News September 04, 2015 at 08:52 am

Jo’burg Has Most Millionaires in Africa, Accra Projected To Have Fastest Growing Number By 2025

Abena Agyeman-Fisher | Editor-in-chief, F2FA

Abena Agyeman-Fisher September 04, 2015 at 08:52 am

September 04, 2015 at 08:52 am | News

Johannesburg, South Africa
Johannesburg

Johannesburg, South Africa

According to a new report, Johannesburg, South Africa, tops the list as having the most dollar millionaires in Africa, with Accra, Ghana, being expected to have the fastest-growing number of millionaires on the continent, according to various reports.

SEE ALSO: NIGERIA TO STILL BE AFRICA’S LARGEST ECONOMY IN 15 YEARS, PROJECTED TO BE IN TRILLIONS

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Johannesburg reportedly has 23,400 millionaires living among its ranks, making it the city with the most millionaires in Africa, according to a report by the AfrAsia Bank and New World Wealth, which defines a millionaire as any person with net assets worth at least $1M.

Journalist Milton Nkosi says of Johannesburg’s distinction, “Being a citizen of the City of Gold, as Johannesburg is known in local languages, I can see the money every day.
South Africa’s current economic problems has not prevented the emergence of new Black industrialists.

“Economist Owen Nkomo and founder of Inkunzi Investments told me that old money from the Johannesburg Stock Exchange companies, which is largely still in White hands 21 years after the end of Apartheid, has been wisely re-invested.

“But he also points to the government’s Black Economic Empowerment scheme, aimed at redressing the imbalances of White minority rule, as a key driver of the growing number of Black millionaires.”

In second place, with less than half of Jo’burg’s number is Egypt’s Cairo at 10,200.

Nigeria’s Lagos then comes in third with 9,100 millionaires.

Coming in with a close fourth is South Africa’s Cape Town with 8,900 millionaires, and rounding out the top 5 cities is Kenya’s Nairobi with 6,200 millionaires.

Accra, Ghana

Accra, Ghana

Ghana Set To Lead

Also making headlines is the West African country of Ghana. While its capital, Accra, is currently home to only 2,300 millionaires, it is projected to have the fastest-growing number of millionaires in its city by 2025 due to its political stability and effective banking system.

New World Analyst Andrew Amoils told Bloomberg Business, “Ghana has one of the best developed banking systems in Africa. It also has a strong free media and a competitive political structure, unlike most other African countries.”

Bloomberg Business adds:

The number of people with net assets, excluding their primary residence, of more than $1 million will surge by 78 percent to 4,100 individuals in Accra by 2025…. The number of millionaires in Nairobi, the Kenyan capital, will climb 71 percent, while those in the Nigerian city of Lagos, Africa’s biggest, will advance 46 percent.

Millionaire Growth in Africa

In addition to strides in the financial services, property development, and telecommunication sectors, Accra’s growth will also be seen in the media and healthcare industries.

As of June 2015, Africa has about 163,000 millionaires with a combined wealth of $670 billion.

SEE ALSO: KENYA NOW RANKED 4TH LARGEST ECONOMY IN AFRICA

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