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 |
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