More millionaires call Joburg home than any other African city

02 September 2015 - 02:00 By RDM New Wire
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Sandton skyline. File photo.
Sandton skyline. File photo.
Image: Gallo Images/Thinkstock

Johannesburg is home to more than the double the amount of millionaires than any other African city.

That’s according to the AfrAsia Bank New World Wealth Report “on the top African cities for millionaires to reside in”‚ which shows that South Africa’s commercial‚ financial and industrial hub has 23,400 resident millionaires while Egypt's Cairo has just 10,200.

Cape Town comes in fourth on the African list with 8,900‚ with Durban and Pretoria a distant seventh and eighth with 2,700 and 2,500 respectively.

The latter cities‚ however‚ are expected to show the biggest addition of the well-heeled to their demographics‚ with the coastal city’s millionaire contingent set to swell 48% to 4,000 by 2025‚ while the country’s capital will grow by 46% to 3,600.

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According to the AfrAsia Bank New World Wealth Report‚ “South Africa is home to 30% of the African continent’s high net worth individuals” and has “46,800 millionaires – up from 19,900 in 2000”.

This accounts for more than a quarter of the estimated 163,000 millionaires – who “hold a combined wealth of $670-billion - living in Africa as of June 2015.

AfrAsia Bank’s chief representative officer Colin Grieve said: “These patterns are in line with our expectations. African cities are emerging as epicentres of growth and opportunity; places where growing numbers of consumers with disposable income are congregating.

“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so generating wealth for themselves and their communities.”

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