Johannesburg, the commercial hub of South Africa, continues to be the richest city in the continent, according to the World’s Wealthiest Cities Report 2023.
It is also known as the “City of Gold,” and it is home to the greatest number of billionaire residents on the continent. International investment migration company Henley & Partners and global wealth intelligence company New World Wealth put together the analysis.
The largest stock exchange in Africa is the Johannesburg Stock Exchange (JSE).
Johannesburg seems to have survived the severe economic hardships that South Africa’s economy has experienced, including a protracted energy crisis and soaring inflation.
Financial Action Task Force, a global organisation that monitors money laundering and terrorism funding, even “graylisted” the nation early this year, putting it under more intense surveillance from financial institutions and investors.
Johannesburg, South Africa’s most populated city with 6.2 million inhabitants, is home to 14,600 high net worth individuals, according to the survey on the wealthiest cities. One hundred and thirty of them are millionaires, and two are billionaires.
But from 16,000 in 2022, there are now 40% fewer HNIs in the city.
The primary motivator is gold.
Following the discovery of adjacent gold riches in 1886, Johannesburg was established. Its total wealth reached $235 billion in 2021, making it the richest continent in the world.
The largest stock exchange in Africa is located in one of the city’s four affluent neighbourhoods, Sandton. It also serves as the hub for various important banking institutions.
High net worth individuals are drawn to the city because of this and its status as Africa’s gold and diamond mining hub. Additionally, its strategic position and extensive infrastructure network play a role.
One of the top 50 urban agglomerations in the world, Johannesburg is situated in the Gauteng province and accounts for almost 40% of South Africa’s GDP.
Five nations account for more than 50% of Africa’s millionaires.
According to the World’s Wealthiest Cities Report, the “Big Five” wealth markets in Africa—South Africa, Egypt, Nigeria, Kenya, and Morocco—combinedly account for 56% of the continent’s high net worth individuals and more than 90% of its billionaires.
Namibia, Mauritius, and Rwanda are also swiftly catching up.
The top 10 cities with the highest concentration of high net worth persons worldwide are New York City, Tokyo, The Bay Area, London, Singapore, Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney.
Five richest cities of Africa
| 1 | Johannesburg | 14,600 |
| 2 | Cairo | 7,400 |
| 3 | Cape Town | 7,200 |
| 4 | Lagos | 5,400 |
| 5 | Nairobi | 4,700 |
