According to the New World Wealth’s and Afrasia Bank’s Africa Wealth Report 2017, Johannesburg is the top African city for HNWIs. There are also sizable HNWI populations living in Cairo, Cape Town, Lagos and Nairobi.
HNWI city trends over the past year
The following table details the performance of HNWIs in major African cities over the past year (2016). As reflected, Nairobi in Kenya was the top performing African city for HNWIs during the year.
HNWI city forecasts to 2026
Addis Ababa, Dar Es Salaam, Nairobi and Kampala are all expected to grow strongly going forward. On the other hand, cities in Nigeria and North Africa are expected to struggle.
Spotlight on South African cities
South Africa dominates the Africa city wealth list, with four cities featuring in the top 10.
Johannesburg: Total wealth held in the city amounts to US$245 billion. Home to 18,200 millionaires and 2 billionaires. Our figures for Johannesburg include Sandton. Major sectors in the city include: financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms and basic materials.
Cape Town: Total wealth held in the city amounts to US$135 billion. Home to 8,200 millionaires and 2 billionaires. Major sectors in the city include: real estate, financial services (fund management), retail and tourism.
Durban: Total wealth held in the city amounts to US$46 billion. Home to 3,200 millionaires and 1 billionaire. Our figures for Durban include Umhlanga, Ballito, Zimbali and La Lucia. Major sectors in the city include: real estate, finance, healthcare, construction, retail and transport.
Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires. Major sectors in the city include: basic materials, manufacturing and financial services.
Emerging areas in SA
Paarl, Franschoek and Stellenbosch: Total wealth held in the area amounts to US$44 billion. Home to 3,000 millionaires. Fastest growing region in the country (in terms of private wealth creation over the past decade).
The Garden Route: Stretches from Mossell Bay to Storms River on the South Coast of South Africa. Notable towns on the route include: George, Knysna, Plettenberg Bay and Wilderness. Total wealth held in the area amounts to US$38 billion. Home to 2,900 millionaires. A large number of wealthy retirees live on the Garden Route. It is also a 2nd home hotspot for the wealthy and there are a number of exclusive golf & lifestyle estates in the area.
Affluent suburbs/towns in SA
Johannesburg: Sandhurst, Hyde Park, Bryanston, Houghton, Westcliff, Parktown, Saxonwold and Atholl.
Cape Town: Camps Bay, Bishopscourt, Constantia, Clifton, Bantry Bay, Fresnaye, St James and Llandudno
Exclusive estates: Zimbali, Fancourt, Pearl Valley, Val die Vie, Pezula (golf and pvt), Whalerock Ridge, Steenberg, Erinvale, De Zalze, Simola, Blair Atholl, Silverhurst, Dainfern, Waterfall Equestrian, Steyn City and Arabella.
Source: Africa Wealth Report, April 2017
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