Accra ranked 10th wealthiest city in Africa

Accra, the capital city of Ghana has been ranked the 10th wealthiest city in Africa.

No other Ghanaian city was ranked in a list of the 23 wealthiest African cities which was contained in a report published by AfrAsia Bank and New World Wealth.

The report found that Accra was home to 2,300 dollar millionaires and 100 dollar multi-millionaires (persons with assets worth $10m and above).

Cities ranked below Accra in the 23 city ranking include Abidjan, Marakesh (23rd), Abuja (18th), Abidjan (11th) and Addis Abbaba (19th).

According to the report, the wealthiest city in Africa is Johannesburg (including Sandton) which has 18,200 millionaires and 970 multi-millionaires.

The Egyptian capital Cairo, Cape Town and Lagos complete the top five wealthiest cities on the continent. 

Background

AfrAsia Bank Africa Wealth Report 2017 is the result of New World Wealth’s extensive research covering the wealth market in Africa. The report provides a comprehensive review of the wealth sector in Africa, including HNWI trends, luxury trends and wealth management trends from 2006 to 2016, with projections to 2026.

Mauritius retains its spot as the wealthiest country in Africa, ranking ahead South Africa, Namibia, Botswana, Egypt and Angola. Wealth per person for those living in Mauritius increased from $21,700 to $25,700 in one year. Conversely, people living in Zimbabwe are the poorest, with $200 per person. As per the report, South Africa was the most popular destination for the super-rich, with approximately 15,000 multi-millionaires visiting the country in one year.

The report says by “Total wealth”, it refers to the “private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities and business interests) less any liabilities. We exclude government funds from our figures.”

Highlights of the report;

1. Johannesburg: Total wealth held in the city amounts to US$245 billion. Home to 18,200 millionaires (HNWIs), 970 multi-millionaires and 2 billionaires. Our figures for Johannesburg include Sandton. Major sectors in the city include: financial services (banks, accountancies, insurance), professional services (law firms), construction, telecoms and basic materials.
2. Cairo: Total wealth held in the city amounts to US$140 billion. Home to 8,900 millionaires, 480 multi-millionaires and 5 billionaires. Major sectors in the city include: real estate & construction, financial services and basic materials.
3. Cape Town: Total wealth held in the city amounts to US$135 billion. Home to 8,200 millionaires, 440 multi-millionaires and 2 billionaires. Major sectors in the city include: real estate, financial services (fund management), retail and tourism. Cape Town is also a second home hotspot for the wealthy with over 1,500 multi-millionaires living in the city during peak holiday months (many of these individuals are from outside South Africa).
4. Lagos: Total wealth held in the city amounts to US$120 billion. Home to 6,800 millionaires, 360 multi-millionaires and 4 billionaires. Major sectors in the city include: real estate & construction, telecoms, transport, financial services and basic materials.
5. Nairobi: Total wealth held in the city amounts to US$55 billion. Home to 6,800 millionaires and 280 multi-millionaires (no billionaires). Major sectors in the city include: financial services, real estate & construction, retail, tourism, FMCG, telecoms and basic materials.
6. Luanda: Total wealth held in the city amounts to US$48 billion. Home to 4,100 millionaires, 240 multi-millionaires and one billionaire. Major sectors in the city include: real estate & construction, transport and basic materials (oil & gas).
7. Durban: Total wealth held in the city amounts to US$46 billion. Home to 3,200 millionaires, 130 multi-millionaires and one billionaire. Our figures for Durban include Umhlanga, Ballito, Zimbali and La Lucia. Major sectors in the city include: real estate, finance, healthcare, construction, retail and transport.
8. Pretoria: Total wealth held in the city amounts to US$42 billion. Home to 2,600 millionaires and 110 multi-millionaires (no billionaires). Major sectors in the city include: basic materials, manufacturing and financial services.
9. Casablanca: Total wealth held in the city amounts to US$40 billion. Home to 2,300 millionaires, 110 multi-millionaires and 2 billionaires. Major sectors in the city include: basic materials, manufacturing and financial services.
10. Accra: Total wealth held in the city amounts to US$35 billion. Home to 2,300 millionaires and 100 multi-millionaires (no billionaires). Major sectors in the city include: basic materials, manufacturing and financial services.”