South Africa has the highest number of dollar millionaires in Africa, according to a new report. According to a report by AfrAsia Bank and New World
Wealth, Johannesburg alone, known as the "city of gold", is home to 23,400 millionaires. South Africa has 30% of the total. Egypt's Cairo comes second with 10,200, with Nigeria's Lagos third with 9,100. The study defines millionaires as people with net assets worth at least $1m (£650,000). It estimates there are close to 163,000 millionaires living in Africa, with a combined wealth of $670bn (£440bn).
The number of millionaires is rising fastest in Ghana's
capital, Accra, the report said, even though at the moment, with 2,300, it does not make the top five.
After Lagos, comes Cape Town with 8,900 and Nairobi
with 6,200.

Analysis: Milton Nkosi, BBC News, Johannesburg
It may come as a surprise to many that Johannesburg has more than twice the number of dollar millionaires as
Lagos, the economic hub of Nigeria, Africa's most
populous nation and its number one economy.
However, Nigeria became Africa's largest economy only
recently, whereas South Africa has been at the helm for as long as I can remember and remains the most
industrialised economy in Africa.
Being a citizen of the "city of gold", as Johannesburg is
known in local languages, I can see the money every day. South Africa's current economic problems has not
prevented the emergence of new black industrialists.
Economist Owen Nkomo and founder of Inkunzi
Investments, told me that old money from the Johannesburg Stock Exchange companies, which is
largely still in white hands 21 years after the end of
apartheid, has been wisely re-invested.

But he also points to the government's Black Economic
Empowerment scheme, aimed at redressing the
imbalances of white minority rule, as a key driver of the
growing number of black millionaires.
I have seen for myself in places like Soweto when the new black bourgeoisie flaunt their wealth on Vilakazi Street, where Nelson Mandela once lived, over the weekend. But I have also seen the vast properties in Cape Town owned by white families. All of this must not delude us, so we forget the plight of the poor majority.
South Africa with all its wealth still faces huge problems of unemployment, inequality and poverty. And that should give all of us sleepless nights as we celebrate Africa's wealth growth.

http://www.bbc.com/news/world-africa-34138610

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foot print

Is Dis what we will eat

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This is a false statistics. How can lagos have less than 10,000 milli. This is patent untrue

seedgreen:
This is a false statistics. How can lagos have less than 10,000 milli. This is patent untrue

dollar millionaires

I don't believe this...why was Abuja not rated? south africans still looking for ways to top Nigerians on the money list, like their existence depended on it.

I do agree with dis. Lagos has more naira millionaires, and South Africa has more dollar millionaires. I have noticed though that south africans are stingy nomatter their financial status, and nigerians are givers and know how to enjoy their money nomatter their financial status

mars123:
I don't believe this...why was Abuja not rated? south africans still looking for ways to top Nigerians on the money list, like their existence depended on it.

The report was by AfrAsia Bank and New World Wealth. Not South Africans

phayvoursky:
WHAT MEASURES WERE EMPLOYED IN COMING UP WITH THAT STATISTICS.


TO MY BEST OF KNOWLEDGE; A MILLIONAIRE IS SOMEONE WHOSE ASSETS AND LIABILITIES EXCEEDS OR EQUALS 1,000,000.

FIRSTLY; TAKING FROM THAT EXPLANATION. ONE MILLION DOLLARS IN NAIRA IS ROUGHLY TWO HUNDRED AND TWENTY MILLION NAIRA (I STAND TO BE CORRECTED) WHICH MANY NIGERIANS LIVING IN AND OUT OF LOFTY PLACES POSSESS BOTH IN ASSETS AND LIABILITIES

SECONDLY; CONSIDERING THE LARGE POPULATION, LARGE MARKET, GOVERNMENT AGENCIES AND NOT FORGETTING THE HIGH LEVEL OF CORRUPTION; MAKING SUCH MONEY ISN'T A TASK FOR THOSE WHO KNOW HOW TO CUT THESE CORNERS.

IN MY OPINION NIGERIA POSSESSES A HIGH LEVEL OF DOLLAR MILLIONAIRES THAN ANY OTHER AFRICAN NATION AND COME TO THINK OF IT; NIGERIA IS HOME TO THE WEALTHIEST AFRICAN AND MANY OTHER WEALTHY MEN. SO THE WEALTH PYRAMID IS EXPECTED TO FALL EVENLY TO THE LOW DOLLAR INCOME EARNERS,


MY ONE MILLION DOLLAR SENTIMENT.

It's based on cities. 9, 100 in Lagos that are dollar millionaires. Not the entire country

Define asset?

SOUTH AFRICA!!

The depreciation of the naira doesn't do justice to that list though. Looking closely, one notices that South Africa dominates the ratings. This is in part due to the SA having more economically viable cities than Nigeria. There's still a lot more work to be done, my country people. Let's set aside our differences and unite to build a nation posterity will be grateful to us for.

malton:
The depreciation of the naira doesn't do justice to that list though. Looking closely, one notices that South Africa dominates the ratings. This is in part due to the SA having more economically viable cities than Nigeria. There's still a lot more work to be done, my country people. Let's set aside our differences and unite to build a nation posterity will be grateful to us for.

maybe, maybe not

SA has 4 cities in the top 10 even in 2025. just check how many millionares will be in jhb in 2025. It just goes to show where the real money is in Africa, i am not refering to fake money or money on stats.

benvolavolarag:
@14
Ride with me I will take you places chyna!!!!!!

Some fool hijacked my thread. I came up with this thread, but look who took it over, yerrrrr, corruption at highest order

phayvoursky:
WHAT MEASURES WERE EMPLOYED IN COMING UP WITH THAT STATISTICS.


TO MY BEST OF KNOWLEDGE; A MILLIONAIRE IS SOMEONE WHOSE ASSETS AND LIABILITIES EXCEEDS OR EQUALS 1,000,000.

FIRSTLY; TAKING FROM THAT EXPLANATION. ONE MILLION DOLLARS IN NAIRA IS ROUGHLY TWO HUNDRED AND TWENTY MILLION NAIRA (I STAND TO BE CORRECTED) WHICH MANY NIGERIANS LIVING IN AND OUT OF LOFTY PLACES POSSESS BOTH IN ASSETS AND LIABILITIES

SECONDLY; CONSIDERING THE LARGE POPULATION, LARGE MARKET, GOVERNMENT AGENCIES AND NOT FORGETTING THE HIGH LEVEL OF CORRUPTION; MAKING SUCH MONEY ISN'T A TASK FOR THOSE WHO KNOW HOW TO CUT THESE CORNERS.

IN MY OPINION NIGERIA POSSESSES A HIGH LEVEL OF DOLLAR MILLIONAIRES THAN ANY OTHER AFRICAN NATION AND COME TO THINK OF IT; NIGERIA IS HOME TO THE WEALTHIEST AFRICAN AND MANY OTHER WEALTHY MEN. SO THE WEALTH PYRAMID IS EXPECTED TO FALL EVENLY TO THE LOW DOLLAR INCOME EARNERS,


MY ONE MILLION DOLLAR SENTIMENT.

Have you travelled to these other places for comparison? Where is your own data? Very typical 'my village is better than yours mentality', with all these pseudo anecdotal "statistics" based on feelings we always like to pass off as factual . . . 'My friend said, my friend's friend told me', can you count 1000 dollar millionaires you know in Lagos?

What?

Nigeria with Jews of Africa didn't make it? With all the business (traders), we still carry last.

Still na Yorubas and abokis help that list

benvolavolarag:
THE YOUNGEST DOLLAR MILLIONAIRE IN AFRICA. HES 23 YEARS OLD AND A DURBANITE.

How young?

Make I halla