South Africa is home to four of the top 10 cities where the wealthiest people on the continent reside. Can you guess the rest?
The idyllic island of Mauritius is officially the fastest-growing market in terms of wealth creation, with the number of high-net-worth-individuals (HNWI) or dollar millionaires growing by an impressive 195% between 2007 and 2017.
This is according to the 2018 Africa Wealth Report compiled by AfrAsia Bank and New World Wealth.
Over the past year alone, the fortunes of the wealthy living in Mauritius grew by 20%, compared to the continental average growth of just 3%. Globally, Mauritius was among the top three fastest-growing wealth markets in the world.
While South Africa’s wealthy have amassed the highest collective total of wealth at $722 billion (over R10 trillion), Mauritius has the highest wealth per capita, meaning the island country has the highest average wealth per person.
Here’s a round up of the 10 wealthiest cities in Africa measured in terms of total wealth held:
The ultra-rich residents of the City of Gold collectively hold a treasure chest of $276 billion (R4 trillion).
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Their wealth is predominantly generated from the financial services, professional services (law firms and consultancies), construction and telecommunications sectors.
2. CAPE TOWN
Known as the playground for the country’s super rich, Cape Town’s super-rich residents collective hold a net worth of $155 billion (R2,2 trillion) The major sectors that drive wealth creation in this city are real estate, fund management, retail and tourism.
3. CAIRO (EGYPT)
Egypt is the second-wealthiest country on the continent, with its super-rich residents holding a collective wealth of $330 billion (R4,9 trillion). Just under half of this wealth, $140 billion (R2 trillion), is held by people who reside in the capital city of Cairo. Wealth creation in this city is largely driven by the real estate and construction, financial services and basic materials sectors.
4. LAGOS (NIGERIA)
Rich Nigerians living in Lagos collectively hold a fortune of $108 billion (R1,6 trillion). Researchers have attributed the slowdown in wealth growth to the devaluation of the Naira to the US dollar, depreciation in the price of local real estate prices and a mass migration of HNWIs to the UK, USA, France, Switzerland, the UAE and SA.
With a rapidly rising population of HNWIs, the collective wealth of Durban’s rich now stands at $55 billion (R818 billion), thanks largely to a booming property sector, finance, healthcare, construction and transport sectors.
6. NAIROBI (KENYA)
The fortunes of Nairobi’s wealthiest aren’t too far behind those in Durban, with total wealth held in the city amounting to $54 billion (R797 billion).
Their riches were generated through real estate and construction, telecommunications, tourism, retail and the fast moving consumer goods (FMCG) sectors.
7. LUANDA (ANGOLA)
An oil-rich nation, the super-wealthy in Luanda have relied on property and construction, transport and minerals like oil and gas to make their fortunes.
Collectively, rich people in Luanda hold a net worth of $49 billion (R723 billion).
SA’s capital city is another fast-growing city in terms of wealth creation, with the total wealth held in Pretoria amounting to $48 billion (R708 billion). Their wealth is generated largely from the financial services sector, as well as manufacturing and basic materials.
9. CASABLANCA (MORROCCO)
The total wealth held in the city amounts to $42 billion (R620 billion), driven largely by basic materials, manufacturing and the financial services sectors.
10. ACCRA (GHANA)
Rich folk in Ghana’s capital city of Accra hold a collective net worth of $38 billion (R561 billion), generated largely from the basic materials, manufacturing and the financial services sectors.