Top 10 Richest Cities In Africa

For long Africa has been regarded as one of the poorest, if not the poorest continent in the world. Not surprising, as there’s an enormous amount of poverty that exists on these shores. However, since 2019 there has been a massive quantity of wealth generated. Because of the rapid growth in the tourism, finance construction, construction, and real estate industries, there’s a huge amount of money spread across the largest cities in the so-called poorest continent. 

These estimates are evaluated by analysing the wealth of the people living in these cities. Other assets, properties, cash, and business interests are not counted neither are government funds and interests. 

Here are our Top 10 in no particular order 

1 Nairobi Kenya 

Nairobi is very much an urban area with a steadily increasing population and equally a fast-growing workforce, mainly in fields such as; financial services, construction, real estate, tourism, telecommunications, and FMCG trades amongst others. Nairobi is home to roughly 280 multi-millionaires. There is about $55 billion of wealth in the hands of Nairobi’s richest citizens making the city one of the richest cities in Africa, and thereby present in our top 10. 

2 Casablanca Morocco 

Casablanca honestly has a lot to be proud of in terms of economic value, and the city is doing it without breaking a sweat. Despite Marrakech being the most famous tourist destination in Morocco as cited in our Top Places to Visit In Africa article, Casablanca is the nation’s largest and richest city ahead of Marrakech. The city is home to 2,300 millionaires and 111 multi-millionaires, money coming directly from Casablanca’s financial and manufacturing sector, which is seriously prosperous. The city boasts an impressive fortune of $40 billion, making it the city of the rich and mighty in Morocco. 

3 Pretoria South Africa 

Not only a rich city, but also doubles as the administrative seat of South Africa, the hub of academic research, home to the Council for Scientific and Industrial Research, and also host to 3 universities. With an ever growing employment market and a thriving business in manufacturing as well as finances. Pretoria has managed to create millionaires from 2,600 residents and multi millionaires from 110 more. Although no resident billionaire as of now, Pretoria still has a combined worth of $42 billion making it's way up the rich list. 

4 Luanda Angola 

Luanda may not be among Africa’s most well-known names, however with $48 billion of wealth in the city, it has rightfully earned its place. Being the biggest municipality of Angola, it is no surprise Luanda is home to the most wealthy people in the nation, with an estimated 400 millionaires, 340 multimillionaires, and one solitary (but certainly very happy) billionaire who live a very luxurious life. No thanks to Luanda’s heavy boom in transportation, real estate, construction sectors, and manufacturing. 

5 Durban South Africa 

The city is home to the third largest population in the nation along with the most crowded ports. Durban is a vibrant, bustling city of activity and industry. The Tourism, real estate, financial services, healthcare, construction, retail, and transportation industries are exceptionally strong. The city has 3,200 millionaires, 130 multi-millionaires, and one billionaire, all of whom have the city’s combined $46 billion worth of wealth. 

6 Accra Ghana 

Accra, the capital of Ghana, and home to the highest amount of wealthy residents in the country. The city’s estimated net worth is about $35 billion in the nation owing to the huge amount of wealthy people residing in the city. 2,300 millionaires and 100 multi-billionaires have made Accra the home of their dreams. Making it one of the richest cities in Africa, earning its place on the top ten. 

7 Lagos Nigeria 

Lagos, arguably the business capital of Nigeria, has a strong trade in imports and exports. In addition, the city’s position as one of the fastest growing financial centers of Africa with the highest rate of GDP of any African county, and with an estimated population of over 86.3 million, it stands out as one of the richest cities in Africa. With 480 multi-millionaires and four billionaires in the city, Lagos has an estimated combined value of $120 billion, certainly the city of the rich. 

8 Cape Town South Africa 

Known for violence, crime, and xenophobia activities, it still offers some good and otherwise intrigue, as It is home to one of the most stunning beaches that draw thousands of visitors/tourists each year. Naturally, the final product of all the tourism trade is an enormous amount of money flowing into the economy.

Coupled with its booming real investment, financial services, and retail sectors, Cape Town is one of the richest cities in Africa. The city is currently home to about 150,000 millionaires. The total value of the city’s wealth is estimated at $135 billion.  

9 Cairo Egypt 

Cairo is a big city with a springing population that makes it the most populous urban area in the Arab world, and also globally.

Accompanying is the city's widespread poverty and unemployment, as is expected of a city of that magnitude. However, it also has an extremely high population of the richest people as well as five current billionaires and 480 plus multi-millionaires which contribute to the city’s overall $140 billion riches. 

10 Johannesburg South Africa 

Possibly the richest city in Africa at present, the city has wealth totaling over $248 billion, jo - burg, as it is fondly called is South Africa’s biggest city. The city is located in the Witwatersrand hill range, a region that is brimming with minerals, and also the center of a highly profitable diamond and gold trade. 

And this ever booming industry has ensnared Johannesburg with 970 millionaires and two highly successful billionaires.

Johannesburg is no doubt South Africa’s main business hub and even those who are not six figure earners are making a profit due to the abundance of high-paying jobs in the professional, financial, and telecommunications sectors combined.