Insights into Africa’s Wealthiest Cities

This year’s Africa Wealth Report contains wealth statistics on the following cities, regions, and towns.

Johannesburg

Despite a tough past decade, Johannesburg is still the wealthiest city in Africa. The ‘City of Gold’ is the base city for the bulk of the companies listed in the JSE Top 40. Much of its wealth is located in the Sandton area, which is widely seen as the richest square mile in Africa. There are also large numbers of high-net-worth individuals living on lifestyle estates in the up-and-coming Waterfall–Midrand area on the outskirts of greater Johannesburg, where exclusive estates include Waterfall Equestrian Estate, Steyn City, Blue Hills, and Saddlebrook.

Cape Town

South Africa’s ‘Mother City’ is now the top-ranked city in Africa when it comes to centi-millionaires. It’s also Africa’s most expensive city, with prime apartment prices now averaging around USD 5,800 per m² in exclusive suburbs such as Clifton and Bantry Bay. Cape Town has shown impressive wealth growth over the past decade and is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.

Cairo

Located along the Nile River, Cairo is one of the world’s most important cities historically. It is home to more billionaires than any other African city but ranks only 3^rd by millionaires. Affluent areas include Zamalek, Garden City, and Newgiza.

Nairobi

East Africa’s economic engine Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighborhoods, including Karen and Muthaiga. It accounts for a high 47% of Kenya’s total wealth and over 60% of the country’s millionaires. Unlike other cities near the equator, Nairobi is known for its mild and temperate climate — the city is located at an altitude of around 1,800 m above sea level, which helps to keep temperatures relatively cool.

The Cape Winelands

An increasingly popular destination for wealthy retirees from South Africa and overseas, this area encompasses the neighboring towns of Paarl, Franschhoek, and Stellenbosch and is known for its wine farms, lifestyle estates, and educational institutions. Notably, Stellenbosch University has produced many of South Africa’s top entrepreneurs, including 28 centi-millionaires and 5 billionaires.

Umhlanga and Ballito

These neighboring towns on KwaZulu-Natal’s Dolphin Coast feature many of world’s top eco-estates including Zimbali, Simbithi, Izinga, and Hawaan Forest Estate. The opulent Lagoon Drive in Umhlanga features luxury apartment complexes such as The Oysters, The Bermudas, and Edge of the Sea.

Lagos

Lagos is the base city for several of Africa’s largest companies including the Dangote Group, Access Bank, and Zenith Bank. However, it has dropped to 7^th place in the wealthiest cities list after peaking at 3^rd a decade ago.

The Garden Route

This scenic coastal stretch runs from Mossell Bay in South Africa’s Western Cape to Storms River in the Eastern Cape. Notable towns on the route include Plettenberg Bay, George, Knysna, Wilderness, and Mossell Bay, as well as smaller up-and-coming hotspots such as Nature’s Valley and Keurboomstrand. Beachy Head Drive in Plettenberg Bay is particularly affluent and has a strong claim to being crowned “Africa’s Millionaire Row”.

Casablanca

Located on the North African Atlantic Seaboard, Casablanca is Morocco’s largest city and the country’s main economic center, home to major companies including global phosphate giant OCP Group, Al Mada, and Attijariwafa Bank. Africa’s second-largest largest stock market, the Casablanca Stock Exchange, is also situated here.

Pretoria

Also known as the ‘Jacaranda City’, Pretoria is the administrative capital of South Africa and a leading business hub. Affluent areas include Waterkloof and Waterkloof Ridge, along with luxury lifestyle estates such as Silver Lakes, Mooikloof, Copperleaf, and Woodhill Estate. After a challenging post-Covid period, the area appears to have stabilized, with several high-net-worth individuals relocating to the city in 2024 and 2025. Our Pretoria figures also include Centurion.

Marrakech

Known for its beautiful architecture, Morocco’s fourth-largest city, Marrakech, is a major economic center that is an increasingly popular retirement destination for high-net-worth individuals from the Middle East and Europe. It is also one of the world’s top second home hotspots for the super-wealthy and is arguably Africa’s top luxury tourism hub, with world-class hotels such as the Royal Mansour and La Mamounia.

The Whale Coast

South Africa’s pristine Whale Coast lies between Cape Town and the Garden Route. It includes the wealth hotspots of Hermanus, Rooi Els, and Betty’s Bay, and is South Africa’s fastest growing region for high-net-worth individuals. The Hermanus suburbs of Voëlklip, Kwaaiwater, Eastcliff, and Fernkloof Estate are especially affluent.

Black River

The fastest growing millionaire hotspot in Africa, the Black River or Rivière Noire district, lies on the western side of the Indian Ocean island of Mauritius. It includes the affluent town of Tamarin, where prime property is highly sought after, especially among wealthy expats from South Africa.

Top Performers of the Future

Over the next decade (to 2035), we expect the Whale Coast and Marrakech to lead the pack, with 100%+ millionaire growth projected in each. We also expect Windhoek and Swakopmund in Namibia, and Mombasa in Kenya to attract rising numbers of high-net-worth residents.

Notably, Namibia imposes no capital gains tax or estate duty, making it especially attractive to wealthy retirees. Its capital gains exemption places it in an exclusive group alongside Mauritius, the UAE, Singapore, Bermuda, and the Cayman Islands. Namibia also has a well-developed banking system, low population density, and a comparatively high level of safety when compared to most other African countries. With over 40% of its land protected by national parks and conservancies, it is also one of the most ecologically friendly places on Earth. We expect these factors to give Windhoek and Swakopmund a big boost going forward, with strong wealth growth forecast in Klein Windhoek, Ludwigsdorf, Vogelstrand, Langstrand, and Finkenstein Estate.

Mombasa is Kenya’s main coastal city. There are several eco-estates on its outskirts that are attracting high-net-worth individuals, including the well-known Vipingo Ridge.

Overall, Africa’s millionaire numbers are expected to rise by a healthy 65% over the next decade, with solid growth projected in most major cities. We expect the key wealth-creating industries to be fintech, eco-tourism, software development, green tech, e-commerce, rare metals mining, healthcare and biotech, media and entertainment, and wealth management.