Top 5 African cities with the most millionaires in dollars (2024)

While the richest man in Africa, Aliko Dangote, is Nigerian, the wealth distribution in Africa is usually concentrated in certain cities and not necessarily in Nigeria.

The largest stock exchange in Africa and the top 20 in the world is located in Johannesburg, also home to the Johannesburg Stock Exchange.

Most of the city’s wealth is centred in the suburbs around Sandton City Shopping Centre, referred to as “the richest square mile in Africa.”

While Westcliff is a suburb of old money, many HNWIs reside in the Sandton suburbs of Sandhurst, Hyde Park, and Inanda.

High net worth individuals (HNWIs) from other regions of South Africa, especially Johannesburg and Pretoria, are moving to Cape Town.

Cape Town is home to some of Africa’s most luxurious residential neighbourhoods, including “New World Wealth’s Prime 7 (Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James).

By 2030, Cape Town is expected to overtake Johannesburg as the richest city in Africa, making it a preferred retirement destination for the European and African wealthy.

Cairo, one of the most historically significant cities in the world, is situated along the Nile River.

Though it only ranks third in terms of HNWIs, it is home to more billionaires and centi-millionaires than any other African metropolis. Newgiza, Garden City, and Zamalek are posh areas of Greater Cairo.

Nairobi, East Africa’s economic hub, is home to established luxury residential neighbourhoods like Karen and Muthaiga.

It holds 48% of Kenya’s total wealth and over 60% of its millionaires. The city’s mild and cool climate, situated at an altitude of 1,800 meters above sea level attracts a lot of foreigners.

Lagos is the most populous city in Africa and many high-net-worth individuals live in Lagos.

It serves as the headquarters for major African multinational corporations, including Zenith Bank and the Dangote Group, entertainers and entertainment companies, and tech companies.

It is believed that the number of millionaires in these African countries will grow as their economies expand.