Share

Over 40% of Africa's millionaires live in SA

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

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders