Johannesburg is the wealthiest city in Africa

Johannesburg South Africa-Getty Images

According to the 2019 Africa Wealth Report produced by New World Wealth and Afrasia Bank, Johannesburg is the wealthiest city in Africa.

Johannesburg South Africa-Getty Images

Most of Johannesburg’s wealth is concentrated in Sandton – home of the Johannesburg Stock Exchange and of head offices of most of Africa’s largest banks and corporates.

“Total wealth” for the purposes of the report, refers to the total private wealth held by individuals living in each city.

It includes all their assets – property, cash, equities and business interests – less any liabilities. Government funds are not included in the mix.

Cape Town was ranked second on the survey. It is also popular among wealthy second homeowners from around the world.

CAIRO, EGYPT cars drive on a bridge crossing the Nile River on February 9, 2006 in Central Cairo, Egypt. Cairo is still the heart of Egypt and is allegorically called “the Mother of World” Greater Cairo’s population is estimated at between 18 and 22 million, roughly a quarter of Egypt’s total. Getty Images

Cairo in Egypt was placed 3rd. It is home to more billionaires than any other African city. For the purposes of the report, billionaires are defined as individuals with net assets of $1 billion or more.

Carter Bridge, Lagos, Nigeria-Getty Images

Lagos in Nigeria is in 4th position. It is also the largest city in Africa in terms of population and gross domestic product – but not in terms of wealth.

In 5th place is Durban (including Umhlanga). It is one of the fastest-growing areas in South Africa in terms of wealth growth over the past 10 years, according to the report.

Kenya, Nairobi. Nairobi skyline bathed in late afternoon sunlight as a flock of sacred ibis fly overhead-Getty Images

Kenya’s capital Nairobi came in 6th place. It is the economic hub of East Africa and one of the fastest-growing cities in the world.

Mauritius can boast of having the wealthiest people in Africa. The average person in Mauritius has an average wealth of $31,000 per person. They are followed by South Africans, with an average wealth of $11, 500 per person.

Furthermore, there are 23 billionaires living in Africa, each with assets of $1bn.

Total wealth in Africa has risen by 14% over the past 10 years, according to the report. Africa’s performance was constrained by poor performance in the three largest African markets, namely South Africa, Egypt and Nigeria.

Total wealth held in Africa is expected to rise by 35% over the next 10 years, reaching $3trillion  by 2028.

Mauritius, Ghana, Rwanda, Kenya, Ethiopia and Uganda are expected to have the strongest performing wealth markets in Africa over this period.