Total wealth refers to the private wealth that individuals in each city hold including property, cash, equities and business interests among others.
That is the definition given by the 2018 Africa Wealth Report that was released in September and featured African trends in wealth, luxury, prime property and wealth management. The report covers a 10-year period from 2007 to 2018 and it makes projections to 2027.
The report highlighted the list of the top 10 wealthiest cities in Africa according to total wealth held. For the purposes of this report, a country’s wealth includes all individuals working or living there, including expats.
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Total individual wealth held in Africa amounts to around $2.3 trillion and this is expected to rise by 34% over the next 10 years, reaching $3.1 trillion by the end of 2027.
Cities from the biggest economies, as expected, dominate the list of the richest cities in Africa, with specific sector highlighted as the main drivers.
Check out the sectors that drive the top 10 wealthiest cities on the continent: