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Top cities for African millionaires

New World Wealth provides information on the global wealth sector, with a special focus on high growth markets. There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion. “Millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more. As evidenced in the below table, Johannesburg is the top African city for millionaires. There are also sizable millionaire populations living in Cairo, Lagos and Cape Town.

Africa: Top cities for millionaires, 2015
City Country Number of millionaires, 2015
Johannesburg South Africa 23,400
Cairo Egypt 10,200
Lagos Nigeria 9100
Cape Town South Africa 8900
Nairobi Kenya 6200
Luanda Angola 4900
Durban South Africa 2700
Pretoria South Africa 2500
Casablanca Morocco 2400
Accra Ghana 2300
Algiers Algeria 2000
Alexandria Egypt 2000
Port Louis Mauritius 1300
Windhoek Namibia 1300
Gaborone Botswana 1200
Dar Es Salaam Tanzania 1200
Abidjan Ivory Coast 1100
Abuja Nigeria 1000
Port Harcourt Nigeria 1000

Among major cities for millionaires, Accra is expected to be the fastest growing going forward.

Africa: Millionaire growth forecast by city, 2015 – 2025
City Growth % No. of millionaires, 2015 No. of millionaires, 2025
Accra 78% 2300 4100
Nairobi 71% 6200 10,600
Durban 48% 2700 4000
Lagos 46% 9100 13,300
Pretoria 44% 2500 3600
Casablanca 42% 2400 3400
Luanda 41% 4900 6900
Johannesburg 39% 23,400 32,600
Cape Town 38% 8900 12,300
Alexandria 35% 2000 2700
Cairo 33% 10,200 13,600
Algiers 25% 2000 2500

Johannesburg skyline

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