According to the 2024 Africa Wealth Report by Henley & Partners, Africa boasts 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding USD 1 million. The continent also hosts 342 centi-millionaires, each worth USD 100 million or more, and 21 billionaires.
Africa’s top five wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for 56% of the continent’s millionaires and over 90% of its billionaires.
On a city level, Johannesburg remains Africa’s wealthiest city, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires.
Cape Town follows with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Other prominent urban wealth hubs include Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200).
Looking ahead, Andrew Amoils, head of research at New World Wealth, identifies Cape Town, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech as regions expected to see over 85% growth in millionaire numbers over the next decade.
“Solid growth of over 80% is also projected for Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg as Africa’s wealthiest city by 2030.
We anticipate several major Johannesburg-based companies will relocate their head offices to Cape Town in the coming decade, which should boost the city’s wealth growth,” Amoils stated.
Below are the 10 wealthiest cities in Africa in 2024
Rank
CityCountryMillionaires (USD 1m+)
Centi-millionaires (USD 100m+)
Billionaires (USD 1bn+)
Johannesburg
South Africa12,300252Cape Town
South Africa7,400
281Cairo
Egypt
7,200
304Nairobi
Kenya
4,400
10
–LagosNigeria
4,200
122Cape Winelands (region)
South Africa
3,600
162Durban, Umhlanga & Ballito
South Africa
3,500
11–The Garden Route (region)
South Africa
3,200
5–Casablanca
Morocco2,800
101Pretoria
South Africa
2,1002
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