Top millionaire cities in South Africa

Top millionaire cities in South Africa

Nearly 42% of all dollar millionaires in Africa were living in South Africa’s top four cities in 2015, according to a report by global research company New World Wealth released on Wednesday.

Johannesburg tops the list with the most millionaires (23,400), while Cape Town (8,900), Durban (2,700) and Pretoria (2,500) are all in the top 10, according to the report.

There are about 163,000 millionaires living in Africa as of June 2015, with combined wealth holdings of $670 billion.

Cairo in Egypt had the second most millionaires (10,200), while Lagos, Nigeria had the third most (9,100).

Top 20 millionaire cities in Africa

# City Country Number of millionaires, 2015
1 Johannesburg South Africa 23 400
2 Cairo Egypt 10 200
3 Lagos Nigeria 9 100
4 Cape Town South Africa 8 900
5 Nairobi Kenya 6 200
6 Luanda Angola 4 900
7 Durban South Africa 2 700
8 Pretoria South Africa 2 500
9 Casablanca Morocco 2 400
10 Accra Ghana 2 300
11 Algiers Algeria 2 000
12 Alexandra Egypt 2 000
13 Port Louis Mauritius 1 300
14 Windhoek Namibia 1 200
15 Gaborone Botswana 1 200
16 Dar Es Salaam Tanzania 1 100
17 Abidjan Cote D’Ivore 1 000
18 Abuja Nigeria 1 000
19 Port Harcourt Nigeria 900
20 Mombasa Kenya 700

Accra in Ghana is set to see the biggest growth in millionaires in the next decade, with numbers forecast to increase from 2,300 in 2015 to 4,100 in 2025, the report shows.

Nairobi (71% increase from 6,200 to 10,600) and Durban (48% increase to 4,000) are the next two cities with the highest projected growth.

Top millionaire growth cities in Africa

City Country Millionaires, 2015 Millionaires, 2025 Growth
Accra Ghana 2 300 4 100 78%
Nairobi Kenya 6 200 10 600 71%
Durban South Africa 2 700 4 000 48%
Lagos Nigeria 9 100 13 300 46%
Pretoria South Africa 2 500 3 600 44%
Casablanca Morocco 2 400 3 400 42%
Luanda Angola 4 900 6 900 41%
Johannesburg South Africa 23 400 32 600 39%
Cape Town South Africa 8 900 12 300 38%
Alexandra Egypt 2 000 2 700 35%
Cairo Egypt 10 200 13 600 33%
Algiers Algeria 2 000 2 500 25%

Colin Grieve, chief representative officer at AfrAsia Bank, said African cities are emerging as epicentres of growth and opportunity.

“(They are) places where growing numbers of consumers with disposable income are congregating,” he said.

“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so, generating wealth for themselves and their communities.”

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