The Power List: Africa’s Top 10 Richest Cities, Ranked By Private-Individual Wealth

The Africa Wealth Report 2025, published by Henley & Partners in partnership with New World Wealth, is out. This report ranks the continent’s wealthiest cities based on the number of resident high-net-worth individuals (HNWIs), defined as those with a net worth of USD 1 million or more. According to this year’s analysis of private wealth on the continent, these are the top 10 richest cities on the continent – and all the reasons why you may well be on the way to becoming a dollar millionaire should you choose to invest in any of them.

1. Johannesburg, South Africa

Johannesburg has retained its title as the wealthiest city in Africa. The Africa Wealth Report reveals the South African financial hub is home to an estimated 11,700 millionaires, solidifying its position as the primary centre of wealth on the continent.

Why Johannesburg?

Johannesburg is South Africa’s – and indeed, Africa’s – biggest financial and economic hub. It accounts for about 15 per cent of Africa’s total economic output, and is a manufacturing behemoth. It also boasts well-developed infrastructure and connectivity. For investors looking to play as well as work, the cultural significance of areas like Soweto, where the late President Nelson Mandela was born, is a must-see. The city also has a thriving art scene, proximity to many game parks, and the jewel in its gem: Sandton, a suburb that is considered much safer than the general Johannesburg, and comes with all the bells and whistles (plus more!) that the city has to offer.

2. Cape Town, South Africa

Once again, a South African city takes a prominent position, with Cape Town ranking in second place with 8,500 millionaires. The Mother City is also noted for having the highest concentration of “centi-millionaires,” – individuals with a net worth of USD 100 million or more. The report’s analysts predict forecast that Cape Town is on the way to surpassing Johannesburg to become the wealthiest city in Africa by 2030, driven by its robust tech sector and a high quality of life that is attractive to wealthy individuals.

Why Cape Town?

As with Johannesburg, Cape Town boasts modern infrastructure, connectivity, and networking opportunities for digital nomads. It is also the country’s foremost entertainment centre, with film and TV studios, media businesses, and a varied array of sceneries that film producers will love. Besides work opportunities, the culture, food and entertainment scene is unbeatable. And finally: Can you imagine living on a mountain while still having beaches and two (yes, two!) oceans in view? Yes, Cape Town offers all these.

3. Cairo, Egypt

Cairo, with 6,800 millionaires and the highest number of resident billionaires in Africa, comes in third. An important hub for the Middle East and North Africa (MENA) economic region, its biggest offering is its population size. With over 20 million residents, it offers manufacturers unbeatable value for money.

Why Cairo?

Besides its population strength, Cairo offers great opportunities for investors in real estate, especially because of the government’s push to upgrade and modernise the city with new urban centres. Cairo is also working hard in the renewable energy sector, aiming to generate 42 per cent of its electricity from renewable sources by 2035. And the one thing we all know Cairo for? Historical significance. From the Pyramids of Giza to The Sphinx, Egypt has kept these cultural landmarks largely untouched, seeing them is a feast for the eyes for those who enjoy a trip through Biblical, Islamic, and Hebrew history.

4. Nairobi, Kenya

East Africa’s economic hub, Nairobi, secures the fourth spot, hosting 4,200 millionaires and accounting for nearly half of Kenya’s total private wealth. Nairobi is Kenya’s economic and political capital, and is home to a vibrant food and entertainment scene.

Why Nairobi?

Kenya’s capital offers great opportunities for tech investors, with an internet-savvy workforce that guarantees quality work for tech projects. It’s also a great city for investors in the food and entertainment sector, with a vibrant gastronomy and concert scene. Its biggest draw? A national game park right in the heart of the city, with unbeatable views (how about watching a giraffe amble around against the backdrop of the city’s skyscrapers?) and variety of wildlife.

5. The Cape Winelands, South Africa

Although classified as part of the larger Cape Town, the Cape Winelands stand out for their unique climates (it’s not as cold as Cape Town central can get sometimes) and distinctly sandy soil. The Cape Winelands comprise South Africa’s foremost wine-producing regions, which are Stellenbosch, Franschhoek and Paarl. This region also boasts 3,800 millionaires.

Why The Cape Winelands?

If you are an investor in the food, wine, viticulture and/or tourism business, this is the location for you. Its tourism numbers grow every year, with the majority of tourists visiting for the wine-tasting and food-pairing, and to explore export opportunities for the world-famous wines produced here. Besides that, there are scenic drives to, from and within, and a culture that’s built to nurture family and friend get-togethers. Tourists don’t tend to visit for the day; on average, about 56 per cent of tourists (both domestic and international) stay over two nights.

6. Umhlanga and Ballito, South Africa

South Africa is really starting to emerge as the richest country in Africa! This KwaZulu-Natal (KZN) region boasts 3,700 millionaires. This is a coastal area experiencing a huge boom in the luxury real estate market.

Why Umhlanga and Ballito?

The Umhlanga and Ballito seafront corridor is one of South Africa’s fastest-growing wealth markets. The region has transitioned from a holiday destination to a year-round economic hub, attracting significant investment in real estate. If you dream of owning a luxury beachfront house, then this is the area for you. Besides that, you will also have access to numerous business opportunities, what with local and international companies choosing this as their KZN headquarters. Once again, as a real estate investor, you will benefit from investing in commercial properties. The connectivity (both internet and transport) are great, and being an area that’s family-friendly, there are tons of opportunity in education and retail businesses. For those who enjoy a little play alongside work, the Umhlanga and Ballito area offers golden beaches, lots of dining-out options, and family-friendly attractions.

7. Lagos, Nigeria

With 3,600 millionaires, Lagos has long been considered Africa’s foremost cultural and entertainment hub, with a vibrant music and film industry. Like Cairo, Lagos provides a large market for manufacturers, with its population of over 20 million.

Why Lagos?

Lagos is a major business and economic hub for all of Africa. It’s population is largely youthful; this means that if you are an investor in tech or consumer goods, you are likely to find a good market here. Lagos is called “The Silicon Valley Of Africa” for its skilled tech talent pool and culture of innovation, plus its physical centrality that makes it a key transport hub with West Africa and for the rest of the work. Business tourists will enjoy the arts scene, the beaches, the fashions, and the historical and heritage sites such as the Badagry Heritage Museum, which offers insights into the transatlantic slave trade.

8. Garden Route, South Africa

…and we’re back to South Africa – but this time, the Garden Route, with 3,200 millionaires. Its biggest draw is its governance, which guarantee the safety and comfort of everyone in the region, whether there for business or leisure. This 300-kilometre beach stretch sits on the Indian Ocean, and runs from the Western to the Eastern Cape regions.

Why the Garden Route?

• Once again, real estate investors will enjoy the property market boom, with buyers from more populated cities like Johannesburg flocking here to enjoy a slightly more chill life. Tourism is another way to make money here – primarily because of the region’s stunning landscapes and adventure activities for those who enjoy an adrenaline fix. Finally – and most important – the Garden Route is famous for its golfing opportunities, with some of the world’s most famous courses located here. Check out Fancourt Golf Estate and Pinnacle Point if you’re in the area and looking to putt.

9. Casablanca, Morocco

Let’s take a short break from South Africa and head back up north to Casablanca, the economic capital of Morocco, and famous for being the setting for one of history’s most iconic movies. Casablanca hosts 2,900 of Africa’s millionaires as well its strongest point: Its architecture.

Why Casablanca?

This city is steeped in cultural history – and yet still a modern business hub with well developed infrastructure. It is also the continent’s foremost financial hub, and the Casablanca Finance City is a dedicated economic zone that is designed to attract international investors and business. Its strategic location makes it important for aeronautic, pharmaceutical and automotive manufacturers. If you’re looking for something to do to relax between meetings, you might want to take a walk around the city to see all the art-deco style buildings, as well-preserved and presented as when they were first built, and the Hass II Mosque, which is one of the largest mosques in the world.

10. Pretoria, South Africa

We might as well close off where we started – in South Africa – this time, with the country’s administrative capital, Pretoria. This city hosts 2,300 millionaires. As the seat of the South African government and home to over 130 foreign embassies, Pretoria offers a stable and well-regulated business environment. This makes it an ideal location for companies that need close access to government and diplomatic decision-makers.

Why Pretoria?

The city’s northern region, particularly Rosslyn, is a major automotive manufacturing hub, with plants for global brands like Nissan and BMW. This sector has significant ongoing development projects, such as the “Tshwane Automotive City” concept, aimed at attracting further investment in manufacturing, logistics, and related services. The City of Tshwane (which includes Pretoria) has identified several priority sectors for investment, including property and construction, tourism, and business process outsourcing (BPO). The city is actively seeking to attract foreign capital with projects like the Tshwane Events Centre and the development of strategic land parcels for residential and commercial use. Also, Pretoria benefits from a large pool of skilled labour, thanks to its high concentration of educational and research institutions, including the University of Pretoria, the Tshwane University of Technology, and the Council for Scientific and Industrial Research (CSIR). If you’re looking for some fun, Pretoria also offers a more relaxed and historical experience compared to its bustling neighbour, Johannesburg. Its well-manicured landscapes and iconic landmarks are a major draw. The most iconic one is its Jacaranda trees that lay a lovely purple carpet of flowers when in season. Pretoria’s museums, monuments and landmarks are also legendary, as are the natural lush flora and nature reserves, all of which are very close to the central business district.