The recent rankings of the major countries by Henley & Partners with New World Wealth showed that the G-5 Wealth Markets in the continent of Africa are South Africa, Egypt, Nigeria, Morocco, and Kenya. The five countries accounted for 50% of the total wealth in Africa (private wealth held by individuals in each country, including their assets and less liabilities).
The total private wealth in South Africa amounted to $651 billion, $307 billion for Egypt, $228 billion for Nigeria, $125 billion for Morocco, and $91 billion for Kenya, indicating that South Africa has more than twice the number of millionaires in any other country. South Africa and Egypt have the highest number of billionaires in Africa (five billionaires each), while Nigeria has three billionaires.
In the top ten wealthiest cities in Africa, South Africa alone accounted for four cities (Johannesburg, Cape Town, Durban and Umhlanga, and Pretoria). The top ten cities came from Southern Africa (four cities), Northern Africa (two cities), and West Africa (two cities), while Central Africa and East Africa have a city each.
The four Southern African cities topped the list with a combined private wealth of $475 billion, the two North African Cities have $171 billion, and the two West African cities have $132 billion. In all, the combined private wealth of the ten wealthiest cities in Africa amounted to $858 billion, while the total Private Wealth in Africa amounted to $2.1 trillion.
The catalyst for Wealth Growth
Some of the factors that drive wealth growth in a country include adequate safety and security, ease of doing business, media freedom, freedom of speech, Rule of Law, ownership rights, effective economic plans and policies, a well-developed financial system, effective stock market, stable banking system, low level of government intervention political stability, low income, and corporate tax rates, and wealth migration.
Below are the ten wealthiest cities in Africa by total private wealth. (Click next below to continue reading)