The top African cities for millionaires

Africa: Top cities for millionaires, 2015

There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion. Note: “Millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more. As evidenced in the below table, Johannesburg is the top African city for millionaires. There are also sizable millionaire populations living in Cairo, Lagos and Cape Town.

City Country Number of millionaires, 2015

• ·         Johannesburg South Africa 23 400
• ·         Cairo Egypt 10 200
• ·         Lagos Nigeria 9 100
• ·         Cape Town South Africa 8 900
• ·         Nairobi Kenya 6 200
• ·         Luanda Angola 4 900
• ·         Durban South Africa 2 700
• ·         Pretoria South Africa 2 500
• ·         Casablanca Morocco 2 400
• ·         Accra Ghana 2 300
• ·         Algiers Algeria 2 000
• ·         Alexandria Egypt 2 000
• ·         Port Louis Mauritius 1 300
• ·         Windhoek Namibia 1 300
• ·         Gaborone Botswana 1 200
• ·         Dar Es Salaam Tanzania 1 200
• ·         Abidjan Ivory Coast 1 100
• ·         Abuja Nigeria 1 000
• ·         Port Harcourt Nigeria 1 000
• ·         Mombasa Kenya 900
• ·         Maputo Mozambique 700
• ·         Kampala Uganda 700
• ·         Addis Ababa Ethiopia 700
• ·         Lusaka Zambia 600
• ·         Dakar Senegal 500
• ·         Kinshasa DRC 500
• ·         Bamako Mali 500
• ·         Marrakesh Morocco 500

Note: Table above only includes cities with 2,000 or more millionaires, so fast growing cities such as Maputo, Lusaka, Abidjan, Dar Es Salaam and Addis Ababa are excluded.

Definitions:

·      “Millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more. “Wealth” or “net assets” is defined as the net value of assets (assets less liabilities). It includes all assets except primary residences.For the purposes of this report, local millionaires include all individuals who are living or working in each country, including expats. Excludes Libyan and Tunisian cities due to instability in those countries.

About New World Wealth

New World Wealth provides information on the global wealth sector, with a special focus on high growth markets. We provide information and consultancy services to:

• ·         Luxury goods companies.
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• ·         Family offices.
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• ·         HNWIs and the general public.

Services on offer include:

• ·         Country wealth reports.
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