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Over 40% of Africa's millionaires live in SA

Sep 02 2015 13:00
Matthew le Cordeur

Cape Town – Nearly 42% of all dollar millionaires in Africa were living in South Africa’s top four cities in 2015, according to a report by global research company New World Wealth released on Wednesday.

Johannesburg tops the list with the most millionaires (23 400), while Cape Town (8 900), Durban (2 700) and Pretoria (2 500) are all in the top 10, according to the report.

There are about 163 000 millionaires living in Africa as of June 2015, with combined wealth holdings of $670bn.

Cairo in Egypt had the second most millionaires (10 200), while Lagos, Nigeria had the third most (9 100).

Accra in Ghana is set to see the biggest growth in millionaires in the next decade, with numbers forecast to increase from 2 300 in 2015 to 4 100 in 2025, the report shows.

Nairobi (71% increase from 6 200 to 10 600) and Durban (48% increase to 4 000) are the next two cities with the highest projected growth.

Colin Grieve, chief representative officer at AfrAsia Bank, said African cities are emerging as epicentres of growth and opportunity.

“(They are) places where growing numbers of consumers with disposable income are congregating,” he said.

“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so, generating wealth for themselves and their communities.”

TABLE: Top cities where millionaires live in Africa, with the top 12 cities that will see the biggest growth in the next decade

Source: New World Wealth

africa  |  africa economy  |  millionaires  |  wealth
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