Africa is a vibrant continent brimming with growing cities and untapped potential, paving the way for a narrative steeped in prosperity and ambition. Boasting 135,200 millionaires, 342 centi-millionaires, and 21 billionaires with a total investable wealth of $2.5 trillion, Africa showcases a thriving economic landscape.
However, recent findings from a report by Henley and Partners shed light on a migration pattern among high-net-worth individuals (HNWIs) over the past decade (2013 to 2023). Approximately 18,700 individuals in this elite category have chosen to explore opportunities beyond African borders.
Related – 8 Daily Affirmations For A life Of Achievement
The top destinations for these affluent individuals include the UK, the USA, Australia, and the UAE, with a notable influx also heading to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
It’s important to note that these numbers exclude migrations within Africa itself. During the same period, around 1,600 millionaires have relocated between African countries, with popular choices including Mauritius, South Africa, Morocco, and Namibia.
Despite the outward migration trend, Africa boasts some of the wealthiest cities and regions on the continent. Let’s take a closer look at the top 10, ranked by the number of resident millionaires (HNWIs).
1. Johannesburg – 12,300 HNWIs
Known as the economic powerhouse of South Africa, Johannesburg hosts the prestigious Johannesburg Stock Exchange (JSE) and a staggering 12,300 wealthy individuals. The city’s opulent wealth is concentrated in affluent suburbs like Sandhurst, Hyde Park, Inanda, and the historic Westcliff.
2. Cape Town – 7,400 HNWIs
Cape Town shines as a beacon of luxury, with 7,400 high-net-worth individuals residing in prime areas such as Clifton, Bantry Bay, and Constantia. The city is witnessing a surge in affluent residents due to the ‘semigration’ trend, attracting HNWIs seeking unrivaled lifestyle experiences.
3. Cairo – 7,200 HNWIs
Situated along the Nile River, Cairo stands as a historically significant city with 7,200 wealthy residents. Boasting more billionaires and centi-millionaires than any other African city, Cairo is a magnet for wealth and influence, with affluent areas like Zamalek and Garden City.
4. Nairobi – 4,400 HNWIs
Nairobi serves as East Africa’s economic engine, with prestigious neighborhoods like Karen and Muthaiga hosting 4,400 high net worth individuals. The city contributes significantly to Kenya’s wealth and offers a mild climate due to its elevated location.
5. Lagos – 4,200 HNWIs
As Africa’s most populous city, Lagos is home to the Nigerian Stock Exchange and prominent figures like Tony Elumelu and Aliko Dangote. With 4,200 high-profile residents, Lagos is a thriving hub for affluent individuals and multinational corporations.
6. The Cape Winelands – 3,600 HNWIs
South Africa’s Winelands region, encompassing towns like Paarl and Stellenbosch, attracts 3,600 resident millionaires drawn to its scenic beauty and wine culture. Upscale estates like Val de Vie and De Zalze cater to high-net-worth individuals seeking a luxurious lifestyle.
7. Durban, Umhlanga, and Ballito – 3,500 HNWIs
Neighboring towns along South Africa’s Natal Coast offer premier eco-estates like Zimbali and Simbithi, housing 3,500 high net worth individuals. Lagoon Drive in Umhlanga stands out as a hub of luxury living, with upscale apartment complexes attracting affluent residents.
8. The Garden Route – 3,200 HNWIs
Stretching from Mossel Bay to Storms River, South Africa’s Garden Route is home to 3,200 financially independent individuals. Charming towns like Plettenberg Bay and Knysna appeal to high-net-worth individuals seeking a tranquil yet upscale lifestyle.
9. Casablanca – 2,800 HNWIs
Morocco’s largest city, Casablanca, accommodates 2,800 affluent individuals and serves as an economic nucleus with major corporations and a thriving stock exchange. The city’s allure lies in its business opportunities and luxurious living options.
10. Pretoria – 2,100 HNWIs
Pretoria, the capital city of South Africa, boasts a population of 2,100 high-net-worth individuals drawn to its affluent neighborhoods like Waterkloof and lifestyle estates such as Silver Lakes. Renowned as a prominent business hub, Pretoria offers a blend of upscale living and economic opportunities.
Africa’s wealth landscape is a tapestry of prosperity and possibility, with cities and regions attracting affluent individuals seeking a slice of luxury living. As the continent continues to evolve and grow, these top destinations stand out as beacons of opulence and opportunity.
#AfricaWealth #HighNetWorth #LuxuryLiving #WealthyCities #AfricanEconomy