[imagesource:flickr]

The African Wealth Report for 2024 is here.

The annual wealth report, published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth, is the ninth edition since its inception.

The report shows that six of South Africa’s cities are on the list of the wealthiest in Africa, with Johannesburg maintaining its place as the richest city on the continent. The City Of Gold has 12,300 millionaires, 25 centi-millionaires, and two billionaires, according to the report.

Cape Town is not so far behind in second place with 7,400 millionaires, 28 centi-millionaires, and one billionaire.

That’s not all for South Africa in the top 10. The Cape Winelands came in sixth, while Durban, Umhlanga & Ballito came in seventh, the Garden Route eighth and Pretoria shone like a diamond in the 10th spot.

Here is the full list of the 20 wealthiest cities in Africa:

Image: henleyglobal.com

As The South African points out, these numbers are for December 2023, and only include individuals living in each city (residents), and the millionaire figures are rounded to the nearest 100.

Overall, South Africa is also on top as the wealthiest country in Africa. Despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many high-net-worth individuals (HNWIs) as any other African country, with 37,400 millionaires, 102 centi-millionaires, and five billionaires.

This is 400 fewer than the 37,800 recorded at the end of 2022, and down 11,300 from the 48,700 recorded at the end of 2013.

Johann Rupert and family remain the richest in South Africa (and 197th in the world) with $10.5 billion to their name, according to Forbes.

Egypt with 15,600 millionaires, 52 centi-millionaires, and seven billionaires, lies in second place, while Nigeria came in third with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300) all making it into the top 10 list for the Wealthiest Countries in Africa.

Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco – together account for 56% of the continent’s millionaires and over 90% of its billionaires.

High-net-worth individuals (HNWIs) are defined in the report as individuals with “liquid, investable wealth” exceeding $1 million (R19 million). Centi-millionaires are worth $100 million or more.

Read the full 2024 Africa Wealth Report here.

[source:southafrican]