By Correspondent
Investment migration firm Henley & Partners published its ranking of African cities with the most wealthy residents.
The results are contained in the 2024 Africa Wealth Report which was done in collaboration with New World Wealth.
However, Harare isn’t part of the top 20 beaten by fellow SADC states such as Mozambique, Angola and Namibia.
The main determinants was the number of millionaires living in each city.
1- Johannesburg -24 600 millionaires
Johannesburg was voted the richest city in Africa with a whooping 24 600 millionaires resident in it.
According to African News its affluence is primarily centered in Sandton, where the JSE, the biggest stock exchange on the continent, and the headquarters of many major African banks and corporations are located.
“The city’s principal industries consist of financial services, encompassing banks, and professional services, such as law firms and consultancies.
2- Cairo (7,400)
Though second to Johannesburg, Cairo boasts the highest number of billionaires of any other African city.
Cairo’s primary industries encompass financial services, telecommunications, retail, tourism, and basic materials.
3- Cape Town (7,200)
Cape Town has Africa’s most luxurious neighbourhoods.
These include Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt, and Constantia.
Africa News reports that these areas have the highest prime residential rates on the continent.
They are comparable to cities like Washington, D.C., or Berlin.
4- Lagos (5,400)
Africa’s most populous city serves as the economic capital of West Africa.
The major sectors of the city’s economy include basic materials, oil and gas, transportation, and financial services.
Bottom Five
5- Nairobi (4,700)
One of the world’s fastest-growing cities, Nairobi serves as the economic hub of East Africa.
“Some of its affluent areas are Runda Estate, Lavington, Kitisuru, Karen, and Muthaiga.
Major industries comprise financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages, and cigarettes.
6. Durban (3,600)
7. Casablanca (2,800)
8. Pretoria (2,400)
9. Accra (2,000)
10. Luanda (1,800)