10 Most Wealthiest Cities In Africa 2021 - Richest Cities in Africa

Fri, 18 Nov 2022 08:26:19 +0000

In this video, we'll present the 10 Most Wealthiest Cities In Africa 2021 - Richest Cities in Africa. Africa's list of high-net-worth individuals is far broader, according to FORBES' most recent estimate of billionaires from the continent. As at December 2020 Africa Wealth Survey estimated that, total private wealth held in Africa amounts to approximately $2 trillion. The survey also revealed that, Africa has 22 billionaires, 275 centi-millionaires, 6200 Multi-Millionaires and an estimated 125,000 millionaires with a net worth of more than $1 million. Many independent reports projects that, the number is expected to skyrocket in the coming decade.

The Africa Wealth Report which is published yearly by New World Wealth for Mauritius-based AfrAsia Bank, ranks the wealthiest cities in Africa in terms of private wealth held. The report defines the "total wealth" of a city as the private wealth held by all the individuals living in it. These includes all their assets such as property, cash, equities, business interests, among others.

According to the Africa Wealth Report, the luxury sector in Africa created an estimated $6.1 billion in revenue in 2020, with South Africa being the largest luxury sector on the continent, followed by Kenya and Morocco. Despite the continent's well-documented difficulties and reputation as a developing market, the luxury sector is still paying off for some. Total private wealth held in Africa is expected to rise by 30% reaching $2.6 trillion by 2030. This growth will be driven by strong growth in the billionaire and centi-millionaire’s segments in fast growing economies such as Ethiopia, Mauritius, Rwanda, Kenya and Uganda.
So where are all these wealth located on the continent. Well, we will answer this question in our video today.

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