For a long time, South African cities have dominated the top 10 list of Africa’s richest cities. According to the 2019 wealth report compiled by AfrAsia Bank, four of the top ten positions have been taken by cities from South Africa.
Other than South African cities topping the list, the Cyril Ramaphosa-led country has been ranked the wealthiest country in Africa with the high net worth individuals (HNWI) population of 39,200 people holding the most wealth at USD 649 Bn.
Check below the ten of the wealthiest African cities:
The report highlights that the total wealth held in this city amounts to USD 248 Bn with most of the wealth concentrated in Sandstone which is home to Johannesburg Stock Exchange, Africa’s largest stock market. It also houses top African banks.
Also known as ‘The Mother City’, Cape Town holds a total wealth amounting to USD 133 Bn.
The city is known for its harbor, for its natural setting in the Cape Floristic Region, and for landmarks such as Table Mountain and Cape Point. Cape Town is home to 64 percent of the Western Cape’s population and is known to be a hotspot for wealthy second homeowners from across the globe.
Cairo has more billionaires than any other African city. The total wealth held in the Egyptian capital is USD 129 Bn.
The city is most famous for containing the famous Giza Pyramids Complex that holds one of the Seven Wonders of the World. Cairo has been the hub of education and services for Egypt and other neighboring regions as it holds the largest number of educational schools and universities.
Lagos is the largest city in Africa in terms of population and GDP but not in relation to wealth. It is the fifth most populous city in the world. Nollywood Nigeria’s popular film industry which has become the third-largest film industry in the world is located in Lagos. The total wealth held in this Nigerian city is USD 96 Bn.
Durban & Umhlanga
Total wealth held in the city is USD 54 Bn. The major sectors in these parts of South Africa include healthcare, financial services, real estate, and transport.
Total wealth held in the Kenyan capital amounts to USD 49 Bn. The city is known to be the economic hub of the East African region. The report notes that ” We expect Nairobi to break into the top five wealthiest cities in Africa soon, possibly replacing Lagos which has been slipping down the list of late.”
The total wealth held in the SA city amounts to USD 45 Bn. The quiet city in Gauteng features a number of natural and cultural attractions as well as significant old buildings and museums.
The city holds wealth amounting to USD 42 Bn. Luanda is known as the ” Paris of Africa” due to the city’s sophisticated culture and atmosphere.
This Moroccan city holds wealth amounting to USD 39 Bn.
The word Accra is derived from the Akan word Nkran meaning “ants”, a reference to the numerous anthills seen in the countryside around Accra. The city holds wealth amounting to USD 35 Bn.
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