Africa’s top cities for the ultra-rich
Johannesburg is home to the highest population of ultra-rich billionaires in Africa when it comes to cities on the continent.
In fact, the South African economic hub has almost twice the number of multi-millionaires – people with a net worth exceeding $30 million (R365 million).
The data, taken from the 2015 Knight Frank Global Wealth Report, showes which cities have the most ultra high net worth individuals (UHNWIs) in Africa, and includes two cities from SA, and three in Nigeria, the continent’s largest economy.
| City | Country | Resident HNWIs |
| Johannesburg | South Africa | 298 |
| Cairo | Egypt | 150 |
| Lagos | Nigeria | 131 |
| Cape Town | South Africa | 115 |
| Nairobi | Kenya | 69 |
| Dar Es Salaam | Tanzania | 36 |
| Abuja | Nigeria | 23 |
| Addis Ababa | Ethiopia | 21 |
| Marrakesh | Morocco | 15 |
| Kano | Nigeria | 10 |
Kano, Nigeria
Marrakesh, Morocco
Marrakech
Addis Ababa, Ethiopia
Abuja, Nigeria
Dar Es Salaam, Tanzania
Nairobi, Kenya
Cape Town, South Africa
Lagos, Nigeria
Cairo, Egypt
Johannesburg, South Africa
Joburg city
On a global comparison, The report showed that London (4,364) has the highest concentrate of ultra-wealthy people, followed by Singapore (3,227), New York (3,008), Hong Kong (2,690), and Frankfurt (1,909).
On a country basis, Knight Frank’s report showed that in 2014, South Africa was home to 616 UHNWIs – people worth more than US$30 million – the highest number on the continent, ahead of Egypt (276), Nigeria (210) and Kenya (115).
By 2024, this number is expected to grow by almost 50% to a total of 903 individuals – while Nigeria is expected to surpass Egypt, with 399 UHNWI individuals in the next decade.
Top 10 African countries for multi-millionaires (US$30 million+)
| # | Country | 2004 | 2014 | 2024 | 2004-2014 Growth | 2014-2024 Growth |
| 36 | South Africa | 300 | 616 | 903 | 105% | 47% |
| 50 | Egypt | 101 | 276 | 387 | 173% | 40% |
| 56 | Nigeria | 63 | 210 | 399 | 233% | 90% |
| 67 | Kenya | 56 | 115 | 209 | 105% | 82% |
| 74 | Tanzania | 40 | 78 | 156 | 95% | 100% |
| 75 | Angola | 12 | 72 | 112 | 500% | 56% |
| 79 | Tunisia | 37 | 57 | 88 | 54% | 54% |
| 83 | Libya | 16 | 42 | 66 | 163% | 57% |
| 85 | Morocco | 23 | 41 | 64 | 78% | 56% |
| 88 | Ethiopia | 9 | 36 | 72 | 300% | 100% |
More the ultra rich in SA
How many billionaires South Africa has
South Africa’s rich cashing in
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