Africa is indeed producing more millionaires faster than anything as the number of millionaires is increasing dramatically judging by the recent report by AfrAsia Bank New World Wealth which singled out 25 cities where Africa’s high-net-worth individuals (HNWI) live the most. Based on the report, Africa is housing about 161,000 millionaires (as of June 2015) whose combined wealth holdings amounts to US$660 billion. And for the record, “Millionaires” or “HNWIs” refers to individuals with net assets of US$1 million or more. The big question is; are you among the African millionaires? Anyway this is a minimal number when compared to the overall population of people in Africa which stands at 1.16 billion as of 2015.
Glance Below To See The Millionaires’ Cities
Johannesburg, South Africa: 23, 400
With 23,400 individuals holding net assets worth at least $1 million, the South African city tops the list according to the latest AfrAsia Bank New World Wealth Report. This means that most of the billionaires are based in Johannesburg.
Cairo, Egypt: 10, 200
Cairo, the capital of Egypt, the largest city in the Middle-East and second-largest in Africa after Lagos comes second with 10,200 holding net assets worth at least $1 million.
3. Lagos, Nigeria: 9, 100
Lagos, the most populous city in Nigeria, the second fastest growing city in Africa and the seventh most populous in the world follows in third position the city where most millionaires live with 9,100 individuals possessing nets assets worth a rock-bottom of $1 million.
4. Cape Town, South Africa: 8, 900
Another South African city makes it on the list. Cape Town which ranks third among the most populous urban areas in South Africa, after Johannesburg, and has roughly the same population as the Durban Metropolitan Area ranks 4th on the list of cities where most millionaires live. According to the report, 8,900 individuals have net assets that not less than $1 million.
5. Nairobi, Kenya: 6, 200
Nairobi, a Kenyan city famous for having The Nairobi National Park, the world’s only game reserve found within a major city comes in fifth with 6,200 individuals having net assets worth nothing less than the minimum amount required to be in the list.
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