In today’s world, where the economy is rapidly growing, the wealthiest cities in the world are a gateway for many rich individuals to their dream future. A large number of elite people prefer to have a plan B to keep themselves secure by investing in citizenship and residency by investment programs. They seek opportunities to reside and relocate in the rich cities to adopt a luxurious lifestyle and benefit from all the facilities of the world, from getting high quality education to achieving stability in their life.
When talking about the richest cities in the world, one can never forget Africa, the world’s second largest continent, which is home to over 50 countries and many wealthy cities that are positively impacting the economy of the world. In 2024, the African Development Bank Group projected the strong position of the continent as 11 cities from Africa will be among the world’s 20 fastest growing cities.
Factors that Make the Richest Place in Africa
When thinking about the rich part of Africa, there are several key factors that can be considered as the reason behind the wealth of a city, place, or country. These factors include gross domestic product (GDP) which is the total monetary value of the goods and services produced within a country during a specific period of time, the number of high net worth individuals (HNWIs) like centimillionaires, billionaires, and millionaires residing in that place, property prices or value of real estate, and cost of living in a place. Moreover, the modern infrastructure and high quality of life in wealthy African cities attract many foreign investors. Thus, the rise of global investments is making rich parts of Africa major financial hubs.
What are the Top Wealthy African Cities?
Africa is the global center of several rich cities, from the glorious skylines of Johannesburg to the popular commercial hubs of Lagos; the continent comprises many famous, wealthy parts of Africa. Today, a vast number of affluent people are residents of wealthy nations in Africa, as they consider providing for themselves and their families a better lifestyle, a major need of today's world. The rich businessmen are setting up and expanding their businesses in rich parts of Africa, as the wealthy African cities like Cairo, Johannesburg, Nairobi, Lagos, and Accra were ranked among the Africa Top Business Cities by Statista Global Business Cities in 2022.
The continent mainly includes the following 5 wealth capitals that are positively influencing the economy of the continent.
Johannesburg, South Africa
Johannesburg, often called Joburg by its citizens, is the richest place in Africa in 2025. It is also considered the financial capital of the country, with a GDP of $131 billion in 2020. The city is popular among many wealthy individuals because of the business and investment opportunities it offers. It comprises the largest stock market of South Africa, known as the Johannesburg Stock Exchange (JSE), which has around 400 companies listed on it and is one of the world’s top 20 largest stock exchanges.
The city attracts a lot of tech enthusiasts as they can explore the major multinational companies like Google, Amazon, and Facebook, which have established their headquarters here. It is also the largest metropolitan area in the country that contributes around 16% of the country’s national GDP and has a population of approximately 6.44 million in 2025, which has comparatively increased by 1.91% from the previous year.
Cape Town, South Africa
Cape Town, the capital city of South Africa, is considered the Best City of the World in 2025 by The Telegraph and Timeout because of its vibrant culture and beautiful landscapes, including green mountains and white sandy beaches, i.e, Clifton and Camps Bay, which are very popular among foreign investors and make it a major tourist destination. This rich part of Africa is known as the ‘Lifestyle Capital’ of South Africa and the ‘Economic Center’ of the Western Cape, with a GDP of $91.9 billion in 2020 that contributes around 9.8% of the country's GDP.
The city ranks at the top with a Quality of Life Index of 162.92. which is more than the index value of many other wealthy parts of Africa, like Pretoria, Durban, and Nairobi. Cape Town is an ideal destination for rich businessmen and entrepreneurs, as the major business sectors like business process outsourcing (BPO) and Information Technology (IT) are the largest contributors to increasing employment opportunities in the city over the last decade.
Cairo, Egypt
Cairo, the capital and largest city of Egypt, situated along the Nile River, is the pivot for the political and economic life of Egypt. The strong growth of Cairo’s real estate market and technology sectors is contributing largely to the economy of Africa. According to a report by StartupBlink, the city was ranked among the top 100 startup cities in the world in 2024.
The city includes many rich parts of Africa, including Zamalek, which is the most affluent district of Cairo known for its high-scale residential areas and luxury hotels, Garden City, which is a well planned district of central Cairo known for its real estate development, and New Giza located in the outskirts of Cairo, known for historical Egyptian landmarks and modern infrastructure. Moreover, the development of New Administrative Capital, the new urban community or satellite city of Cairo, is attracting a large number of wealthy individuals, such as ministries and government entities, to the city.
Nairobi, Kenya
Nairobi, the capital and largest city of Kenya, is also known as the ‘Silicon Savannah’ because of its rich and modern infrastructure, including smart city projects like Konza Technopolis. The city is a highly innovative and major investment hub of East Africa and is well known among investors because of Africa's oldest and well established residential neighbourhoods, including Karen and Muthaiga.
According to a Report by Knight Frank’s African Horizons 2021-22, Nairobi was ranked as the Continent’s Top City because of its innovation and business opportunities. The city makes up around 48% of Kenya's total wealth and includes approximately 60% of the millionaires of Africa and therefore, is the richest place in Africa.
Lagos, Nigeria
Lagos, the large metropolitan city in Southwestern Nigeria, is known as the economic powerhouse of West Africa with a GDP of $27.34 billion in 2024, which contributes between 26.7% and 35% of Nigeria’s total GDP where Nigeria itself is considered the richest country in Africa in terms of GDP. The city is an ideal destination for tech enthusiasts as it comprises many leading fintech businesses that have achieved unicorn status, i.e, Moniepoint MFB, which is the central bank of Nigeria (CBN), and Flutterwave, which provides payment infrastructures to global merchants.
Moreover, the huge multinational conglomerates of Africa, like Dangote Group, which provides essential services across Africa, and Zenith Bank, which is one of the largest banks in the country in terms of market capitalization and shareholders’ funds, are attracting the attention of numerous global investors and entrepreneurs who are seeking strongly growing and wealthy African cities. This is why in 2025, the number of millionaires and billionaires in Lagos is increasing heavily compared to many other wealthy nations in Africa.
How Many High Net Worth Individuals Reside in Africa?
The population of high net worth individuals (HNWIs), including millionaires and billionaires, highly signifies the wealth of a city as they actively invest in the businesses and real estate of the country and hence contribute largely to its economy. According to the Africa Wealth Report of 2024 by Henley and Partners, the continent consists of almost 135,200 millionaires, 342 centimillionaires, and 21 billionaires that together hold a total investable wealth of USD 2.5 trillion, which is a really large amount that effectively defines the wealth of the country. Additionally, the number of millionaires is further expected to rise by almost 65% in the next decade.
10 Wealthy Parts of Africa with their Number of HNWIs
Cities | Countries | High Net Worth Individuals |
Johannesburg | South Africa | 12,300 |
Cape Town | South Africa | 7,400 |
Cairo | Egypt | 7,200 |
Nairobi | Kenya | 4,400 |
Lagos | Nigeria | 4,200 |
Cape Winelands | South Africa | 3,600 |
Durban, Umhlanga & Ballito | South Africa | 3,500 |
The Garden Route | South Africa | 3,200 |
Casablanca | Morocco | 2,800 |
Pretoria | South Africa | 2,100 |
Conclusion
Thus, the increasing wealth of Africa is the result of substantial investments by the high net worth individuals who are overwhelmed by the benefits of living in wealthy African cities. The rich parts of Africa are not only largely contributing to the economy of the continent but also play a crucial role in providing a better environment, significant business opportunities and modern infrastructure to its citizens.