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Africa's 6 wealthiest cities - and where to find the continent's billionaires

Oct 09 2019 06:01
Compiled by Carin Smith

Johannesburg is the wealthiest city in Africa, according to the 2019 Africa Wealth Report by New World Wealth and Afrasia Bank.

"Total wealth" for the purposes of the report, refers to the total private wealth held by individuals living in each city.

It includes all their assets - property, cash, equities and business interests - less any liabilities. Government funds are not included in the mix.

Most of this wealth in Johannesburg is concentrated in Sandton - home of the JSE and of head offices of most of Africa's largest banks and corporates.

Cape Town comes in second place on the list with its exclusive suburbs such as Clifton, Bishopscourt, Camps Bay and Bantry Bay. It is also popular among wealthy second homeowners from around the world.

Cairo in Egypt is in 3rd place. It is home to more billionaires than any other African city. For the purposes of the report, billionaires are defined as individuals with net assets of $1bn or more.

Lagos in Nigeria is in 4th position. It is also the largest city in Africa in terms of population and gross domestic product - but not in terms of wealth.

In 5th place is Durban (including Umhlanga). It is one of the fastest growing areas in SA in terms of wealth growth over the past 10 years, according to the report.

In 6th place is Nairobi in Kenya. It is the economic hub of East Africa and one of the fastest growing cities in the world.

SA the wealthiest country

According to the report, South Africa remains the wealthiest country in Africa in terms of total wealth.

Next up is Egypt, followed by Nigeria, Morocco, Kenya, Angola, Ghana, Ethiopia, Tanzania and Ivory Coast.

The report notes that larger countries obviously have an advantage in this regard due to their higher populations.

On an individual basis, Mauritius have the wealthiest people in Africa with an average wealth of $31 000 (about R465 000) per person. They are followed by South Africans, with an average wealth of $11 500 (about R172 500) per person.

Furthermore, there are 23 billionaires living in Africa, each with assets of $1bn (more than R15bn) or more.

Total wealth in Africa has risen by 14% over the past 10 years, according to the report. Africa's performance was constrained by poor performance in the three largest African markets, namely South Africa, Egypt and Nigeria.

Total wealth held in Africa is expected to rise by 35% over the next 10 years, reaching $3trn by 2028.

Mauritius, Ghana, Rwanda, Kenya, Ethiopia and Uganda are expected to have the strongest performing wealth markets in Africa over this period.

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