With an emerging class of millionaires coming out of African cities such as Victoria Island, Dar Es Salaam, and Accra, there is little need for luxury living to be a strictly a foreign lifestyle.
'The rise of Africa’s super-rich has put the continent on the map as the new frontier for global luxury brands,' says CNN.
In a recent global study on the world’s richest individuals conducted by WealthInsight, there are 10 Africa cities that are home to Africa’s 'ultra-high-net-worth (UHNWI) individuals.
Johannesburg, South Africa, also known as the commercial capital of the world, is said to house more millionaires in the city than in any other African city. With over 298 people with a net worth of over $30 million, this bustling city is the heart of South Africa’s economy
Cairo, Egypt, comes in at second place in the UHNWI report with 150 people with a net worth of $30 million.
Lagos, Nigeria, the second fastest growing city in Africa and Africa’s largest economy, pridefully lifts a glass of champagne to its third place status on the UHNWI ranking
Cape Town, South Africa, also known as the Mother City, is renowned for its affluence and style and takes 4th place with 155 ultra-high-net-worth individuals.
Nairobi, Kenya, has 69 of the wealthiest living in its capital who aren’t shy to express their taste for class with single malt whisky being one of their most popular luxuries.
Dar ES Salaam, Tanzania, homes an impressive 36 ultra-wealthy individuals and hopes to see that number climb with the rise of the urban middle class.
Abuja, Nigeria, comes in as the second Nigerian city to hold the country’s wealthiest with 23 individuals calling this city their home.
Addis Ababa, Ethiopia, claims 8th place with sticks hot on the heels of Abuja with 21 of the wealthiest individuals residing in the capital
Marrakesh, Morocco, known for its unique culture and colourful lifestyle, places 9th on the UHNWI ranking.
Kano, Nigeria, is the third Nigerian city to home the continent’s wealthiest and places a notable 10th place on the ultra-wealthy ranking.
With the numbers showing the potential and confidence of the African Economy, 'Africa has all the foundations that are needed to create a real vibrant luxury industry,' says Swaady Martin Leke, Ivorian entrepreneur and founder of the Johannesburg-based luxury tea brand, Yswara.