflows coming into Nigeria.

As a major financial centre in Africa, Lagos has the fifth highest GDP in Africa and houses the largest and busiest ports on the continent.

With 6800 HNWIs and 360 multi-millionaires reported living in the city, most financial institutions and major corporations are headquartered in Lagos.

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Lagos is also the major hub for information, communication and technology in West Africa. Some of the most expensive real estate locations are also located in the city.

5. Nairobi, Kenya

Nairobi combines two features as the capital and largest city of Kenya. The African New Wealth Report 2016 also noted that there are 280 multi-millionaires and 3600 HNWIs among 3.14 million people living in the city.

The city also houses the Nairobi Securities Exchange, which is one of the largest in Africa.

Nairobi is also noted as the site for regional headquarters of major international corporations and some organs of the United Nations operating in Africa.

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In 2007, General Electric, Google, Coca-Cola, IBM Services, Bharti Airtel, Cisco Systems and Young & Rubicam moved their African headquarters to the city.

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