10 African Cities With The Most Millionaires – Nigeria’s Lagos Absent; Kigali Leads As Accra Ranks 9th

The “World’s Wealthiest Cities 2023” report released recently disclosed the top 10 African cities with the most substantial growth in their millionaire populations.

In the report which was jointly presented by well-known consultancies, New World Wealth and Henley Partners, South Africa is the most prominently featured country, in this list of countries having the highest number of cities with fast-growing millionaire populations in Africa.

The global economy’s constant evolution has resulted in a continuous increase in the number of high-net-worth individuals across the world. With their wealth, these individuals can invest in various industrial sectors and other profitable ventures. Consequently, their financial contributions often lead to the growth and development of cities and their respective economies.

The presence of a wealthy population in a city can significantly impact the local community and economy. While some may argue that their affluence is a symbol of inequality, their investments and contributions can create opportunities for growth and development.

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The World’s Wealthiest Cities 2023 report by New World Wealth and Henley includes high-net-worth individuals with a net worth of at least $1 million, centi-millionaires (those with a net worth of over $100 million), and dollar billionaires. The report covers 97 cities in nine continents, including Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia.

The report is presented by New World Wealth, a prominent wealth intelligence firm that is currently the only independent research agency focusing on following patterns in the movement of money across national borders and cities. The company maintains a database of about 150,000 high-net-worth individuals, with a focus on those with more than $10 million USD in investable assets.

The following are the top ten African cities with the fastest-growing millionaire populations from 2012-2022, ranked according to their percentage growth in high-net-worth individuals, as per the World’s Wealthiest Cities 2023 report:

1. Kigali, Rwanda, with a 72% increase, ranked 14th globally.
2. Marrakech, Morocco, with a 55% increase, ranked 29th globally.
3. Mombasa, Kenya, with a 35% increase, ranked 47th globally.
4. Tangier, Morocco, with a 33% increase, ranked 48th globally.
5. Nairobi, Kenya, with a 30% increase, ranked 52nd globally.
6. Casablanca, Morocco, with a 28% increase, ranked 54th globally.
7. Whale Coast, South Africa, with a 25% increase, ranked 56th globally.
8. Swakopmund, Namibia, with a 25% increase, ranked 57th globally.
9. Accra, Ghana, with a 24% increase, ranked 59th globally.
10. Addis Ababa, Ethiopia, with a 23% increase, ranked 60th globally.

In conclusion, the World’s Wealthiest Cities 2023 report by the New World Wealth and Henley Partners reveals the top 10 African cities with the fastest-growing millionaire populations in 2023. Despite the concerns around income inequality, the presence of wealthy individuals in a city can contribute to the growth and development of local economies and communities through their investments and contributions. The report highlights the increasing trend of the private wealth movement and the growth of the millionaire population in various cities around the world. As the world’s economy continues to develop, it is likely that we will continue to see an increase in the number of millionaires, and these individuals will continue to play a significant role in the growth and development of cities and economies worldwide.