Top 10 Wealthiest Cities in Africa in 2024

GlobalCurrent24 presents the wealthiest cities in Africa in 2024, courtesy a comprehensive lists  released by Henley and Partners

Africa now has a total investable wealth of USD 2.5 trillion, and its millionaire population is predicted to increase by 65% over the next decade.

Key Highlights

• GlobalCurrent24.com presents 10 wealthiest cities in Africa in 2024
• The list is courtesy of Henley & Partners
• Johannesburg is Africa’s wealthiest city, home to 12,300 millionaires, 25 cent-millionaires, and 2 billionaires.

According to Henley & Partners’ 2024 Africa Wealth Report, Africa has 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of more than USD 1 million, as well as 342 cent-millionaires worth USD 100 million or more and 21 billionaires.

Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco — account for 56% of the continent’s millionaires and over 90% of its billionaires.

Johannesburg is Africa’s wealthiest metropolis, with 12,300 millionaires, 25 centimillionaires, and two billionaires.

Cape Town follows closely after with 7,400 millionaires, 28 centimillionaires, and one billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) are also notable metropolitan wealth hotspots.

Top 10 Wealthiest Cities in Africa in 2024

Rank	City	Country	Millionaires (USD 1m+)	Centi-millionaires (USD 100m+)	Billionaires (USD 1bn+)
1	Johannesburg	South Africa	12,300	25	2
2	Cape Town	South Africa	7,400	28	1
3	Cairo	Egypt	7,200	30	4
4	Nairobi	Kenya	4,400	10	–
5	Lagos	Nigeria	4,200	12	2
6	Cape Winelands (region)	South Africa	3,600	16	2
7	Durban, Umhlanga & Ballito	South Africa	3,500	11	–
8	The Garden Route (region)	South Africa	3,200	5	–
9	Casablanca	Morocco	2,800	10	1
10	Pretoria	South Africa	2,100	2	–

When it comes to future millionaire-magnet cities and regions, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, says Cape Town, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are all expected to see 85%+ millionaire growth over the next decade.

“Solid growth of more than 80% is also expected in Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg as Africa’s wealthiest metropolis by 2030. We expect several significant Johannesburg-based corporations to relocate their headquarters to Cape Town during the next decade, which will assist to fuel wealth growth in the city,” he said.

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