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)
The famous Taylor Schlitz family is making headlines once more as the youngest of the…
Sony Pictures Entertainment has appointed Tahra Grant as its Chief Communications Officer. She replaces Robert…
Meet Ashley M. Fox, the founder of Empify and the first in her family to…
Tyra Banks, the iconic former host of Dancing With the Stars, has made a delightful…
A Brazilian woman named Érika de Souza, 42, is under investigation for manslaughter after authorities…
Ghana’s Asante king Otumfuo Osei Tutu II has unveiled the long-lost treasure of the kingdom…
Deion Sanders is a retired American professional football and baseball player who currently coaches at…
Tiger Woods is set to receive $100 million from PGA Tour Enterprises for his loyalty,…
Jalen Hurts, the Philadelphia Eagles' quarterback, has shown his affection for the community by contributing…
It appears Shaquille O'Neal is willing to go all the way out to pamper his…
A U.S. Army Major faces up to 240 months in prison after he was found…
In her first interview about her conviction in Russia on drug smuggling charges, WNBA star…
The beloved host of This Morning, Alison Hammond, is making headlines by selling off her…
Two high school students in Grand Rapids, Michigan, have earned a place in history. The…
Derek Floyd, a 36-year-old Fire Department of New York probationary fireman, died of a heart…