The wealthiest cities in Africa provide the most potential for investment and capital growth because they create markets for purchasing and selling goods on the continent.
There are more than 10 wealthy cities in Africa but, in this post, we’ll focus on the top 10 richest of them.
Here are the top ten richest cities in Africa in 2023.
Johannesburg
Because it is unmatched on the continent and has an estimated value of $248 billion, Johannesburg, often known as Joburg by locals, is the most wealthy city in South Africa.
This region of the world is a significant financial centre and is significant for a variety of factors, including fashion, tourism, the arts, minerals like diamonds and gold, and education.
Several of the most expensive properties on the continent are in Johannesburg, which also serves as the home base for several of the continent’s largest banks. Over 5 million tourists also visit the city each year in addition to its 5.635 million residents. 2 billionaires and approximately 16000 millionaires reside in Johannesburg.
Cape Town
South Africa’s administrative centre is located in Cape Town. It is one of the richest cities on the continent with a total value of $133 billion. Cape Town serves as a centre for manufacturing, government operations, education, and the services sector.
More than 3.5 million people are living in Cape Town. Cape Town is home to multiple millionaires as well as at least one billionaire.
The city of Cape Town is home to roughly 8,200 millionaires, 440 multi-millionaires, and 2 billionaires. Real estate, financial services, retail, and other industries also contribute to Cape Town’s economic prosperity.
Cairo
Cairo has historically been one of the richest cities in the world and among the richest in Africa. This capital city of Egypt has a total wealth of $129 billion, and is significant for many reasons, including its government institutions, the tourism sector, manufacturing, food processing, sports, and textiles.
Additionally, Cairo is a significant commerce hub where ships unload products meant for inland nations.
And, because the ancient city of Memphis and the renowned Giza pyramid complex are both situated in the current geographical region known as Cairo, the city has been connected to ancient Egypt.
Lagos
With a population of more than 22 million, Lagos, the capital city of Nigeria is the most populated metropolis in Africa. In addition to other industries, the city is significant as a centre for banking, manufacturing, tourism, international trade, food and drink, real estate, and hospitality.
An estimate of the city’s wealth is $96 billion. Notably, Aliko Dangote, Folorunsho Alakija, Mike Adenuga, and Femi Otedola are four top billionaires who reside in Lagos. Additionally, about 5400 millionaires reside in Lagos as well.
Durban
Another well-known city on the globe for its beauty and cultural diversity is Durban, which is located in South Africa. This location is one of the busiest in the nation, according to statistics. It is the third wealthiest city in the nation and one of the richest in Africa.
Tourism, real estate, hospitality, banking, manufacturing, and retail trade are just a few of the industries that contribute to the significance of this location. Additionally important to the city’s economy is the services industry.
Most of Durban’s 3.721 million residents are youthful, energetic, in the prime of their life, and financially secure. South Africans frequently travel to Durban for vacation. $54 billion worth of wealth is located in the city.
Nairobi
The city of Nairobi serves as Kenya’s capital. Additionally, this city has the most robust economy in all of East Africa. Nairobi is home to roughly 4.5 million people and is thought to be worth $49 billion in total. The city is significant for commerce, industry, finance, food processing, agriculture, tourism, and the service sector.
Nairobi’s political landscape is also heavily influenced by wealth and monetary power. The most frequented city in East Africa is this one. Approximately 6200 millionaires are living in the city.
In Nairobi, there is thought to be roughly US$55 billion in total wealth. It’s estimated that 6,800 millionaires are living there 280 multimillionaires, and zero billionaires.
Casablanca
The largest city in Morocco is Casablanca, situated in North Africa. Because of its significant port and beautiful culture, Casablanca is a well-known city.
With an estimated 3.7 million residents, the city’s largest sectors include hospitality, tourism, trade, retail, communication, and food production. In terms of processed fish and foods, Casablanca is known throughout Africa for producing some significant brands.
The city is the richest in the nation, with growing and lucrative industries including basic materials, manufacturing, and financial services.
Luanda
The biggest city in Angola is Luanda, which also serves as its capital. Agribusiness, oil production, trade, industry, and banking are all vital to this metropolis.
The estimated 2.572 million people who call Luanda home indicate that there is still unrealized economic potential there. Curiosity aside, there is a lot of disparity in Luanda despite the city having a total income of $42 billion.
However, it has more people than any other capital city that speaks Portuguese on the globe, including Brasilia, Maputo, and Lisbon. There are 4,100 millionaires in the city, 240 multimillionaires, and just one billionaire.
Pretoria
Another South African city is Pretoria. All of the government institutions are located here; it is the administrative centre of South Africa.
Economic sectors such as education, retail trade, services, real estate, and hospitality are all vital industries that maintain Pretoria’s economy strong and afloat.
Pretoria is one of the most populated cities in South Africa, with a total estimated worth of $45 billion and a population of over 2.5 million.
Accra
West African metropolis Accra has a long history. It is a wealthy city in West Africa and the capital of Ghana. With a population of 2.6 million, Accra is regarded as the nation’s commercial, manufacturing, financial, and cultural hub. One of the most significant hubs for the commerce of this priceless metal on the entire continent, Accra is also substantial as the hub for the gold trade in West Africa.
This rich African city, whose estimated total wealth is $38 billion, is home to more highly wealthy people than any other city in the nation (about 100 multi-billionaires are currently known to reside in the city). Manufacturing, raw materials, and financial services are the main industries in Accra that produce wealth.
Conclusion
It is not surprising that the wealthy live in the African cities listed above because they are some of the most significant cities on the African continent. The number of millionaires and billionaires on the African continent is increasing every year as a result of its continued economic expansion.
Due to the expansion in key industries including construction, tourism, and other related fields, several African cities can today boast of prosperity. African cities are now widely dispersed across the continent and are wealthy.
