Africa, a continent of incredible diversity and cultural richness, is also home to cities that serve as economic powerhouses, driving the prosperity of their nations and contributing significantly to the continent’s overall economic growth.
In this comprehensive exploration, we will delve into the ten richest cities in Africa, or more specifically, where the richest people live in Africa, uncovering the unique characteristics that contribute to their economic wealth.
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20 Richest African Cities By Number of Millionaires [2023 Ranking]
Our ranking of the richest cities in Africa is based on a 2023 report published by Henley & Partners highlighting the world’s wealthiest and fastest-growing cities and ranks them according to the number of high-net-worth individuals – those with a net worth of at least $1 million in US dollars – they contain.
We extracted the top African cities, added their country and metropolitan population for extra perspective, and ranked them accordingly.
1. Johannesburg
- Country: South Africa
- Population: Over 6 million
Johannesburg is the largest city in South Africa and holds a prominent place as the economic heart of the nation. With a well-developed infrastructure and a diversified business sector, it attributes most of its historical wealth to gold mining and produces approximately 16% of South Africa’s GDP.
To reduce its reliance on the mineral wealth of South Africa, Johannesburg has diversified into finance, technology, and manufacturing over the years. Its modern skyline reflects economic prowess, attracting multinational corporations and fostering innovation.
Johannesburg is the richest city in Africa, serving as home to over 14,600 millionaires and other high net-worth individuals, including 30 centimillionaires and two billionaires.
2. Cairo
- Country: Egypt
- Population: Over 20 million
Cairo is the capital and largest city in Egypt. Home to around 11% of Egypt’s population and accounting for 22% of the country’s economy, it serves as a cultural and economic epicenter of the whole of Africa.
Cairo’s economy is heavily based on governmental institutions and services, but its financial, media, manufacturing, and trade also significantly contributed to its GDP.
And, of course, it goes without saying that tourism enhances its economic vibrancy courtesy of the city’s strategic location along the Nile River and historical and cultural significance. Millions flock to Cairo every year just to witness ancient wonders such as the Pyramids of Giza.
There are currently 7,400 millionaires, 27 centimillionaires, and 5 billionaires living in Cairo.
3. Cape Town
- Country: South Africa
- Population: Over 4 million
Cape Town is a coastal city in South Africa renowned for its natural beauty. It contributes significantly to the country’s economy, with key sectors of its municipal economy including finance, real estate, technology, and tourism.
Cape Town’s wealth is closely tied to its status as a major tourist destination, with iconic landmarks such as Table Mountain attracting many visitors globally. Its growing tech sector and vibrant cultural scene make it attractive for both business and leisure.
In terms of high-net-worth individuals, Cape Town is the second richest city in South Africa with 7,200 millionaires, 26 centimillionaires, and 1 billionaire.
4. Lagos
- Country: Nigeria
- Population: Over 14 million
Lagos is the largest and fourth wealthiest city in Africa and Nigeria’s commercial capital. Its rapidly growing economy produces over 10 percent of the country’s GDP, boasting a diverse economic environment marked by robust financial, entertainment, real estate, and service sectors and a burgeoning technology industry.
Its strategic location as a major port facilitates intercontinental trade, enhancing its role in international trade and commerce.
Lago’s economic vibrancy is complemented by the entrepreneurial spirit of its residents, contributing significantly to its overall wealth. Lagos has 5,400 millionaires, 16 centimillionaires, and three billionaires.
5. Nairobi
- Country: Kenya
- Population: Over 4 million
Nairobi is Kenya’s capital and largest city, serving as East Africa’s economic hub. Strategically located and boasting a well-developed infrastructure, it plays a crucial role in the country’s finance, communication, and transportation, attracting trade and commerce.
Nairobi has a diverse economy with sectors such as finance, technology, and services driving growth. The Nairobi stock exchange is one of the largest in Africa, underlining its importance in the continent’s financial landscape.
Approximately 4,700 millionaires and 11 centimillionaires lived in Nairobi in 2023.
6. Durban
- Country: South Africa
- Population: Over 4 million
Situated on the east coast of South Africa, Durban is a bustling metropolis that successfully leverages its strategic port location. Indeed, the city’s wealth is closely tied to its port activities, which facilitate international trade and contribute significantly to South Africa’s economy.
Durban’s thriving industries include manufacturing, shipping, tourism, and a growing services sector. The warm climate and beautiful beaches also make it a popular tourist destination, further boosting its economic prowess.
Durban is the third wealthiest city in South Africa and the seventh richest city in Africa, boasting 3,600 millionaires and 10 centimillionaires in 2023.
7. Cape Winelands
- Country: South Africa
- Population: Approx. 1 million
Nestled in the Western Cape province, the Cape Winelands is a small but wealthy African city synonymous with picturesque landscapes and world-class vineyards. And, fitting to its name, the wealth of the region is deeply rooted in its flourishing wine industry, drawing connoisseurs and tourists alike.
The fertile soil and favorable climate create ideal conditions for grape cultivation, resulting in some of the finest wines globally. Beyond viticulture, the Cape Winelands also boasts a growing tourism sector, with historic towns and luxury accommodations contributing to its economic prosperity.
Cape Winelands has 3,400 millionaires, 15 centimillionaires, and 2 billionaires, impressive figures when you consider it has a much smaller population than nearly every other city on the list.
8. Garden Route
- Country: South Africa
- Population: Over 500,000
Stretching along the southwestern coast of South Africa, the Garden Route is a small city that punches above its weight wealth-wise. The region is celebrated for its natural beauty, diverse ecosystems, and burgeoning economic activities.
Garden Route’s wealth is driven by a combination of agriculture, tourism, and forestry. The lush landscapes, national parks, and outdoor recreational activities attract nature enthusiasts and adventure seekers, providing a steady stream of income.
Additionally, agriculture in the Garden Route, including the cultivation of timber and vegetables, plays a pivotal role in sustaining the local economy.
The smallest city on the list, Garden Route is home to 3,000 millionaires and 5 centimillionaires.
9. Casablanca
- Country: Morocco
- Population: Over 3 million
Casablanca is Morocco’s largest and richest city and stands as a key economic player in North Africa. The city’s strategic coastal location positions it as a major port and a vital trading hub.
Embracing modernity, the Casablanca has a particular focus on finance and services. It attracts foreign investment through sound economic policies, serving as a gateway for businesses, especially those from Europe and North America, looking to access the African market.
There are 2,800 millionaires, 14 centimillionaires, and 2 billionaires living in Casablanca. The city is quickly climbing up the ranks of the richest African cities.
10. Pretoria
- Country: South Africa
- Population: Over 2 million
Pretoria is one of South Africa’s three capital cities, serving as an administrative and diplomatic hub. While it doesn’t match the economic scale of Johannesburg, the city contributes significantly to the country’s GDP through government activities, research institutions, and manufacturing.
Pretoria’s economy is closely tied to its role as the administrative capital of South Africa, benefiting greatly from government institutions, foreign embassies, and research centers. Manufacturing and research activities further contribute to its GDP.
An estimated 2,400 millionaires and 2 centimillionaires called Pretoria home in 2023.
Honorable Mention: Accra
- Country: Ghana
- Population: Over 2 million
Accra is the largest and capital city of Ghana. Falling just short of being one of the top 10 wealthiest cities in Africa, it is a significant economic and cultural center in West Africa, second only to the much larger Lagos, Nigeria.
Accra’s wealth is linked to its status as a regional trade and finance hub. The city’s diverse economy is fueled by sectors such as banking, telecommunications, and real estate.
Additionally, Ghana’s stable political environment contributes to the city’s attractiveness for foreign investment. Some 2,000 millionaires and 4 centimillionaires lived in Accra in 2023.
Top 20 Richest Cities in Africa Ranked By Number of Millionaires In 2023
| Rank | City | Country | Millionaires | Centimillionaires | Billionaires |
| 1 | Johannesburg | South Africa | 14,600 | 30 | 2 |
| 2 | Cairo | Egypt | 7,400 | 27 | 5 |
| 3 | Cape Town | South Africa | 7,200 | 26 | 1 |
| 4 | Lagos | Nigeria | 5,400 | 16 | 3 |
| 5 | Nairobi | Kenya | 4,700 | 11 | 0 |
| 6 | Durban | South Africa | 3,600 | 10 | 0 |
| 7 | Cape Winelands | South Africa | 3,400 | 15 | 2 |
| 8 | Garden Route | South Africa | 3,000 | 5 | 0 |
| 9 | Casablanca | Morocco | 2,800 | 14 | 2 |
| 10 | Pretoria | South Africa | 2,400 | 2 | 0 |
| 11 | Accra | Ghana | 2,000 | 4 | 0 |
| 12 | Luanda | Angola | 1,800 | 3 | 0 |
| 13 | Dar Es Salaam | Tanzania | 1,400 | 4 | 1 |
| 14 | Whale Coast | South Africa | 1,100 | 5 | 0 |
| 15 | Windhoek | Namibia | 1100 | 2 | 0 |
| 16 | Marrakech | Morocco | 900 | 8 | 2 |
| 17 | Addis Ababa | Ethiopia | 800 | 2 | 0 |
| 18 | Kigali | Rwanda | 800 | 2 | 0 |
| 19 | Maputo | Mozambique | 800 | 1 | 0 |
| 20 | Mombasa | Kenya | 700 | 2 | 0 |
What Is The Wealthiest City in Africa?
The wealthiest city in Africa in terms of high-net-wroth individuals right now is Johannesburg, South Africa. With 14,600 millionaires, 30 centimillionaires, and 2 billionaires, it is home to more high-net-worth individuals than any other city on the African continent.
In other words, more millionaires live in Johannesburg than in any other African city.
Where Do Most Billionaires Live In Africa?
Currently, Egypt and South Africa have the most billionaires of any country in Africa. Egypt has five billionaires, while South Africa has four.
The African city with the most billionaires right now is Cairo, Egypt, home to five billionaires, followed by Lagos, Nigeria, home to three billionaires. Johannesburg – the richest African city – is home to two billionaires.
Conclusion
The richest cities in Africa — that is, the African cities where the richest people live — are currently Johannesburg, Cairo, Cape Town, Lagos, Nairobi, Durban, Cape Winelands, Garden Route, Casablanca, and Pretoria, with an honorable mention going to Accra.
Each city represents the economic vibrancy and potential for growth in their respective country and across the African continent. Their wealth is a testament to a combination of historical significance, natural resources, strategic positioning, and vibrant economic activities.
It’s worth noting that even though Johannesburg is the wealthiest city in Africa, it may lose its title in the coming years as other cities, notably Cairo and Lagos, rise in prominence.
