5 wealthiest cities in Africa
The African continent is blessed with so many natural resources. This has made some countries wealthy, as they use them for development. And also how well the citizens of the country are living. The wealth report ranks the wealthiest cities in Africa per their private wealth.
The report defines the “total wealth” of a city as the personal wealth of all the individuals living in the country. In this article, the wealth calculations are done per the asset and properties of the people. Government funds are excluded from the calculation.
1 . Firstly, Johannesburg
Johannesburg is the wealthiest city in Africa. It is located in South Africa. Most of Johannesburg’s wealth is concentrated in Sandton, home to the JSE (the largest stock market in Africa).
It houses the head offices of most of Africa’s largest banks and corporates. Major sectors in the city include financial services (banks) and professional services (law firms, consultancies). The total wealth of the city is estimated at $226 billion.
2 . Secondly, Cape Town
Cape Town is home to Africa’s most exclusive suburbs, including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishops court, and Constantia.
Also, it is home to several top-end lifestyle estates, including Steenberg, Atlantic Beach, and Silverhurst Estate. Major sectors there include real estate and fund management. The total wealth of the city is $123 billion. The city has the highest prime residential rates on the continent.
3 . Thirdly, Cairo
Cairo is the third on the list of wealthy cities in Africa. It is one of the world’s most important cities historically. It is home to more billionaires than any other city in Africa. Cairo is in Egypt. Major sectors there include financial services, telecoms, tourism, retail, and basic materials. Their total wealth is $118 billion. Located along the Nile River.
4 . Also, Lagos
The total wealth of the city is $88 billion. Lagos is the heart of Nigeria. The most plenteous parts of Lagos include Ikoyi and Victoria Island. Major sectors in the city in which they thrive include materials, like oil & gas, transport, and financial services, amongst others. Lagos is the largest city in Africa (in terms of population) and the economic hub of West Africa.
5 . Lastly, Durban
The study for this area showed that wealth is held in Durban, Umhlanga, La Lucia, and Ballito. According to the report, the total wealth in Durban is $55 billion.
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