Johannesburg City |
According to the 2019 Africa Wealth Report produced by New
World Wealth and Afrasia Bank, Johannesburg is the wealthiest city in Africa.
Most of Johannesburg’s
wealth is concentrated in Sandton – home of the Johannesburg Stock Exchange and
of head offices of most of Africa’s largest banks and corporate.
“Total
wealth” for the purposes of the report, refers to the total private wealth held
by individuals living in each city.
It includes
all their assets – property, cash, equities and business interests – less any
liabilities. Government funds are not included in the mix.
Cape Town
was ranked second on the survey. It is also popular among wealthy second
homeowners from around the world.
Cairo in
Egypt was placed 3rd. It is home to more billionaires than any other African
city. For the purposes of the report, billionaires are defined as individuals
with net assets of $1 billion or more.
Lagos in Nigeria is in
4th position. It is also the largest city in Africa in terms of population and
gross domestic product – but not in terms of wealth.
In 5th place
is Durban (including Umhlanga). It is one of the fastest-growing areas in South
Africa in terms of wealth growth over the past 10 years, according to the
report.
Kenya’s capital Nairobi
came in 6th place. It is the
economic hub of East Africa and one of the fastest-growing cities in the world.
Carter Bridge, Lagos, Nigeria |
Mauritius
can boast of having the wealthiest people in Africa. The average person in Mauritius
has an average wealth of $31,000 per person. They are followed by South
Africans, with an average wealth of $11, 500 per person.
Furthermore,
there are 23 billionaires living in Africa, each with assets of $1bn.
Total wealth
in Africa has risen by 14% over the past 10 years, according to the report.
Africa’s performance was constrained by poor performance in the three largest
African markets, namely South Africa, Egypt and Nigeria.
Total wealth
held in Africa is expected to rise by 35% over the next 10 years, reaching $3trillion
by 2028.
Mauritius, Ghana, Rwanda, Kenya, Ethiopia and Uganda are expected to have the strongest performing wealth markets in Africa over this period. - Africa
Kenya, Nairobi. Nairobi skyline bathed in late afternoon sunlight as a flock of sacred ibis fly overhead |
Mauritius, Ghana, Rwanda, Kenya, Ethiopia and Uganda are expected to have the strongest performing wealth markets in Africa over this period. - Africa
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