This is according to a Google report.The wealth report rates Africa’s richest cities based on private wealth held. According to the research, a city’s “total wealth” is defined as the personal wealth possessed by all of its residents.
All other assets (real estate, cash, stocks, and business interests) are valued less any obligations. The estimate excludes government money.
Lagos, Africa’s most populated metropolis, was placed fourth. It is believed to be worth $96 billion. According to the research, Lagos has two billionaires and 5,400 millionaires.
The following are Africa’s top ten richest cities:
- Johannesburg, South Africa
Africa’s richest city. The majority of Johannesburg’s wealth is concentrated in Sandton, which is home to the JSE (Africa’s largest stock exchange) and the headquarters of the majority of Africa’s leading banks and corporations. Financial services (banks) and professional services (legal firms, consultancies) are major industries in the city. The overall fortune is believed to be $226 billion
2. Cape Town, South Africa
Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt, and Constantia are among Africa’s most exclusive suburbs. Steenberg, Atlantic Beach, and Silverhurst Estate are among the top-tier lifestyle estates in the area. Real estate and financial management are two of the most important industries there. The entire amount of wealth is $123 billion.
3. Cairo,Egypt
One of the world’s most historically significant cities also has more millionaires than any other city in Africa. Financial services, telecommunications, retail, tourism, and basic materials are among the major industries there. The entire amount of wealth is $118 billion.
4. Lagos, Nigeria
The city’s overall wealth is $88 billion. Ikoyi and Victoria Island are wealthy areas in Lagos. The city’s major industries are basic materials, oil and gas, and transportation.
5. Durban, South Africa
According to the findings of the study, wealth is concentrated in Durban, Umhlanga, La Lucia, and Ballito. According to the research, Durban’s total wealth is $55 billion.
6. Nairobi, Kenya
The entire wealth of the Kenyan city is $47 billion, East Africa’s economic center is also one of the world’s fastest-growing cities. Runda Estate, Lavington, Kitisuru, Karen, and Muthaiga are examples of wealthy neighborhoods in the city. Financial services, real estate, tourism, media, clothes, textiles, processed foods, drinks, and cigarettes are among the key industries.
7. Franschhoek, Paarl, and Stellenbosch
In South Africa, the towns of Paarl, Franschhoek, and Stellenbosch are located near to each other. They combine to make one of South Africa’s fastest-growing neighborhoods for those worth $1 million or more. Over the last decade, a considerable number of retired persons in this group have migrated to these places. The combined wealth of the three cities is $47 billion.
8. Pretoria
According to the research, Pretoria has a total worth of $42 billion. Waterkloof Ridge, Waterkloof, Sterrewag, Brooklyn, and Lynnwood are the city’s most expensive suburbs.
9. Casablanca
Over 2300 millionaires and billionaires live in Casablanca. Their combined fortune is believed to exceed $39 billion. The rich may be found in the suburbs, such as Anfa and Ain Diab.
10. Accra
Accra, Ghana’s capital, administrative and economic center, is the country’s largest metropolis.
