Africa is believed to be one of the most poverty-stricken continents. However, for the past few years, the continent has registered exponential growth in its economy. Some of the sectors that have significantly influenced this growth include tourism, real estate, construction, and financial services. These details of the richest city in Africa highlight its financial status and the sectors that significantly contribute to its wealth.
If you were asked to guess which is the richest city in Africa, what answer would you give? Would you consider factors such as population, cash flow, or net worth? These details about the African cities will paint a picture of the sectors that are the backbone of the continent's economy.
Richest city in Africa 2020
This list reveals how wealthy the top African cities are and the sectors that significantly influence their economy.
Johannesburg, South Africa's biggest city, tops the list as the wealthiest city in Africa. Its worth is greatly influenced by the presence of the Witwatersrand hill range, the hub for its minerals. The centre is known for its profitable trade in diamonds and gold. As a result, it is home to a majority of the wealthiest millionaires in the country, and two of the country's billionaires.
Johannesburg is also South Africa's business hub because of its concentration of high paying jobs in sectors like telecommunication. It has an estimated net worth of $248 billion.
2. Cape Town
Cape Town might have not so good reputation in matters of security. However, it has secured the position of the second richest place in Africa. It has one of the most beautiful coastlines that attracts tens of thousands of tourists from the rest of the world. Therefore, tourism brings a considerable amount of money that floods in the city's economy. The trade has also influenced other sectors like real estate and other retail industries. Cape Town has an estimated net worth of $133 billion.
The name Egypt always stirs the thought of the Nile and maybe the ancient pyramids. Cairo, its capital city, is known to be a sprawling city that tops the list as the largest city in the Arab world. Being a large metropolis, it suffers the impact of poverty and unemployment. However, it is home to some of the wealthiest men and women in the continent. It has more than 450 millionaires and 5 billionaires. As a result, Cairo has a net worth of approximately $129 billion.
Lagos stands as the biggest city in Africa, and its economy stands as one of the fastest-growing in the continent. Its economy is greatly influenced by the city's import and export trade. Lagos is also home to more than 350 millionaires and 4 billionaires; hence, it has an estimated net worth of $96 billion.
Durban has the third-largest concentration of South Africa's population and is home to one of the country's busiest ports. Its vibrant nature is significantly influenced by its hub of industries like tourism, real estate, construction, financial services, and the transportation sector. It is home to more than 3,000 millionaires and more than 100 multimillionaires and 1 billionaire. As a result, Durban has an estimated net worth of $54 billion.
Nairobi is best described as the city on the rise. Apart from its population growing by the day, its job market is equally increasing at a significant rate. The main sectors that significantly contribute to the city's economy include real estate, construction, financial services, FMCG trades, telecommunications, and tourism.
Nairobi is home to more than 6,000 millionaires and more than 250 multimillionaires; hence, it has an estimated net worth of $49 billion.
Pretoria is known to be South Africa's administrative hub. It is home to the Council for Scientific and Industrial Research and three of the country's universities. It also boasts of the sustainable manufacturing industry and stable financial services industry.
Pretoria is home to more than 2,500 millionaires and more than 100 multimillionaires. As a result, Pretoria has an estimated net worth of $45 billion.
Luanda may not be one of the best-known cities in the continent. However, it stands as the most populous city on the continent. As a result, it has the highest concentration of wealthy individuals with more than 4,000 millionaires, more than 300 multimillionaires, and one billionaire. Most of these wealthy individuals have made their riches through Luanda's thriving construction, transportation, and real estate industries. Luanda has an estimated net worth of $42 billion.
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Casablanca is one of the cities in the Northern part of the continent. Even though Marrakech is the most famous international destination in Morocco, Casablanca is the country's largest city. Its financial services and manufacturing sectors significantly influence the city's proliferation of millionaires. Casablanca has an estimated net worth of $39 billion.
Accra is the capital city of Ghana and the second wealthiest city in the West African part of the continent. It is home to the largest concentration of wealth as it houses more than 2,300 millionaires and 100 multimillionaires. Accra has an estimated net worth of $35 billion.
These questions will also help you know more about the outstanding African cities.
What is the richest city in Africa?
In matters of wealth, Johannesburg stands as the wealthiest city in the continent. Its net worth is a factor of the cumulative private wealth held by individuals living in the city.
Which is the most developed city in Africa?
Regarding cash flow, Abuja is the most developed African city.
Which country is the richest in Africa?
In the continent, Mauritius tops the list of the country with the highest per capita wealth, which currently stands at $32,700. However, in matters of net worth, South Africa stands as the richest African country with a net wealth of $649 billion.
Which is the richest city in South Africa?
Out of the cities in the country, Johannesburg stands as the wealthiest city in South Africa.
At this point, you can comfortably say that the details about the richest city in Africa and the sectors influencing its economy are at your fingertips.