Africa boasts some of the world’s most vibrant and economically diverse cities. The continent’s wealth landscape is characterized by a dynamic blend of historic wealth, rapid urban development, and burgeoning luxury markets.

Here’s a detailed look at the 10 wealthiest cities in Africa, ranked by the number of resident millionaires and showcasing their unique attributes and contributions to Africa’s economic prowess.

The Wealth Capitals of Africa

Johannesburg: Africa’s Financial Heartbeat

Millionaires: 12,300
Key Features: Home to the Johannesburg Stock Exchange, Sandton City, and affluent suburbs like Sandhurst and Hyde Park.
Economic Contribution: Dominates as Africa’s largest stock exchange and a global top 20 contender.

Cape Town: The Scenic Luxury Hub

Millionaires: 7,400
Prime Areas: Clifton, Camps Bay, and Bishopscourt are part of the “Prime 7” luxurious suburbs.
Future Outlook: Set to overtake Johannesburg by 2030 as Africa’s wealthiest city, driven by ‘semigration’ trends and European retiree influx.

Cairo: The Historical Wealth Giant

Millionaires: 7,200
Wealth Centers: Zamalek and Garden City enhance Cairo’s status with their opulence.
Cultural Significance: Holds more billionaires and centi-millionaires than any other African city.

Nairobi: East Africa’s Economic Engine

Millionaires: 4,400
Luxury Neighbourhoods: Karen and Muthaiga stand out for their colonial-era luxury.
Climatic Advantage: Known for its mild climate due to its high altitude.

Lagos: Nigeria’s Megacity of Commerce

Millionaires: 4,200
Economic Backbone: Hosts the Nigerian Stock Exchange and major corporations like Dangote Group.
Urban Expansion: Largest city by population in Africa.

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