South African cities continue to dominate the top 10 list according to the 2018 wealth report compiled by AfrAsia Bank. Three of the top ten positions have been taken by cities from South Africa, leaving the entire continent to scramble for the remaining seven. In addition, the report found South Africa to be the wealthiest country with a net worth of $722 billion. Below are ten of the wealthiest cities on the continent by order.

  1. Johannesburg

According to the report, Johannesburg holds a total wealth of $276 billion. The major wealth creation sectors of the city include financial services, professional services, construction, telecoms and materials. The city is home to over 19,000 millionaires, multi-millionaires and billionaires combined.

2. Cape Town

The second richest city in Africa holds a total wealth of $155 billion dollars with the major sectors including real estate, retail, financial services and tourism. Cape Town is also the most expensive city for prime property on the continent with a square metre of space fetching about $61000. However, the recent drought that led to water shortages in the city and the pressing prospects of land redistribution have piled pressure on land values in the city.

3. Cairo

One of the most populated metropolis on the continent, Cairo’s magnitude of wealth amounts to $140 billion according to the report. Real estate, financial services, construction and basic materials account for the bulk of the city’s wealth. According to the Khaleej Times, Egypt is planning a new city dabbed New Cairo and New Administrative Capital – a smart city expected to accommodate 5 million people, house Africa’s tallest tower, and include green space twice the size of New York’s Central Park.

4. Lagos

Africa’s most populated city holds total wealth in the range of $180 billion. The city is home to over 7000 millionaires, multi-millionaires and billionaires and its major sectors include real estate and construction, telecoms, transport, financial services and basic materials.

5. Durban

Durban has move up in the wealth list from seventh in 2017 to occupy fifth position this year. The total wealth held in the city amounts to $55bn. The major sectors in the city include real estate, finance, healthcare, construction, retail and transport.

6. Nairobi

Kenya’s capital is the wealthiest in East and Central Africa with total privately held wealth amounting to $54bn. Major sectors in the city include financial services, real estate and construction, retail, tourism, fast-moving consumer goods (FMCG), and telecoms. The city also has some of the highest prime property prices on the continent.

7. Luanda

Oil rich Angola’s capital is one of the richest cities in Africa. The report estimates that the city has an estimated amount of privately held wealth in the region of $49 billion. The main sectors include oil and gas, real estate and construction, transport among others.

8. Pretoria

The administrative capital of South Africa holds its own share of the cake, with a total of $48 billion in privately held wealth. Major sectors in the city include basic materials, manufacturing and financial services.

9. Casablanca

The most populous city in Morocco, the port city also hosts the wealthiest citizens of the country. Casablanca has a total wealth amounting to $42bn with the major sectors in the including basic materials, manufacturing and financial services.

10. Accra

In West Africa, Accra is the second wealthiest city after Lagos. Total wealth held in the city amounts to $38bn and the major sectors in the city include basic materials, manufacturing and financial services. The city has maintained its position since 2017.

In terms of the per capita income, the report found Mauritius to have the highest in the continent at $32700. The total individual wealth held in Africa currently amounts to around $2.3trn a figure is expected reaching $3.1trn in the next 10 years. The report expects Mauritius, Ghana, Rwanda and Uganda to create significant wealth over the period.

Source; Fin24