The 10 Richest Cities in Africa [2024 Updated]

Africa as a continent and a race of dark-skinned people has been regarded as home to some of the underdeveloped and poorest cities in the world.

However, in recent decades, Africa as a continent and as a race has started making great strides in developing and improving the continent as a whole in terms of infrastructure construction, tourism, real estate, foreign investments, and many more.

This economic growth has led to a great influx of wealth into Africa and can be seen in the increase in personal wealth due to the many business and job opportunities now available which in turn leads to the boosted gross domestic product (GDP) and lowered poverty index in many cities in Africa.

Top 10 Richest Cities in Africa

The top richest cities in Africa consist of the cities which have ranked highest against the metrics we use to measure wealth which are its assets like infrastructure, revenue, equities, and businesses. This also considers property holdings, primary housing, and many other criteria.

Since the turn of the century, African leaders have been working hard to improve the financial situation in the country and some cities have succeeded in growing their cities wealth and boosting their financial status.

Johannesburg, South Africa

The city of Johannesburg has been ranked as the richest city in Africa. Located in the country, of South Africa, Johannesburg has recorded an estimated total wealth of $248 billion in personal wealth in the year. The city is home to 970 millionaires and two well-renowned billionaires.

The level of wealth found in Johannesburg can be attributed to the prime location in an area filled with valuable natural minerals. The city is one of the centers of a booming gold mining and diamond mining business and is home to a profitable industrial sector.

As South Africa’s business capital, the residents of Johannesburg enjoy a large availability of well-paying jobs in many sectors leading to the large personal wealth found in the city.

Cairo, Egypt

The city of Cairo has been ranked the second richest city in Africa with an estimated total personal wealth of $140 billion. The city which is also the capital of Egypt accounts for 33% of the country’s economy and is home to 480 multimillionaires and the highest number of billionaires in Africa which is five (5).

As a historically important city with many historical sites such as the Nile, pyramids, and others, Cairo has a large and profitable tourism sector. The city also deals with poverty and unemployment due to the large population as it is the most populated urban region in the Arab world.

Cape Town, South Africa

The city of Cape Town which is located in South Africa has been ranked as the third richest city in Africa due to an estimated total personal wealth of $135 billion. Home to 150,000 millionaires, Cape Town has a profitable and booming real estate industry, financial services industry, and retail industry.

It is also home to one of the most beautiful beaches in Africa resulting in millions of visitors every year and a booming tourism sector. Cape Town which is also renowned as one of the most dangerous cities in South Africa has not been deterred by this reputation.

Lagos, Nigeria

The city of Lagos which is known to be the most populated city in Africa with a population of 87 million people and is reputed as the business capital of Nigeria has been ranked as the richest city in Nigeria with an estimated total personal wealth of over $120 billion.

The city has a profitable gas & oil industry, construction, and imports and exports industry having one of the largest and business ports in Africa. The city has been tagged as one of the fastest growing financial and business centers in Africa and houses 480 multimillionaires and four billionaires.

Nairobi, Kenya

The city of Nairobi located in Kenya is the economic center of East Africa and is ranked as the 5th richest city in Africa. It is one of the fastest growing economies in Africa with an estimated total personal wealth of over $55 billion.

Nairobi has many profitable sectors and industries such as tourism, real estate, manufacturing of clothing and textile, beverages, processed foods, and many others. The city is home to 6200 millionaires.

Luanda, Angola

The city of Luanda which is the capital of Angola ranked as the 6th richest city in Africa has an estimated total personal wealth of over $48 billion.

Luanda may not be a commonplace name but the city is home to 400 millionaires 345 multimillionaires and me billionaires who enjoy a life of luxury.

This wealth can be attributed to Luanda’s profitable transportation sector, real estate, and construction sectors.

Durban, South Africa

The city of Durban located in South Africa ranked as the 7th richest city in Africa and has an estimated total personal wealth of $46 billion. The city is the 3rd South African city to be ranked on this list and has the third highest population in the country.

Durban’s total personal wealth can be attributed to prospering tourism, real estate, financial services, and health and transportation sectors. The city houses 3200 millionaires, 120 multimillionaires, and one billionaire.

Pretoria, South Africa

The city of Pretoria located in South Africa ranked as the 8th richest city in Africa with an estimated total personal wealth of over $42 billion. This is the 4th South African city to rank among the top 10 richest cities in Africa marking south fracas as one of the most prosperous countries in Africa.

Pretoria is the administrative capital of South Africa and is the center of academia in terms of scientific research, industrial research etcetera. The city has a growing and blooming employment sector with interests in manufacturing and financial services. The city is home to 2600 millionaires and 110 multimillionaires.

Casablanca, Morocco

The city of Casablanca in Morocco ranked as the 9th richest city in Africa with an estimated total personal wealth of $40 billion. Casablanca is the 2nd richest city in Northern Africa and the largest city in Morocco.

The city’s wealth can be attributed to the manufacturing and financial services sectors. It is home to 2300 millionaires and 111 multimillionaires.

Accra, Ghana

The city of Accra located in Ghana is the 10th richest city in Africa. Although the last on this list, Accra has nothing to be bothered about with an estimated total personal wealth of over $35 billion.

Accra has amassed its wealth from the manufacturing and marketing sectors and is the residence of 2300 millionaires and 100 multimillionaires.

Read Also: The 10 Most Beautiful Cities In Africa

Conclusion

The above-listed cities have been ranked as the top 10 richest cities in Africa due to the level of personal wealth held by their inhabitants.

This wealth often leads to increased levels of development in terms of infrastructure, utilities, the standard of living, and many more.

Although, it is important to note that even with this high estimated personal wealth, some of these cities still battle poverty and unemployment.