Cairo, Lagos and Cape Town are the cities with the
next largest concentrations of high-net-worth individuals (HNWI) with
12,300, 9,800 and 9,000 respectively, according to the New World Wealth
survey that was carried out early this year.
Nairobi rounds out the top five cities with 5,000
super-wealthy individuals. The Kenyan capital was also only second to
Accra in having the fastest growing rate of HNWIs. (Read: Accra the African city with highest growth potential: Survey)
The next five cities in order are Durban, Casablanca, Pretoria, Luanda and Algiers, according to the survey.
The presence of a larger group of super-rich
individuals in a city is seen to be a key growth driver arising from
robust demand for luxury goods, prime properties, art and services like
wealth management and private banking.
New World Wealth
Each city’s population of wealthy individuals is understood to reflect its relative economic strength.
New World Wealth tracks 120,000 HNWIs worldwide.
The research firm draws its data from private bankers, stockbrokers,
deal announcements and interviews with the rich individuals themselves.
An individual’s primary residence is excluded in calculating their net worth.
South Africa, Egypt, Nigeria and Kenya are the
highest ranking African countries, with 48,800, 23,000, 15,900 and 8,400
dollar millionaires respectively.
The world’s top cities such as New York, Moscow
and London have used their leverage to attract a large number of the
world’s richest individuals. The three cities are home to 70, 64, and 54
dollar billionaires respectively, according to research firm
Wealthinsight.
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