african wealth report
Johannesburg is the wealthiest city in Africa. Image Credit: DA

Home » African Wealth Report 2024: Joburg stays wealthiest city in Africa

African Wealth Report 2024: Joburg stays wealthiest city in Africa

The latest African Wealth Report for 2024 shows that Johannesburg remains the wealthiest on the African continent.

african wealth report
Johannesburg is the wealthiest city in Africa. Image Credit: DA

The latest African Wealth Report for 2024 shows that South Africa cities and regions dominate the Top 10 wealthiest on the African continent.

The wealth report is published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.

The latest edition is the ninth published.

High-net-worth individuals (HNWIs) are defined in the report as individuals with “liquid, investable wealth” exceeding $1 million (R19 million).

Centi-millionaires are worth $100 million or more.

At city level, Johannesburg maintained its place as the wealthiest in Africa, with 12 300 millionaires, 25 centi-millionaires, and two billionaires.

Cape Town followed closely behind in second place with 7 400 millionaires, 28 centi-millionaires, and one billionaire.

The Cape Winelands was sixth, Durban and surrounding areas in seventh, the Garden Route eighth and Pretoria in 10th spot.

Read the full 2024 Africa Wealth Report here.

RankCity/regionCountryMillionaires
($1m+)
Centi-millionaires
($100m+)
Billionaires
($1bn+)
1JohannesburgSouth Africa12,300252
2Cape TownSouth Africa7,400281
3CairoEgypt7,200304
4NairobiKenya4,40010
5LagosNigeria4,200122
6Cape Winelands (region)South Africa3,600162
7Durban, Umhlanga & BallitoSouth Africa3,50011
8The Garden Route (region)South Africa3,2005
9CasablancaMorocco2,800101
10PretoriaSouth Africa2,1002
  • Figures for December 2023
  • Only includes individuals living in each city (residents)
  • Millionaire figures rounded to nearest 100

‘BIG 5’

Meanwhile, despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many high-net-worth individuals (HNWIs) as any other African country, with 37 400 millionaires, 102 centi-millionaires, and five billionaires.

This is 400 fewer than the 37 800 recorded at the end of 2022, and down 11 300 from the 48 700 recorded at the end of 2013.

Egypt with 15 600 millionaires, 52 centi-millionaires, and seven billionaires, lies in second place, Nigeria sits in third place with 8 200 HNWIs, followed by Kenya (7 200 millionaires), Morocco (6 800), Mauritius (5 100), Algeria (2 800), Ethiopia (2 700), Ghana (2 700), and Namibia (2 300) all making it into the Top 10 Wealthiest Countries in Africa.

Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco – together account for 56% of the continent’s millionaires and over 90% of its billionaires.

HOW MANY BILLIONAIRES DOES SOUTH AFRICA HAVE?

NOTE: There is often a discrepancy when it comes to net worth of individuals.

According to Forbes’ real-time tracking of billionaires, South Africa has six, not five.

According to the latest numbers at the time of publishing, Johann Rupert and family remain the richest in South Africa (and 197th in the world) with $10.5 billion.

TOP 10 AFRICAN COUNTRIES IN TERMS OF MILLIONAIRES:

RankCountryMillionaires
($1m+)
Centi-millionaires
($100m+)
Billionaires
($1bn+)
1South Africa37,4001025
2Egypt15,600527
3Nigeria8,200233
4Kenya7,20016
5Morocco6,800324
6Mauritius5,10015
7Algeria2,80081
8Ghana2,7006
9Ethiopia2,7004
10Namibia2,3003
Total135,20034221
  • Figures for December 2023
  • Only includes individuals living in each country (residents)
  • Millionaire figures rounded to nearest 100

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