Top 10 Wealthiest African Cities

In the past, Africa’s cities have been growing, invisible from the global community. However, in recent years, some African cities have started becoming more noticeable on the world stage. This is partially due to the growth of private wealth, making Africa’s cities more vibrant and filled with diverse economic activities. Estimates suggest that more people are expected to migrate to Africa’s cities in order to access economic opportunities and better living standards in the future. In fact, an additional 1.3 billion people will be added to Africa’s population by 2050, and all of Africa’s key sub-regions will have more than 50Pct of their population living in urban areas, according to the Africa Wealth Report 2018.

According to the Report, 19,000 Africans have become millionaires in the last ten years and the combined wealth of all Africans is estimated at USD2.3 trillion currently, a figure expected to reach USD3.1 trillion by 2027. With a total GDP of USD722 billion, South Africa has four of Africa’s ten richest cities including Johannesburg, Cape Town, Durban and Pretoria. Johannesburg is Africa’s richest city in terms of capital value, which measures the amount for which a property should be exchanged on the date of valuation between a willing buyer and a willing seller. The city, which was built during the Witwatersrand Gold Rush of 1886, is the commercial capital of South Africa. Although they are not included in the top ten lists, cities located in the eastern part of the continent such as Addis Ababa, Kampala and Dar es Salaam in private wealth is growing in a massive scale especially in the past decade.

Rank

City  

Commercial Capital Value (USD)
1

Johannesburg

276 billion

2

Cape Town

155 billion

3

Cairo

140 billion

4

Lagos

108 billion

5

Durban

55 billion

6

Nairobi

54 billion

7

Luanda

49 billion

8

Pretoria

48 billion

9

Casablanca

42 billion

10

Accra

38 billion

Source: African Wealth Report 2018


8th Year • Feb.16 - Mar.15 2019 • No. 71


 

 

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