Africa’s top 5 financial hubs in 2021

Internet usage is already relatively high with over 154 million users in Nigeria alone.    

Many of Africa’s major cities are fast becoming important financial hubs as its corporations and entrepreneurs seize opportunities to expand. Private wealth has spiked in the last few years in particular, while interest in investment activities such as forex trading is booming thanks in part to pandemic-driven conditions. Christoforos Panagiotu, Africa Regional Manager at forex broker Tickmill, reported a 27.4% increase in African users in 2020 alone.   

The continent has long had enormous potential for investment thanks to its incredible wealth of natural resources. Now that its telecommunications are catching up, the rest of the business world will be watching on keenly. But which urban centres currently offer the best opportunities? 

Much of Africa’s wealth remains concentrated in South Africa, with three of its top five wealthiest cities hailing from SA. Yet countries such as Nigeria and Egypt are quickly gaining ground, while Kenya, Angola, Morocco and Ghana all feature cities in the top 10. 

Read a roundup of Africa’s five wealthiest cities based on new data from AfrAsia Bank Africa’s 2021 Wealth Report. 

Johannesburg, South Africa ($226 billion in estimated private wealth)

South Africa’s largest city is a long way out in front in terms of the overall wealth it holds. Most of it is concentrated in Sandton, which is home to the JSE stock market and the head offices of many of the continent’s largest banks and corporations.   

Sticking in South Africa, Cape Town boasts some of Africa’s most exclusive and pricey real estate in famous suburbs such as Clifton, Bantry Bay and Fresnaye. Real estate is unsurprisingly a major sector here, while financial services, retail and tourism are also strong.

One of the world’s most important cities historically, today Cairo still acts as a major hub for both Africa and the Middle East thanks to its geographical location. Egypt’s capital city is home to many billionaires thanks in part to its financial services and telecoms industries, as well as basic materials. 

Nigeria’s largest city is growing thanks largely to its basic materials, oil and gas sectors, though it’s also a clearing house for the vast majority of the country’s imports. Construction and financial services are also thriving here. 

The coastal city of Durban was regenerated for the 2010 World Cup and is currently home to Africa’s largest shopping centre. Real estate, finance, healthcare, construction and retail are all important to Durban’s economy. 

The future looks bright for Africa providing it can recover quickly from the Covid-19 pandemic, with cities such as Nairobi, Pretoria and Casablanca also being ones to watch.