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10 wealthiest cities in Africa

Jul 24 2017 20:25
Carin Smith

Cape Town - Four South African cities are among the top 10 wealthiest in Africa in terms of "total wealth held", according to a review by AfrAsia Bank and New World Wealth.

For the purposes of the report, “total wealth” refers to the private wealth held by all the individuals living in each city. It includes all their assets - property, cash, equities, business interests - less any liabilities. Government funds are excluded from the figures used.

Johannesburg came out top of the list with total wealth held in the city of $245bn. The city is home to 18 200 so-called high-net worth individuals (HNWIs) - in other words those with wealth of $1m (about R13m) or more. The city also has 970 so-called multi-millionaires - those individuals with wealth of $10m (about R130m) or more and two billionaires with wealth of $1bn (about R13bn) or more.

Major sectors in the city include financial services, professional services (law firms), construction, telecoms and basic materials.

Cairo in Egypt, with total wealth held in the city of $140bn is in second place. It is home to 8 900 millionaires, 480 multi-millionaires and 5 billionaires. Major sectors in the city include real estate and construction, financial services and basic materials.

Third on the list is Cape Town with total wealth held in the city of $135bn. It is home to 8 200 millionaires, 440 multi-millionaires and 2 billionaires.

Major sectors in the city include real estate, financial services (fund management), retail and tourism.

The report found that Cape Town is also a second home hotspot for the wealthy with over 1 500 multi-millionaires living in the city during peak holiday months. Many of these individuals are from outside South Africa.

A R65m home in Clifton, Cape Town. (Supplied)

Lagos in Nigeria, with total wealth held in the city of $120bn is in fourth place, followed by Nairobi in Kenya and Luanda in Angola.

READ: SA in bottom 5 of fastest wealth growth in Africa

Durban came in 7th place with total wealth held in the city of $46bn. It is home to 3 200 millionaires, 130 multi-millionaires and one billionaire. Figures for Durban include Umhlanga, Ballito, Zimbali and La Lucia.

Major sectors in the city include real estate, finance, healthcare, construction, retail and transport.

Durban. (Duncan Alfreds, Fin24)

Another South African city, Pretoria, is in 8th position. It has total wealth held in the city of $42bn and is home to 2 600 millionaires and 110 multi-millionaires - but no billionaires.

Major sectors in the city include basic materials, manufacturing and financial services.

Pretoria. (iStock)

The top 10 list is rounded off by Casablanca in Morocco in 9th place and Accra in Ghana 10th.

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