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Top 5 Cities in Africa Where the Most Rich People Live

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By Business InsiderAfrica

The world gained 493 new billionaires in 2020, which means in every 17 hours, there was one new billionaire gained.

It is the same year that Beijing leapfrogged New York to be ranked the world’s billionaire capital.

In Africa, data from the 2021 Africa Wealth Report indicate that the ‘Big 5" wealth markets are: South Africa, Egypt, Nigeria, Morocco, and Kenya. The five countries account for over 50% of Africa's total wealth, according to data from the 2021 Africa Wealth Report.

The report, which provides a comprehensive review of the wealth sector in Africa, showed that South Africa is home to over twice as many millionaires as any other on the continent, whilst Egypt has the most billionaires on the continent.

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However, the revealed that the total wealth in Africa has fallen by 16% over the past decade (2010 - 2020) as the continent’s wealth result was constrained by poor economic conditions in the three largest markets, namely: South Africa, Egypt, and Nigeria.

We take a look at Africa’s 5 wealthiest cities by total wealth, courtesy of the 2021 Africa Wealth Report from New World Wealth and AfrAsia Bank;

1. Johannesburg

Founded in the Witwatersrand Gold Rush of 1886, this is the wealthiest city in Africa. Most of Johannesburg's wealth is concentrated in Sandton, home to the JSE (the largest stock market in Africa) and the head offices of most of Africa's largest banks and corporates. Major sectors in the city include financial services (banks) and professional services (law firms, consultancies).

2. Cape Town

This city is home to Africa's most exclusive suburbs, including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt, and Constantia. The city has the highest prime residential rates on the continent, similar to cities such as Washington, D.C., or Berlin, and is also home to several top-end lifestyle estates, including Steenberg, Atlantic Beach, and Silverhurst Estate. Major sectors there include real estate and fund management.

3. Cairo

Located along the Nile River, Cairo is one of the world's most important cities historically. It is also home to more billionaires than any other city in Africa. Major sectors there include financial services, telecoms, retail, tourism, and basic materials.

4. Lagos

Lagos is the largest city in Africa (in terms of its overall population) and the economic hub of West Africa. Affluent parts of Lagos include lkoyi and Victoria Island. Major sectors in the city include basic materials, oil & gas, transport, and financial services.

5. Nairobi

Nairobi is the economic hub of East Africa and one of the fastest-growing cities in the world. Affluent parts of Nairobi include Runda Estate, Lavington, Kitisuru, Karen, and Muthaiga. Major industries there include financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages, and cigarettes.

Visit the Baoriat Agencies website to find out if there are any plots, properties available for sale within Uasin Gishu County.

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