Over 40% of Africa's millionaires live in SA | Fin24
  • Beyond May

    The Tory rivals jostling to be UK Prime Minister.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

  • Downsizing

    President Ramaphosa is set to merge two economic ministries, according to sources.


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


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Trump’s administration has threatened to choke Huawei, hitting some of its biggest component makers. What are you most concerned about??

Previous results · Suggest a vote