Geeky DanielTraditionally regarded by people in the West to be one of the poorest continents, there’s an enormous amount of poverty that exists in Africa. However, from 2019 to date there has also been a massive quantity of wealth. Because of the rapid growth in the tourism, finance construction, construction, and real estate industries, there’s a huge amount of money tucked away in the largest cities on the continent.
A city’s wealth can be established by the wealth of the people living in it. The richest cities in Africa are ranked by evaluating the private wealth of the residents. All other assets, property equity, cash, and business interest are counted as less than obligations. Government funds are not included in the evaluation.
Top 10 Richest Cities in Africa
1. Johannesburg, South Africa
Johannesburg is Africa’s wealthiest city, with a private wealth exceeding $239 billion. It’s the financial capital of South Africa, home to the Johannesburg Stock Exchange and major banks. Affluent suburbs like Sandton and Hyde Park host luxury estates, corporate headquarters, and high-end retail.
The city thrives on finance, telecom, real estate, and retail, attracting both local and international investors. Johannesburg’s infrastructure, cosmopolitan culture, and business-friendly environment make it a magnet for entrepreneurs and multinational firms. Despite social challenges, it remains the continent’s economic powerhouse and a symbol of urban affluence in Africa.
2. Cape Town, South Africa
Cape Town ranks second in Africa’s wealth rankings, with $133 billion in private wealth. Known for its breathtaking scenery and luxury lifestyle, the city blends tourism, finance, and tech innovation. Upscale neighborhoods like Clifton, Camps Bay, and Constantia attract foreign investors, retirees, and high-net-worth individuals.
Cape Town’s economy benefits from its port, wine industry, and growing startup ecosystem. Its mix of natural beauty, modern infrastructure, and economic opportunity makes it a top destination for leisure and business. The city’s wealth is reflected in its real estate, hospitality, and cultural vibrancy, making it a jewel of the continent.
3. Cairo, Egypt
Cairo, Egypt’s sprawling capital, holds $118 billion in private wealth and is home to around 6,800 millionaires. As North Africa’s economic engine, Cairo thrives on construction, telecom, finance, and manufacturing. The city’s historic charm blends with modern development in districts like Zamalek and New Cairo, where luxury living and business converge.
Cairo’s strategic location and infrastructure make it a hub for trade and investment across the Middle East and Africa. With a growing tech scene and ambitious urban projects, Cairo continues to attract regional and international capital, solidifying its place among Africa’s richest and most influential cities.
4. Nairobi, Kenya
Nairobi is East Africa’s financial and innovation hub, boasting $48 billion in private wealth and over 4,200 millionaires. The city’s economy is driven by financial services, agriculture, and a booming tech sector known as “Silicon Savannah.” Affluent neighborhoods like Karen and Runda host diplomats, executives, and entrepreneurs.
Nairobi’s strategic location and connectivity make it a gateway to East and Central Africa. Its vibrant startup culture, supported by global investors, is transforming the city into a tech powerhouse. With a blend of tradition and modernity, Nairobi is fast becoming one of Africa’s most dynamic and wealthy urban centers.
5. Lagos, Nigeria
Lagos, Nigeria’s commercial capital, commands $44 billion in private wealth and is home to over 3,600 millionaires. The city thrives on oil and gas, finance, real estate, and entertainment. Districts like Ikoyi, Victoria Island, and Banana Island are epicenters of luxury living and business activity.
Lagos is a magnet for entrepreneurs, creatives, and investors, despite infrastructural challenges. Its ports, tech hubs, and cultural influence make it West Africa’s economic engine. With ongoing urban development and rising investment, Lagos continues to grow in wealth and global relevance, positioning itself as a key player in Africa’s future.
6. Casablanca, Morocco
Casablanca is Morocco’s financial capital, with $39 billion in private wealth and around 2,900 millionaires. The city’s economy is anchored in banking, manufacturing, and logistics, supported by its strategic Atlantic port. Casablanca blends French colonial charm with modern infrastructure, making it a gateway between Europe and Africa.
Affluent districts like Anfa and Ain Diab attract business leaders and investors. The city’s industrial zones and tech parks are driving innovation and job creation. Casablanca’s stability, connectivity, and business-friendly environment make it a top destination for regional headquarters and international trade.
7. Durban, South Africa
Durban, with $28 billion in private wealth and over 2,800 millionaires, is South Africa’s coastal gem. Its economy revolves around tourism, shipping, and real estate, supported by Africa’s busiest port. Affluent areas like Umhlanga and La Lucia offer luxury living with ocean views.
Durban’s warm climate and scenic beaches attract both tourists and investors. The city is also a hub for logistics and manufacturing, contributing to its economic diversity. With growing infrastructure and a vibrant cultural scene, Durban is emerging as a key player in Africa’s urban wealth landscape and a rising star in regional development.
8. Accra, Ghana
Accra, Ghana’s capital, holds $26 billion in private wealth and hosts over 2,500 millionaires. The city’s economy is fueled by real estate, finance, oil and gas, and a growing tech sector. Neighborhoods like East Legon and Airport Residential Area are known for upscale living and business activity.
Accra’s political stability and investor-friendly policies have made it a hotspot for regional headquarters and startups. With rising urban development and a youthful population, Accra is positioning itself as West Africa’s next big economic hub, blending tradition with modern ambition and attracting global interest in its growth potential.
9. Pretoria, South Africa
Pretoria, South Africa’s administrative capital, boasts $23 billion in private wealth and around 2,300 millionaires. The city’s economy is driven by government services, education, and real estate. Prestigious neighborhoods like Waterkloof and Brooklyn host diplomats, academics, and business elites.
Pretoria’s calm atmosphere and strategic location near Johannesburg make it ideal for high-level governance and investment. The city’s universities and research institutions contribute to its intellectual capital, while its infrastructure supports steady economic growth. Pretoria remains a vital part of South Africa’s wealth triangle, offering stability, sophistication, and a strong presence in national decision-making.
10. Abuja, Nigeria
Abuja, Nigeria’s capital, holds over $20 billion in private wealth and is home to more than 2,000 millionaires. Designed as a planned city, Abuja features wide boulevards, modern architecture, and upscale districts like Maitama and Asokoro.
Its economy is centered on government, construction, and real estate, with increasing interest in tech and finance. Abuja’s political significance and growing luxury market attract investors and expatriates. With ongoing infrastructure projects and rising affluence, Abuja is evolving into a major economic center, complementing Lagos as a symbol of Nigeria’s wealth and ambition in both governance and enterprise.
Closing: The Future of African Wealth Is Urban
Africa’s richest cities are not just reflections of prosperity—they’re blueprints for the continent’s economic evolution. These urban centers blend tradition with innovation, offering opportunities in finance, tech, real estate, and beyond. As infrastructure improves and investment flows increase, these cities will continue to attract talent, capital, and global attention. Whether it’s the luxury estates of Cape Town or the startup energy of Accra, Africa’s urban wealth is on the rise. The future belongs to cities that can balance growth with inclusion—and these ten are leading the way.