Africa's wealthiest cities

The latest report highlighting wealthy societies in Africa and published by Henley & Partners has placed Lagos in fifth position in a list of 20 wealthiest African cities.

The report is based on Africa’s high-net-worth population in terms of Millionaire (1m USD) status, centi-millionaires (100m USD), and billionaire status in dollars.

The report further checked the growth rate of African millionaires from 2013 to 2023 noting that while some countries like South Africa and Egypt saw declines of 20% and 22% respectively, other countries like Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) all experienced significant growth in their millionaire populations.

The report has also projected a 65% growth in Africa’s millionaire population in the next decade.

In Africa, the top five wealthiest countries - South Africa, Egypt, Nigeria, Kenya, and Morocco — collectively account for 56% of Africa's high-net-worth individuals (HNWIs) and over 90% of its billionaires hold a total investable wealth of $2.5 trillion.

Africa's 5 wealthiest cities

Here are the five wealthiest cities in Africa;

1. Johannesburg (South Africa)

This South African city came in first position with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires.

The city however had a negative growth rate of -44% for its wealthiest individuals from 2013 to 2023.

Johannesburg is the wealthiest city in Africa [Skyline] Skyline of Johannesburg, South Africa Pulse Live Kenya

2. Cape Town (South Africa)

Cape town, another South African city followed closely in second position with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire.

Cape town’s millionaire population experienced a 20% growth from 2013 - 2023.

3. Cairo (Egypt)

This Egyptian city has placed itself as a millionaire heaven by taking the third position on the list of African wealthiest cities with 7,200 millionaires, 30 centi-millionaires and 4 billionaires.

Cairo’s millionaire population declined by 21% from 2013 to 2023.

Cairo’s millionaire population declined by 21% from 2013 to 2023 [BI] BI Africa

4. Nairobi (Kenya)

Nairobi came in fourth place with 4,400 millionaires, and 10 centi-millionaires. Nairobi’s millionaire population witnessed an impressive outing with a growth of 21% between 2013 to 2023.

5. Lagos (Nigeria)

Lagos with an impressive millionaire population came in fifth place with 4,200 millionaires, 12 centi-millionaires and 2 billionaires. The city’s millionaire population also witnessed a 48% decline from 2013 to 2023.

The city accommodates about 50% of Nigerians richest individuals.

Last year, Lagos was placed in fourth position with approximately 5,400 millionaires, 16 centi-millionaires, and 3 billionaires.

Other African cities like Dar Es Salaam (Tanzania), Tangier (Morocco), Algiers (Algeria), Grand Baie (Mauritius), and Kigali (Kenya) were ranked lower as each produced less than 1,200 millionaires.