5 African Cities Hold More Than 50% of The Continent’s Private Wealth… Cairo on the Top

Total wealth held in private hands in Africa’s wealth currently amounts to $2.4 trillion with South Africa, Egypt, Nigeria, Kenya, and Morocco accounting for over 90% of its billionaires.

According to the latest 2023 Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth, these five cities account for 56% of the continent’s high-net-worth individuals (HNWIs).

There are currently 138,000 HNWIs with investable wealth of $1 M or more living in Africa, along with 328 centi-millionaires worth $100 M or more, and 23 US-dollar billionaires, the report said.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says more African countries are setting their sights on attracting HNWIs by providing residence and citizenship through investment opportunities that have the potential to transform their economies, according to the “Zawya” website.

“As wealth grows on the continent, we expect to see investment migration continue to gain ground in Africa not only on the demand side from African HNWIs looking to improve their travel freedom and economic mobility, secure location optionality, and mitigate risk, but also on the supply side, with more and more African nations looking to launch their programs to increase the inflow of capital and talent.”

The top richest cities in Africa with the most number of millionaires:

Johannesburg (14,600 HNWIs)

Cairo (7,400)

Cape Town (7,200)

Lagos (5,400)

Nairobi (4,700)

Durban (3,600)

Pretoria (2,400)