How many millionaires? The wealtiest African cities
10:42 AM EST, Mon February 29, 2016
10. Kano, Nigeria —
The rise of Africa's super-rich has put the continent on the map as the new frontier for global luxury brands. WealthInsight, a global research and analysis firm focused on the world's richest individuals, has singled out 10 cities where Africa's ultra-high-net-worth individuals (UHNWI), those with over $30 million of net assets excluding their primary residence, live.
Kano, in Nigeria's north, is in 10th place, with 10 UHNWI's in residence.
Aminu Abubakar/AFP/Getty Images
9. Marrakesh, Morocco —
Over the next five years, 13 of the 20 fastest-growing economies in the world are forecast to be in Africa. Morocco's bustling tourist center Marrakesh is in ninth place with 15 residents worth over $30 million.
8. Addis Ababa, Ethiopia —
Real estate giant Knight Frank ranked Ethiopia's capital as one of its Global Cities of the future in its 2015 Wealth Report. The city is in eighth place, hosting 21 UHNWIs.
Sean Gallup/Getty Images
07. Abuja, Nigeria —
Nigeria is among the countries expected to have the most potential for luxury goods demand despite recent troubles. Its capital Abuja has 23 ultra-high-net-worth individuals in residence.
Credit PIUS UTOMI EKPEI/AFP/Getty Images
6. Dar Es Salaam, Tanzania —
The rise of the urban middle class is encouraging modern retail development in many of the continent's major cities. Tanzania's trade center and economic capital Dar Es Salaam has 36 super-rich individuals.
5. Nairobi, Kenya —
Single malt whiskey is a popular luxury alternative to beer in Kenya, a country whose economy has grown rapidly in recent years. The capital Nairobi has 69 UHNWIs.
Courtesy: Kenya Tourism Board
4. Cape Town, South Africa —
The number of African individuals with $30 million in assets is set to more than double over the next decade. Cape Town has long been one of the continent's most affluent cities, and has 115 ultra-high-net-worth individuals.
Courtesy Cape Town Tourism
3. Lagos, Nigeria —
In 2013, Lagos, which has 131 UHNWIs, spent more on champagne than the whole of South Africa. With three cities in the ultra-rich list, it's not surprising that Nigeria is now recognized as Africa's largest economy, following a recalculation of its GDP in 2014.
EMMANUEL AREWA/AFP/Getty Images
2. Cairo, Egypt —
Egypt's capital has the second highest number of high net-worth individuals -- 150. However, that's still only half that of the city which claims the top spot on the list.
Marco Di Lauro/Getty Images
1. Johannesburg, South Africa —
The commercial capital of South Africa has far more millionaires than any other African city. With 298 people with a net worth over $30 million, it's the city with the most ultra-rich individuals in Africa.