Jozi is HQ for Africa's tycoons

04 September 2015 - 02:09 By Suthentira Govender

Johannesburg has emerged as the city with the most dollar millionaires in Africa. A new report released this week by New World Wealth and Afrasia Bank found that Cairo, Lagos, Cape Town and Nairobi also boast their fair share of super-wealthy individuals.According to the "Top African cities for millionaires" report, there are approximately 163000 millionaires in Africa with a combined wealth of $670-billion. Of these, 23400 live in the City of Gold, followed by 10200 in Cairo, 9100 in Lagos and 8900 in Cape Town.Nairobi has 6200 millionaires.Andrew Amoils, head of research at New World Wealth, said several factors influenced Johannesburg's rich set, the most important being that the city is a base for business across Africa."Joburg also contains the largest stock exchange in Africa and is home to the headquarters of most of the large African-based multi-nationals," he said.Colin Grieve of Afrasia Bank said African cities were emerging as epicentres of "growth and opportunity"...

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