June 14th, 2022 at 01:01 pm
5 CITIES IN AFRICA WHERE THE MOST RICH PEOPLE LIVE
Africa is seen as one of the poorest continents by those in the West. There is actually an amount of poverty in Africa but there equally is an extreme amount of wealth on the continent.
The African continent is developing and making some progress to make life good for its population. This can be attributed to the growth of the tourism, finance, construction, and real estate sectors.
The cities that have some of the richest people provide opportunities for investment and capital appreciation that are available on the continent.
Here are five of the wealthiest cities in Africa
1 . Firstly, JOHANNESBURG, SOUTH AFRICA
Johannesburg tops the list of cities that have some of the wealthiest people. It is also the richest city in South Africa with a total wealth of $248 billion. The city is a major financial hub because most of the fashion, tourism, art, and minerals including diamonds and gold organizations can be found there.
Again, The city derives its wealth from its positioning in the Witwatersrand hill range. The area has a lot of minerals and is at the center of a very profitable gold and diamond trade.
Johannesburg is home to some of the most valuable real estate in Africa. It also has some of the biggest banks stationed in the city. Johannesburg is domiciled to 2 dollar billionaires and about 16000 millionaires. In Johannesburg, even those who are not millionaires have well-paying jobs.
2 . Secondly, CAIRO
Cairo is one of the world’s most important historical locations. The mention of Egypt turns thought towards the Nile, Sphinx, or the Great Pyramids. The city is also home to Africa’s largest number of billionaires.
Cairo is an important city because some of the major sectors such as government establishments, the tourism industry, manufacturing, food processing, sports, and fabrics can be found here. Although the city has got a large number of wealthy people, it has its own share of problems. The total wealth of the city amounts to $140 billion.
3 . Thirdly, CAPE TOWN
Cape Town is one of the nice cities in South Africa, the city boasts beautiful shorelines that attracts thousands of tourist to the town every year expanding its wealth base. It is also home to some of the most exclusive residential areas in Africa. Some of these areas include Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt, and Constantia. The city has a lot of millionaires and has a total wealth estimated at $155 billion.
4 . Another on the list is LAGOS
Lagos is one of the most populated cities in Africa with a number of 22 million people. The city has some important sectors like finance, manufacturing, tourism, international business, food and liquor, real estate, and hospitality.
Lagos is home to some billionaires like Aliko Dangote, Folorunsho Alakija, Mike Adenuga, and Femi Otedola. The city’s total wealth is estimated to be $120 billion.
5 . Lastly, NAIROBI, KENYA
Nairobi is one of the fast-growing economies in East Africa. It has a population of about 4.5 million people. The city is worth $49 billion and has major industries in financial services, real estate, tourism, media, clothing, textiles, processed foods, beverages, and cigarettes.
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