- Inflation rises again by 15.75%
- ILO advocates better treatment for workers working from home
- No provision yet for COVID-19 vaccines in 2021 budget – Finance Minister
- Oil rises above $56 on tight supply expectations
- You can’t link SIM with BVN-generated NIN – NIMC
- FG spent N6.46tn on debt servicing, personnel in 2020 – Minister
- Naira slumps further, exchanges for 473/$
- Debt stock: We will borrow more – Amaechi
- Recession will be fleeting: FG
- Private sector warns of mass hunger, economic crisis over fresh lockdown
Top 10 wealthiest cities in Africa
- Updated: January 22, 2019
- The “Africa Wealth Report 2018,” provides insights on wealth trends in African nations over the past 10 years, with projections for the next 10 years.
- The report says total individual wealth held in Africa currently amounts to around $2.3 trillion.
- Other African cities in the report include Abidjan, Dar Es Salaam, Alexandria, Kampala, Windhoek, Abuja, Addis Ababa, Marrakesh, Tangler, Lusaka, Maputo, Gaborone and Mombasa.
Johannesburg, Cape Town, Cairo and Lagos are among the 10 wealthiest cities in Africa, according to the New World Wealth report.
The report titled, “Africa Wealth Report 2018,” was conducted in collaboration with The AfrAsia Bank.
The report provides insights on wealth trends in African nations over the past 10 years, with projections for the next 10 years. The report also provides comprehensive wealth breakdowns for 17 African countries and 23 African cities.
According to AfrAsia, the report was conducted based on country safety index – spotlight on the safest countries for women worldwide, residential estate ratings, luxury apartment ratings, car maintenance ratings, price per square meter stats for major wealth hotspots worldwide (cities and towns), car insurance ratings, restaurant ratings and hotel ratings.
The report says total individual wealth held in Africa currently amounts to around $2.3 trillion. This figure is expected to rise by 34% over the next 10 years, reaching $3.1 trillion by the end of 2027. The likes of Mauritius, Ghana, Rwanda and Uganda are expected to be the strongest performing wealth markets in Africa during this period (90% to 150% growth rates).
Top 10 wealthiest cities in Africa
1. Johannesburg
Total wealth: $276 billion.
Major sectors: Financial services (banks), professional services (law firms, consultancies), construction, telecoms and basic materials.
2. Cape Town
Wealth: $155 billion
Major sectors: real estate, financial services (fund management), retail and tourism.
3. Cairo
Total wealth: $140 billion.
Major sectors: real estate & construction, financial services and basic materials.
4. Lagos
Total wealth: $108 billion.
Major sectors: basic materials, real estate & construction, telecoms, transport and financial services.
5. Durban
Total wealth: $55 billion.
Major sectors: real estate, finance, healthcare, construction, retail and transport.
6. Nairobi
Total wealth: $54 billion
Major sectors: financial services, real estate & construction, retail, tourism, FMCG, telecoms and basic materials.
7. Luanda
Total wealth: $49 billion
Major sectors: real estate & construction, transport and basic materials (oil & gas).
8. Pretoria
Total wealth: $48 billion
Major sectors: basic materials, manufacturing and financial services.
9. Casablanca
Total wealth: $42 billion
Major sectors: basic materials, manufacturing and financial services.
10. Accra
Total wealth: $38 billion
Major sectors: basic materials, manufacturing and financial services.
Other African cities in the report include Abidjan, Dar Es Salaam, Alexandria, Kampala, Windhoek, Abuja, Addis Ababa, Marrakesh, Tangler, Lusaka, Maputo, Gaborone and Mombasa.