Traditionally 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
Top of the list with a wealth total in the region of $248 billion, is South Africa’s biggest city, Johannesburg. The city’s vast prosperity is due to its prime location in the Witwatersrand hill range, a region that is brimming with minerals, and also the center of a highly profitable diamond and gold trade. All thanks to the booming industry in which it operates, Johannesburg is home to 970 millionaires and two highly successful billionaires.
Johannesburg is South Africa’s main business hub and even those who are not six figures earners are making a profit due to the abundance of high-paying jobs in the professional, financial, and telecommunications sectors.
2. Cairo, Egypt
The name Egypt immediately comes with thoughts of the Nile, Pyramids, and the cat-eyed consort from Julius Caesar. Presently, you might want to add the home of the 2nd richest city in Africa to the list. Cairo is a massive city with a sprawling population that makes it the most populous urban area within the Arab world, and globally.
As one would expect from an enormous city there’s plenty of poverty and unemployment. However, it also has an extremely high proportion of the richest women and men as well as five billionaires and 480 multimillionaires which contribute to the city’s overall riches of $140 billion.
3. Cape Town, South Africa
Cape Town may be South Africa’s most dangerous city but it’s home to one of the most stunning beaches that draw thousands of visitors each year. Naturally, the final product of all the tourism trade is an enormous amount of money flowing into the area.
Coupled with its booming real investment, financial services, and retail sectors, Cape Town is one of the richest cities in Africa and the world at large. The city is also home to about 150,000 millionaires who choose Cape Town as their home base. The total value of the city’s wealth is estimated at $135 billion making it one of the richest cities in Africa.
4. Lagos, Nigeria
Being one of the busiest and largest ports in Africa, Lagos has a strong trade between imports and exports. In addition, the city’s position as one of the fastest-growing financial centers of Africa with the highest rate of GDP of any African county, and an estimated population of over 86.3 million by the year 2100 makes it stand out as one of the richest cities in Africa. With 480 multi-millionaires and four billionaires in the city, Lagos has an estimated value of $120 billion.
5. Nairobi, Kenya
Nairobi is an urban area with a daily increasing population and a fast-growing job market, mainly in the fields of financial services, construction, real estate, tourism, telecommunications, and FMCG trades. Nairobi is home to about 280 multi-millionaires. There is about $55 billion of wealth in the hands of Nairobi’s richest citizens making the city one of the richest cities in Africa.
6. Luanda, Angola
Luanda, Angola may not be among Africa’s most well-known names however with $48 billion of wealth in the city, it ought to be. Being the biggest municipality of Angola, Luanda is home to the most wealthy people in the nation, with 400 millionaires, 340 multimillionaires, and one solitary (but certainly very happy) billionaire who live very luxurious lives. All thanks to Luanda’s boom in transportation, real estate, and construction sectors.
7. Durban, South Africa
The Second (but not the final) richest city from the continent’s most prosperous nation of South Africa is Durban. The city is home to the third-highest population in the nation along with the most crowded ports. Durban is a vibrant, bustling city of activity and industry. The Tourism, real estate, financial services, healthcare, construction, retail, and transportation industries are exceptionally strong, and its millionaires’ trade is even stronger. The city has 3200 millionaires, 130 multi-millionaires, and one billionaire, all of whom have the city’s $46 billion worth of wealth.
8. Pretoria, South Africa
Pretoria is South Africa’s administration seat, the hub of academic research, home to the Council for Scientific and Industrial Research, and host to 3 universities. With a robust employment market and a growing business in manufacturing as well as finances, Pretoria has managed to create millionaires from 2600 residents and multi-millionaires from 110 more. Although no resident has achieved the status of a billionaire, Pretoria still has a worth of $42 billion making it one of the richest cities in Africa.
9. Casablanca Morocco
As one of two North African cities on this list, Casablanca has a lot to be proud of and the city is doing it effortlessly. Despite Marrakech being the most famous tourist destination in Morocco, Casablanca is the nation’s largest and richest city. The city is home to 2300 millionaires and 111 multi-millionaires earning a lot of money from Casablanca’s financial and manufacturing sector. The city has the potential to boast an impressive fortune of around $40 billion.
10. Accra, Ghana
The West African city of Accra is the capital of Ghana, and home to the highest amount of wealthy residents in the country. The city’s estimated net worth is about $35 billion in the nation owing to the huge amount of wealthy people residing in the city. 2300 millionaires and 100 multi-billionaires have made Accra the home of their dreams. The city is certainly one of the richest cities in Africa.