Insights into Africa’s Wealthiest Cities

Africa is home to some of the world’s largest and most dynamic cities. The 10 wealthiest cities and areas in Africa are listed below, ranked by their number of resident millionaires (high-net-worth individuals, HNWIs).

Johannesburg: 12,300 HNWIs

Johannesburg is home to the Johannesburg Stock Exchange, the largest stock exchange in Africa by some margin and one of the world’s top 20 exchanges. Most of Johannesburg’s top-end wealth is concentrated in the suburbs surrounding Sandton City Shopping Centre, which has been dubbed “the richest square mile in Africa”. In particular, the Sandton suburbs of Sandhurst, Hyde Park, and Inanda are all home to large numbers of HNWIs, as is the ‘old money’ suburb of Westcliff, which is located closer to the old Johannesburg central business district.

Cape Town: 7,400 HNWIs

Cape Town contains many of Africa’s most opulent residential suburbs, including “New World Wealth’s Prime 7,” which comprise Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James. The city is currently benefiting from the ongoing ‘semigration’ of large numbers of HNWIs from other parts of South Africa (especially Johannesburg and Pretoria). It is also an increasingly popular retirement destination for migrating millionaires from Europe and the rest of Africa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.

Cairo: 7,200 HNWIs

Located along the Nile River, Cairo is one of the world’s most important cities historically. It is home to more billionaires and more centi-millionaires than any other African city, but ranks only 3^rd by the number of HNWIs. Affluent parts of the Greater Cairo include Zamalek, Garden City, and Newgiza.

Nairobi: 4,400 HNWIs

East Africa’s economic engine, Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods, including Karen and Muthaiga. It accounts for a high 48% of Kenya’s total wealth and over 60% of the country’s millionaires. Unlike other cities near the equator, Nairobi is known for its mild and temperate climate — the city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool.

Lagos: 4,200 HNWIs

Lagos is the largest city in Africa in terms of overall population and home to the Nigerian Stock Exchange. It is also the base city for African multi-national giants such as the Dangote Group and Zenith Bank.

The Cape Winelands: 3,600 HNWIs

Includes the neighboring towns of Paarl, Franschhoek, and Stellenbosch in South Africa’s winelands region. The Cape Winelands have several luxury lifestyle estates that have attracted HNWIs such as Val de Vie, De Zalze, and Domaine des Anges. Also, most of the wine farms in the area are owned by ultra-wealthy HNWIs and centi-millionaires, who often retire there.

Durban, Umhlanga, and Ballito: 3,500 HNWIs

These neighboring towns on South Africa’s Natal Coast feature many of world’s top eco-estates including Zimbali, Simbithi, Izinga, Brettenwood, Dunkirk Estate, and Hawaan Forest Estate. Lagoon Drive in Umhlanga is also very opulent, with luxury apartment complexes such as the Oysters, the Pearls, the Bermudas, and Edge of the Sea.

The Garden Route: 3,200 HNWIs

Stretches from Mossell Bay to Storms River on South Africa’s South Coast. Notable towns on the route include Plettenberg Bay, George, Knysna, Wilderness, and Mossell Bay, as well as smaller up-and-coming hotspots such as Natures Valley and Keurboomstrand. Beachy Head Drive in Plettenberg Bay is especially affluent and has been crowned “Africa’s Millionaire Row”.

Casablanca: 2,800 HNWIs

Morocco’s largest city and the country's economic center. Major companies based in the city include global phosphate giant OCP Group, Al Mada, and Attijariwafa Bank. Casablanca is also home to the Casablanca Stock Exchange, which is one of Africa’s largest stock markets.

Pretoria: 2,100 HNWIs

The capital city of South Africa and one of the country’s top business centers. Affluent parts of Pretoria include Waterkloof and Waterkloof Ridge, as well as luxury lifestyle estates such as Silver Lakes, Mooikloof Equestrian Estate, and Woodhill Estate.

Africa’s fastest-growing cities

The fastest-growing African cities and areas for millionaires are listed below. All experienced more than 30% millionaire growth over the past decade (2013 to 2023).

Grand Baie: +95%

The village of Grand Baie in Mauritius is home to some of Africa’s most exclusive houses and apartments, with prices reaching over USD 5,000 per square meter. Our figures for the area include surrounding residential estates such as Mont Choisy. Many of Mauritius’ wealthiest business leaders that work in nearby Port Louis live in Grand Baie.

Kigali: +88%

The economic engine room of Rwanda, Kigali is home to a growing number of upper-middle class residents. It accounts for a high 52% of Rwanda’s total wealth and over 60% of the country’s millionaires.

Marrakech: +65%

Known for its beautiful architecture, Marrakech is an increasingly popular retirement destination for wealthy foreign nationals from the Middle East and Europe. It is also one of the world’s top second home hotspots for the super-wealthy and a major luxury tourism hub with several world-class hotels and resorts located in the city, including the Royal Mansour and La Mamounia.

Swakopmund: +43%

Namibia’s Swakopmund is an increasingly popular retirement destination for South African and German HNWIs, known for its beautiful beaches and historical buildings. Affluent parts of Swakopmund include Vogelstrand and nearby Langstrand, which is located just outside of the city.

Tangier: +42%

Sometimes referred to as the “Gateway to Africa”, Tangier is a major port city located in northern Morocco, on the coasts of both the Mediterranean Sea and the Atlantic Ocean. It is known for its beaches and nightlife, while new marina Tanja Marina Bay is also a highlight for HNWIs.

The Whale Coast: +35%

The Whale Coast is the area between Cape Town and the Garden Route. There has been a major rise in permanent residents in this area over the review period, which was previously mainly seen as a second home hotspot. Notable towns on the Whale Coast include Hermanus, Rooi Els, and Betty’s Bay. The Hermanus suburbs of Voelklip, Kwaaiwater, Eastcliff, and Fernkloof Estate are especially affluent.

The Garden Route: +32% 

Profiled in the Top 10 above. Like the Whale Coast, the Garden Route has seen a rise in permanent residents over the past few years. There are also a number of top-end estates in this area that are attracting HNWIs including Fancourt, Pezula, Simola, Pinnacle Point, Oubaai Golf Estate, De Meermin, and Whale Rock Ridge.

Windhoek: +30%

An economic center of Namibia, Windhoek’s affluent suburbs include Ludwigsdorf and Klein Windhoek. There are also a growing number of eco-estates on the outskirts of the city that are attracting HNWIs, including Finkenstein Estate.

Top performers of the future

Over the next decade (to 2033), we expect Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech to lead the pack, with 85%+ millionaire growth projected in each. We also expect Lusaka and Mombasa to attract rising numbers of high-net-worth residents.

Lusaka is the largest city in Zambia and one of Africa’s top mining and agricultural hubs. Despite Zambia’s debt crisis, there are a growing number of international companies setting up branches, shops, and top-end restaurants in Lusaka, which is indicative of its growing appeal. The city’s affluent suburbs include Kabulonga and Leopards Hill.

Mombasa is Kenya’s main coastal city. There are several eco-estates on the outskirts of the city that are attracting HNWIs, including the well-known Vipingo Ridge.

As mentioned in the top 10, Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030. We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth. Lifestyle estates on the outskirts of the city are projected to perform especially well in attracting new HNWIs.

Overall, Africa’s millionaire numbers are expected to rise by a healthy 65% over the forecast period with solid growth projected in most major cities. We expect the key wealth-creating industries to be fintech, eco-tourism, business process outsourcing, software development, rare metals mining, green tech, media and entertainment, and wealth management.