Here is why Johannesburg is the wealthiest city in Africa

Johannesburg, also known as the “City of Gold,” is South Africa’s commercial capital, the wealthiest city in Africa, and 56th in the world.

According to the World’s Wealthiest Cities Report 2023, published by international investment migration firm, Henley & Partners, in partnership with global wealth intelligence firm, New World Wealth, Johannesburg is home to the highest dollar millionaires on the continent.

The report reveals that Johannesburg, South Africa’s most populous city with a population of 6.2 million people, is home to 14,600 high net-worth individuals, comprising thirty dollar centi-millionaires and two dollar-billionaires.

Based on the report methodology, High-net-worth individuals (HNWIs) refer to individuals with an investable wealth of USD 1 million or more. Centi-millionaires are High-net-worth individuals with a wealth of USD 100 million or more. Billionaires are High-net-worth individuals with investable wealth of USD 1 billion or more.

According to the publishers, the high-net-worth-individual population data in the World’s Wealthiest Cities Report 2023 covers 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia) and includes most of the world’s top wealth hubs.

The report featured exclusive data highlighting the world’s wealthiest and fastest-growing cities with the most millionaires, centi-millionaires, and billionaires, accompanied by global and real estate insights from leading academic and industry experts.

It also shows that South Africa has more wealthy individuals than other African nations, and Johannesburg has more wealthy individuals than any other African city.

Other African cities (with several HNWIs) featured in the report are:

Cairo (7,400)

Cape Town (7,200)

Lagos (5,400)

Nairobi (4,700)

Durban (3,600)

Cape Winelands (3,400)

Garden Route (3,000)

Casablanca (2,800)

Pretoria (2,400)

Accra (2,000)

Luanda (1,800)

Dar Es Salaam (1,400)

Whale Coast (1,100)

Windhoek (1,100)

Marrakech (900)

Addis Ababa (800)

Kigali (800)

Maputo (800)

Mombasa (700)

Tangier (700)

Lusaka (600)

Swakopmund (300)

Walvis Bay (300)