From Cape Town to Cairo, Here Are Top 10 Wealthiest Cities In Africa
South Africa is the only country in Africa with four of her cities featuring prominently on the top 10 wealthiest African cities, according to the Africa 2018 Wealth Report.
The report which unpacks wealth trends in Africa over the past 10 years defines "wealth" as the net assets of a person in US dollar terms - including property, cash, equities and business interests - less any liabilities.
Total individual wealth held in Africa currently amounts to around $2.3trn. This is however, expected to rise by 34% over the next 10 years, reaching $3.1trn by the end of 2027.
The total wealth held in Africa has risen by 13% over the past 10 years and by 3% over the past year.
For the purposes of the report, a country's wealth includes all individuals working or living there, including expats.
The top African country in terms of average wealth per person was Mauritius, at $32 700, followed by SA with total wealth of $722bn
Over the next 10 years, the report expects Mauritius, Ghana, Rwanda and Uganda to be the strongest performing wealth markets in Africa.
On the other hand, the report projects that wealth growth in South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania and Nigeria will be less favourable, but still positive.
The most expensive city for prime residential property in Africa was Cape Town at $6 100/m² However, the report warns that property prices in South Africa are under strain due to uncertainty over land redistribution. Cape Town's drought also had a negative impact on prices.
Considering that, here are top ten wealthiest cities in Africa according to the Africa 2018 Wealth Report.
10. Accra
The City of Accra is Africa's tenth wealthiest city. Total wealth held in the city amounts to $38bn.
Some of the major sectors city depends to generate wealth include basic materials, manufacturing and financial services.
9. Casablanca
Morocco's largest city located in the central-western part of Morocco bordering the Atlantic Ocean is the ninth wealthiest city in Africa.
Total wealth held in the city amounts to $42bn. Major sectors in the city include basic materials, manufacturing and financial services.
8. Pretoria
The administrative capital of South Africa known as "Jacaranda City" for its thousands of jacaranda trees is the eight wealthiest city in the continent.
Total wealth held in the city amounts to $48bn with manufacturing and financial services being some of the major sectors driving growth.
7. Luanda
Formerly named São Paulo da Assunção de Loanda, Angola's capital total wealth amounts to $49bn.
Major sectors in the city include real estate and construction, transport and basic materials (oil and gas).
6. Nairobi
Kenya's capital is the sixth wealthiest city in the continent with a Total wealth held in the city amounts to $54bn.
Its growth mainly driven by financial services, retail, tourism, fast moving consumer goods, telecoms, real estate and construction.
5. Durban
The city of Durban depends on its real estate, finance, healthcare, construction, retail and transport sector to fuel with growth.
Total wealth held in the city amounts to $55bn.
4. Lagos
Nigeria's largest city is the fourth wealthiest city in Africa.
Total wealth held in the city amounts to $108bn with real estate and construction, telecoms, transport and financial services being some of the major sectors fueling the growth.
3. Cairo
Egypt's capital total wealth amounts to $140bn, making it the third wealthiest city in Africa.
Major sectors in the city include real estate and construction, financial services and basic materials.
2. Cape Town
Cape town, a port city on South Africa's southwest coast, on a peninsula beneath the imposing Table Mountain is South Africa's third city featured in the Africa 2018 Wealth Report
The Total wealth held in Cape Town amounts to $155bn.
The city depends on the real estate, financial services (fund management), retail and tourism sectors to generate wealth.
1. Johannesburg
Johannesburg is not only the largest city in South Africa and one of the 50 largest urban areas in the world but also Africa's wealthiest City.
Total wealth held in the city (including Sandton) amounts to $276bn.
The city generates its wealth from some of its major sectors including financial services (banks), professional services (law firms, consultancies), construction, telecoms and basic materials.