Africa is witnessing a significant rise in wealth, with a growing number of US dollar millionaires spread across the continent.
These affluent individuals are concentrated in key cities that serve as economic hubs, attracting investments and fostering industries that drive prosperity.
According to the 2024 Africa Wealth Report, these cities are not only centers of wealth but also pivotal to the continent’s ongoing economic transformation.
1. Johannesburg, South Africa 🇿🇦 – 12,300
Johannesburg stands out as the city with the most US dollar millionaires in Africa, boasting 12,300 wealthy individuals.
Known as the economic powerhouse of South Africa, Johannesburg’s wealth is driven by diverse industries, including finance, mining, and manufacturing.
2. Cape Town, South Africa 🇿🇦 – 7,400
Cape Town, with 7,400 millionaires, is renowned for its stunning landscapes and thriving tourism industry. The city also benefits from a strong real estate market and a robust financial sector.
3. Cairo, Egypt 🇪🇬 – 7,200
Cairo, the capital of Egypt, hosts 7,200 millionaires. Its rich history and status as a cultural and economic hub make it a magnet for wealth. Key industries include tourism, real estate, and commerce.
4. Nairobi, Kenya 🇰🇪 – 4,400
Nairobi, with 4,400 millionaires, is a major financial and political center in East Africa. The city’s economic growth is fueled by sectors such as telecommunications, banking, and tourism.
5. Lagos, Nigeria 🇳🇬 – 4,200
Lagos, home to 4,200 millionaires, is Nigeria’s largest city and economic center. The city’s wealth is driven by oil, telecommunications, and entertainment industries.
6. Cape Winelands, South Africa 🇿🇦 – 3,600
The Cape Winelands region, with 3,600 millionaires, is known for its wine production and tourism. Its picturesque landscapes and high-end real estate market contribute to its wealth.
7. Durban, South Africa 🇿🇦 – 3,500
Durban, hosting 3,500 millionaires, is a key port city with a thriving tourism industry. The city’s economy is also bolstered by manufacturing and trade.
8. The Garden Route, South Africa 🇿🇦 – 3,200
The Garden Route, with 3,200 millionaires, is famous for its scenic beauty and attracts a significant number of affluent residents through tourism and real estate.
9. Casablanca, Morocco 🇲🇦 – 2,800
Casablanca, Morocco’s economic capital, has 2,800 millionaires. The city’s economy is driven by finance, manufacturing, and trade.
10. Pretoria, South Africa 🇿🇦 – 2,100
Pretoria, home to 2,100 millionaires, is the administrative capital of South Africa. It benefits from government services, education, and technology sectors.
11. Accra, Ghana 🇬🇭 – 1,900
Accra, with 1,900 millionaires, is Ghana’s capital and largest city. Its economy is supported by services, real estate, and trade.
12. Luanda, Angola 🇦🇴 – 1,500
Luanda, hosting 1,500 millionaires, is Angola’s capital and primary port city. The oil industry plays a significant role in its wealth.
13. Marrakesh, Morocco 🇲🇦 – 1,400
Marrakesh, with 1,400 millionaires, is a major tourist destination known for its historical sites and vibrant culture. Tourism and real estate are key economic drivers.
14. The Whale Coast, South Africa 🇿🇦 – 1,200
The Whale Coast, with 1,200 millionaires, is renowned for its marine biodiversity and tourism. The region’s real estate market also attracts wealthy individuals.
15. Windhoek, Namibia 🇳🇦 – 1,200
Windhoek, home to 1,200 millionaires, is the capital of Namibia. The city’s wealth is driven by mining, trade, and services.
16. Dar es Salaam, Tanzania 🇹🇿 – 1,200
Dar es Salaam, with 1,200 millionaires, is Tanzania’s largest city and economic center. Key industries include tourism, trade, and manufacturing.
17. Tangier, Morocco 🇲🇦 – 1,000
Tangier, hosting 1,000 millionaires, is a major port city with a strategic location. Its economy benefits from trade, tourism, and manufacturing.
18. Algiers, Algeria 🇩🇿 – 1,000
Algiers, with 1,000 millionaires, is the capital of Algeria. The city’s wealth is primarily derived from the oil and gas industry.
19. Grand Baie, Mauritius 🇲🇺 – 900
Grand Baie, home to 900 millionaires, is a popular tourist destination in Mauritius. The region’s economy is supported by tourism, real estate, and financial services.
20. Kigali, Rwanda 🇷🇼 – 800
Kigali, with 800 millionaires, is the capital of Rwanda. The city’s growth is driven by sectors such as services, real estate, and tourism.
Conclusion
The distribution of US dollar millionaires across African cities highlights the continent’s diverse economic landscapes and the emerging centers of wealth.
These cities not only attract significant investments but also play crucial roles in their respective national economies.
From the bustling streets of Johannesburg to the scenic beauty of Cape Town and the historical richness of Cairo, these urban centers are at the forefront of Africa’s economic transformation.
As the continent continues to grow and develop, these cities will likely see further increases in wealth, cementing their positions as key players in the global economy.
