Africa is a land with so much potential and opportunity which has resulted in economic growth being displayed across the whole continent. Yet there are two cities that have marked their spot as some of the wealthiest cities in the continent, and if they continue developing, what’s to stop them from becoming the richest in the world?
South Africa’s capital city, Cape Town, and Kenya’s capital, Nairobi, are among the top five richest cities in Africa. According to the 2024 Africa Wealth Report by Henley & Partners, the two stunning cities have 11,800 millionaires between them. More interestingly, the firm noted the cities in their list of ones to watch due to their “strong wealth growth potential.”
There are many reasons that are contributing to the escalating successes of the two African cities. Cape Town boasts 7,400 millionaires, 28 cent-millionaires and one billionaire, and is a popular tourism destination for the extremely wealthy. The city is also the most entrepreneurial in South Africa, which isn’t surprising when you look at number of people with huge fortunes.
According to thisiscapetown.com, the city is the “gateway” to Africa, providing a “long list of opportunities” in various sectors. In just under nine years, Cape Town attracted over £5.8 billion in foreign direct investment, highlighting the growing interest from businesses worldwide.
Head of Research at New World Wealth, Andrew Amoils, said: “Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.” He also noted that the city is expected to “enjoy 85%+ millionaire growth over the next 10 years.”
But it is not the only city that the expert says will experience a meteoric rise. Nairobi’s millionaire population is growing fast and it it already makes up nearly half of Kenya’s total wealth.
The city is a major financial hub in Africa, home to the Nairobi Securities Exchange (NSE) – one of Africa’s largest stock exchanges; a number of well-known firms have their regional headquarters in the city, including IBM Services, Google and Coca-Cola.
Kenya’s capital is also home to some of Africa’s oldest and most well-established luxury neighbourhoods, with Upper Hill being an example of the latter. The area, full of skyscrapers and some of the most prestigious architectural designs, has seen a huge increase in construction in recent years, which is why a vast number of major companies have set up shop there.
The growth and development in both Cape Town and Nairobi across multiple sectors is clearly paving the way for not only their population to benefit, but also to put both cities on the map as ones that will reach new heights.