Where Do the Richest People in Africa Live?
Where do the richest of the rich live in Africa? The 2021 Africa Wealth Report claims to have the answer.
According to the 2021 Africa Wealth Report, over 50% of Africa’s total wealth can be found in five big markets: Egypt, South Africa, Nigeria, Morocco and Kenya. But even within these nations, the richest people on the continent live in just a few of its cities.
On the report’s list of ‘Where the Most Rich People Live’, South Africa’s Johanneseburg and Cape Town are the most and second-most popular cities for the wealthy to spend their lives respectively, with Egypt’s own Cairo coming in third place. The wealthy in Johannesburg are worth USD 226 billion collectively, while the ones in Cape Town are worth USD 123 billion, and Cairo’s are worth USD 118 billion.
Despite Cairo coming in number three, the report showed that Egypt has the most billionaires on the continent, with four of Africa’s wealthiest billionaires making their homes here, compared to two in Johannesburg and one in Cape Town. Meanwhile, South Africa is home to over twice as many millionaires as any other city in Africa (15100 compared to Cairo’s 7500), and almost twice as many multimillionaires (790 compared to Cairo’s 400).
Lagos in Nigeria comes in at fourth place with USD 88 billion total wealth, followed by Durban & Umhlanga in South Africa (USD 55 billion total wealth), Nairobi in Kenya (USD 47 billion total wealth), Paarl, Franschhoek & Stellenbosch in South Africa (USD 47 billion total wealth), Pretoria in South Africa (USD 42 billion total wealth), Casablanca in Morocco (USD 39 billion total wealth) and Accra in Ghana (USD 34 billion total wealth).
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