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From Lagos in the west to Johannesburg in the south, Africa is the world’s second-largest continent, with over 50 countries and many cities driving economic growth. In 2024, the African Development Bank Group projected that 11 of the world”s 20 fastest-growing economies will be in Africa, reinforcing the continent’s position as the second-fastest-growing region after Asia.
The continent’s real gross domestic product (GDP) was expected to grow by 3.8% in 2024 and 4.2% in 2025, higher than projected global averages.
With rising global investments in Africa, many cities are becoming major financial hubs. You might be asking, per our focus on rich cities, what truly defines “rich”? It’s not just GDP, as one might initially think. It means much more. Other factors include the number of millionaires and billionaires, real estate values, business, infrastructure, and development.
Don’t be confused! This article will explore the richest cities in Africa based on key criteria.
Keep reading!!
Key Takeaways
- Rising global investments in Africa are pushing many cities to become major financial hubs.
- Factors like GDP, number of millionaires and billionaires, real estate values, business, infrastructure, and development
- The ranking of Africa’s richest cities indicates the economic strength, investment potential, and quality of life in major developed areas.
- Lagos and Cairo rank among the top 100 startup cities in the world in 2024.
How did we measure a city’s wealth?
- Gross Domestic Product (GDP): GDP is a major indicator of a city’s wealth, showing its total economic output. GDP measures the monetary value of goods and services produced within a country’s borders at a particular time, usually a quarter or a year. The changes in output, as measured by the GDP, are the most comprehensive gauge of an economy’s health.
- Millionaires and Billionaires: The number of millionaires and billionaires in a city is a key indicator of its overall wealth. This shows the population of high-net-worth individuals, signifying a high concentration of financial resources.
- Infrastructure & Development: A city with modern infrastructure and development can attract business and investment.
- Real estate value and the cost of living: The real estate value and the cost of living within a city play a major role in measuring wealth, as it often indicates a city’s economic demand and affluence.
10 richest cities in Africa
- Johannesburg, South Africa
- Cape Town, South Africa
- Cairo, Egypt
- Nairobi, Kenya
- Lagos, Nigeria
- Cape Winelands, South Africa
- Durban, Umhlanga & Ballito, South Africa
- The Garden Route, South Africa
- Casablanca, Morocco
- Pretoria, South Africa
Richest African cities by GDP (Gross Domestic Product)
Johannesburg, South Africa
Johannesburg, South Africa, is the wealthiest African city, with a GDP of $131 billion in 2020. The city is the largest metropolitan area in South Africa, contributing about 16% of the country’s national GDP. The city has seen an average economic growth rate of 2% per annum over the past 10 years, slightly higher than the national average growth rate of 1.8% for the same period.
- Economic drivers: mining, finance, retail, real estate, and technology.
- Business Hubs: Johannesburg Stock Exchange (JSE) and major banks.
- Population: The estimated population of Johannesburg is approximately 6.3 million in 2024.
Cairo, Egypt
In 2021, Cairo had a GDP of around 3 trillion EGP ($59.28 billion), representing 45% of Egypt’s GDP. Cairo is one of the richest cities in Africa and is projected to rank in the top 100 African cities with the highest GDP by 2035. The city is the capital of Egypt and one of the largest cities in Africa.
- Economic drivers: Finance, tourism, real estate, manufacturing, and Suez Canal trade.
- Business Hubs: Cairo hosts Egypt’s financial institutions, the stock exchange, and multinational company headquarters.
- Population: The estimated population of Cairo is approximately 22.6 million in 2024.
Cape Town, South Africa
Cape Town is South Africa’s second-most-populated city with a GDP of $91.9 billion in 2020, accounting for 9.8% of the country’s GDP. It is the legislative capital of the country and the administrative and economic center of the Western Cape. The business service sector, including business process outsourcing (BPO) and information technology (IT), has been the largest contributor to employment growth in Cape Town over the last 10 years.
Lagos, Nigeria
As of May 2024, Lagos had a GDP of ₦41 trillion ($27.34 billion), contributing between 26.7% and 35% to Nigeria’s total GDP. The state also accounted for over 50% of Nigeria’s non-oil GDP, with more than 50% of the country’s non-oil industrial capacity located within it. Lagos is Nigeria’s economic hub and financial center.
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- Economic drivers: finance, entertainment, real estate, manufacturing and trade, technology, and telecommunication.
- Business hubs: Lagos hosts major financial institutions, corporate headquarters, and tech startups. Its key business areas include Victoria Island, Lekki, Ikeja, and Apapa.
- Population: According to Macrotrends, the metro area population of Lagos in 2025 is estimated to be 17.16 million.
Nairobi, Kenya
With a GDP of $78.7 billion, Nairobi, often referred to as the “Silicon Savannah,” stands out as the economic and innovation hub of East Africa. The city contributed 27.5% of the total gross value added (GVA) in Kenya in 2023.
- Economic drivers: technology, tourism (wildlife and national parks), manufacturing, and agriculture (tea and coffee exports).
- Business hubs: Konza Technopolis, Upper Hill & Westlands, Karen & Gigiri.
- Population: According to Macrotrends, the metro area population of Nairobi in 2025 is 5.7 million.
Cities with the most millionaires and billionaires
A recent report by Henley & Partners’ 2024 Africa Wealth Report reveals that Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding $1 million, along with 342 centi-millionaires worth USD 100 million or more and 21 billionaires.
Below is the table of the top ten richest African cities based on the count of the millionaires and billionaires.
| Rank | City | Country | Millionaires (USD 1m+) | Centi-millionaires (USD 100m+) | Billionaires (USD 1bn+) |
| 1 | Johannesburg | South Africa | 12,300 | 25 | 2 |
| 2 | Cape Town | South Africa | 7,400 | 28 | 1 |
| 3 | Cairo | Egypt | 7,200 | 30 | 4 |
| 4 | Nairobi | Kenya | 4,400 | 10 | – |
| 5 | Lagos | Nigeria | 4,200 | 12 | 2 |
| 6 | Cape Winelands (region) | South Africa | 3,600 | 16 | 2 |
| 7 | Durban, Umhlanga & Ballito | South Africa | 3,500 | 11 | – |
| 8 | The Garden Route (region) | South Africa | 3,200 | 5 | – |
| 9 | Casablanca | Morocco | 2,800 | 10 | 1 |
| 10 | Pretoria | South Africa | 2,100 | 2 | – |
Factors attracting high-net-worth individuals (HNWIs) to African cities
- Business opportunities and investment options: Cities like Johannesburg and Cape Town attract high-net-worth individuals because of their robust economies and thriving industries, which ease business activities. Likewise, Lagos opens an opportunity for interest in a sector like entertainment. In 2024, Lagos was named the sixth-best city for nightlife in Africa.
- Luxury Lifestyle: A city can also attract high-net-worth individuals when it houses standard real estate, luxury shopping, entertainment, and amenities that address the preferences of HNWIs.
- Stable political and economic environment: A city with political stability, less corruption, and a growing economy attracts the HNWIs.
- Infrastructure and Connectivity: Good transportation networks, standard international airports, and modern infrastructure also make cities appeal to the interests of the HNWIs.
- Tax Incentives: Some cities offer considerable tax policies for businesses and individuals, encouraging wealth accumulation.
Anytime you come across African cities with the most millionaires and billionaires, just know that it meets many of the above factors.
Best African cities for business and investment
In 2022, Statista Global Business Cities ranked Africa’s top business cities based on key factors including the economy (economic strength and development), business environment (infrastructure and logistics), society (population growth, education, and living standards), and charisma (tourism, culture, and environment). This ranking also reflects some of the wealthiest African cities.
Below are some of the best African cities for business and investment:
Cairo, Egypt
Cairo stands out as one of Africa’s top business cities, serving as a key industrial and financial hub in North Africa. Strategically located along the Nile River, it is the heart of Egypt’s political and economic activities. According to a report by StartupBlink, Cairo ranks among the top 100 startup cities in the world in 2024.
The government offers competitive corporate tax rates and financial incentives for foreign investors, especially in sectors like renewable energy and technology. These policies ensure businesses can maximize profitability while benefiting from tax breaks and exemptions in special economic zones.
Johannesburg, South Africa
Johannesburg is South Africa’s economic center and the home to the Johannesburg Stock Exchange (JSE), Africa’s largest stock market. It has attracted top global corporations and hosts major multinational companies like Google, Amazon, and Facebook.
The city offers a high quality of life, a relatively low cost of living, and a highly developed economic infrastructure. Businesses benefit from easy access to advanced information technology, sound government policies, reasonable tax rates, and competitive operational costs.
Nairobi, Kenya
Nairobi is a top business and investment hub in Africa, ranked as the continent’s top city by Knight Frank’s Africa Horizons Report 2021/22 based on innovation, infrastructure, funding, and entrepreneurial motivation. The city presents opportunities across various sectors, including agribusiness (coffee, tea, flowers, and avocados), manufacturing (renewable energy, medical supplies, and value-added agricultural products), real estate (affordable housing), financial services (fintech and alternative investment management), and technology (ICT innovation and digital trade).
Kenya has a well-developed banking industry serving the domestic, regional, and international markets, including global names such as Barclays, Citibank, and Standard Chartered Bank.
Lagos, Nigeria
As Nigeria’s economic nerve center, Lagos significantly impacts West Africa’s commerce, finance, and technology, generating substantial GDP due to its population and industries. According to a report by StartupBlink, Lagos ranks among the top 100 startup cities in the world in 2024.
With a large population, the city provides access to a substantial consumer market within Nigeria and the wider West African region and can boast of a booming startup ecosystem.
Accra, Ghana
Accra is a major business and investment hub in West Africa. It attracts multinational companies and global institutions seeking a reliable business environment. Accra currently hosts the Secretariat of the African Continental Free Trade Agreement (AfCFTA), reinforcing its role as a strategic gateway for trade and investment in Africa.
Ghana attracts investors with favorable tax laws, including an 8% rate for non-traditional exports (compared to the standard 25%). Also, financial institutions must only pay a 20% rate on profits from loans made to farming operations and leasing businesses.
Top cities in Africa for infrastructure and development
Infrastructure and development are important drivers of economic growth and major factors in improving living standards. Standard infrastructure, including roads, transportation, energy supply, water systems, and digital connectivity, creates a conducive environment for businesses to thrive and enhances the daily lives of citizens.
Below are some of the best African cities for infrastructure and development:
Johannesburg, South Africa
As one of the richest cities in Africa, Johannesburg has a high infrastructural strength, including well-developed road networks, highways, and public transport like Rea Vaya Bus Rapid Transit. The BRT provides reliable, affordable public transport while reducing CO2 emissions and serving 45,000 commuters daily with a high-tech control room monitoring all routes and stations.
As of January 2024, South Africa had 45.34 million internet users, with a penetration rate of 74.7% of the total population. Johannesburg boasts a high internet penetration rate, with widespread connectivity, including free wireless access at Johannesburg International Airport’s dining and retail areas.
The City of Johannesburg has also developed a Smart City Strategy, SCIIP, and an Innovation Framework aimed at modernizing service delivery methods.
Cairo, Egypt
As the capital of Egypt, Cairo is the hub of almost the entire Egyptian transport network. The city boasts an extensive metro system, well-developed highways, and the Suez Canal, which is an important trade hub. The city is witnessing the development of the New Administrative Capital, featuring modern infrastructure. There are also ongoing large-scale renewable energy projects.
As of January 2024, Egypt had 82.01 million internet users, with an internet penetration rate of 72.2% of the total population. Cairo stands out with faster internet speeds compared to other regions within the country.
Nairobi, Kenya
Nairobi also stands out in infrastructure and development with initiatives like smart city projects such as Konza Technopolis, often referred to as East Africa’s Silicon Valley. The city has improved in transport modernization, particularly with the Standard Gauge Railway (SGR) connecting Nairobi to Mombasa. The city drives digital transformation with high mobile penetration and fintech innovations.
Nairobi leads in internet usage across Kenya, with 52.4% of its population actively online. As of early 2024, Kenya had 22.71 million internet users, with an overall internet penetration rate of 40.8%.
Casablanca, Morocco
Casablanca is Morocco’s financial and industrial powerhouse, with Casablanca Finance City (CFC) and a properly managed business district. The city boasts modern transport infrastructure, including an efficient tram system, a major international seaport, and the Al Boraq high-speed train. Casablanca records key successes in green energy, with investments in solar and wind power infrastructure.
Internet access has increased in Morocco in recent years and is a major driver of the country’s socio-economic development. As of 2024, the internet penetration rate reached 90.7 percent, up from 88.1 percent the year before. Casablanca is benefiting from this development as the capital of the country.
Wealthiest African cities by real estate value
Africa’s real estate market is projected to reach $17.64 trillion by 2025, with the residential segment leading at $14.87 trillion. The market is expected to grow at 5.58% annually, reaching $21.92 trillion by 2029.
This development shows how real estate prices reflect economic strength with factors such as income growth, demand-supply dynamics, investment trends, and government policies. These factors shape the value of properties across major cities, highlighting the continent’s wealthiest cities by real estate value.
Below are some of the best African cities for infrastructure and development:
| City | Premium Residential Areas | Key Features |
| Johannesburg | Sandton, Hyde Park, Bryanston | Luxury apartments, high-end shopping, exclusive schools |
| Cape Town | Clifton, Camps Bay, Constantia, Bishopscourt | Scenic views, vineyards, beachfront properties |
| Cairo | Zamalek, Heliopolis, Maadi, New Cairo | Upscale apartments, international schools, gourmet dining |
| Lagos | Ikoyi, Victoria Island, Banana Island, Lekki | Luxury apartments, yacht clubs, vibrant nightlife |
| Nairobi | Karen, Muthaiga, Runda, Gigiri | Gated communities, private schools, expansive homes |
Nairobi, Kenya
Ranked 52nd in Knight Frank’s PIRI 2024, Nairobi is experiencing surging luxury property demand, fueled by tech expansion.
The adoption of technology in real estate is a notable emerging trend in Kenya, with online property listings, virtual tours, property management software, and smart home technology solutions gaining popularity. This improves transparency and convenience for buyers, sellers, and investors.
The cost of real estate in Nairobi varies depending on the type of property and its location. In December 2024, the average price of a property in Nairobi was Sh36.7 million ($283,945.84)
Cape Town, South Africa
Cape Town ranks 4th in Knight Frank’s PIRI 2024 for annual luxury residential price changes, with Bishopscourt, Upper Constantia, and the Atlantic Seaboard attracting high-end buyers.
Luxury buyers prioritize energy solutions like solar power, generators, and smart home tech to tackle South Africa’s power shortages. The cost of real estate in Cape Town varies depending on the type of property and its location.
Lagos, Nigeria
Lagos is a key destination for affluent Nigerians and foreign investors. Old Ikoyi, Victoria Island, and Banana Island continue to attract HNWIs. According to CW Real Estate, a real estate and brokerage firm in Lagos, over 600 premium apartments—each worth $1 million—are currently under construction in these locations.
Nigerian HNWIs reportedly dominate the market for properties ranging from $1 million to $6 million. The cost of real estate in Lagos varies depending on the type of property and its location. The average property price in Lagos is projected to be around ₦50 million in 2025, representing a significant increase from previous years, driven by demand and urban development.
Johannesburg, South Africa
Johannesburg is a prime location for international buyers, seeking both value and a rich living experience. The Africa Wealth Report 2024 highlights a surge in expat and foreign HNWI interest in Johannesburg’s luxury property market, driving its revival as a global investment hotspot.
The cost of real estate in Johannesburg varies depending on the type of property and its location. In November 2021, Johannesburg home prices were up 167.9% compared to last year, selling for a median price of $75,000.
Best African cities for quality of life
A city’s quality of life improves significantly when economic wealth improves investment in infrastructure, healthcare, education, and social services.
When a city experiences economic growth, the increased wealth can be directed into various sectors that can improve the quality of life for its residents.
Numbeo, a data and research platform, recently highlighted African cities with the highest quality of life. The ranking was based on an aggregate score, considering factors such as purchasing power, safety, healthcare, cost of living, property price-to-income ratio, traffic commute time, pollution levels, and climate index.
Below are the 5 African cities with the best quality of life:
| Rank | Cities | Quality of life index |
| 1. | Cape Town, South Africa | 162.92 |
| 2. | Pretoria, South Africa | 156.47 |
| 3. | Durban, South Africa | 149.47 |
| 4. | Johannesburg, South Africa | 140.9 |
| 5. | Nairobi, Kenya | 92.47 |
Cape Town, South Africa
Cape Town ranks highest with a Quality of Life Index of 162.92. It is known for its natural beauty, rich culture, and strong infrastructure. The city draws residents and tourists, offering modern amenities alongside a rich historical heritage, making it a great place to reside.
| Purchasing Power Index | 110.96 | Very high |
| Safety Index | 26.34 | Low |
| Health Care Index | 68.94 | High |
| Climate Index | 98.19 | Very high |
| Cost of Living Index | 32.56 | Very low |
| Property Price to Income Ratio | 4.90 | Very low |
| Traffic Commute Time Index | 42.36 | High |
| Pollution Index | 38.41 | Low |
Pretoria, South Africa
Pretoria ranks second with a Quality of Life Index of 156.47. Its green suburbs, relaxed lifestyle, strong healthcare and education, pleasant climate, and cultural diversity make it an ideal place to reside and work.
| Purchasing Power Index | 135.09 | Very high |
| Safety Index | 18.04 | Very low |
| Health Care Index | 66.51 | High |
| Climate Index | 95.83 | Very high |
| Cost of Living Index | 32.34 | Very low |
| Property Price to Income Ratio | 2.39 | Very low |
| Traffic Commute Time Index | 44.42 | high |
| Pollution Index | 55.97 | Moderate |
Durban, South Africa
Durban ranks third with a Quality of Life Index of 149.47. It is recognized for its beaches, subtropical climate, and lively food culture. The city offers a relaxed lifestyle combined with a burgeoning economy. Investments in infrastructure and urban development have improved its livability.
| Purchasing Power Index | 101.57 | High |
| Safety Index | 19.54 | Very low |
| Health Care Index | 58.70 | Moderate |
| Climate Index | 95.61 | Very high |
| Cost of Living Index | 29.20 | Very low |
| Property Price to Income Ratio | 4.93 | Very low |
| Traffic Commute Time Index | 25.50 | Very low |
| Pollution Index | 53.52 | Moderate |
Johannesburg, South Africa
Johannesburg has a Quality of Life Index of 140.9. Known as the “City of Gold,” it boasts a dynamic cultural landscape, world-class healthcare facilities, and a robust business environment. It provides a diverse range of neighborhoods catering to various lifestyles, from cosmopolitan living to serene suburban areas.
| Purchasing Power Index | 111.39 | Very high |
| Safety Index | 19.29 | Very low |
| Health Care Index | 60.30 | High |
| Climate Index | 91.38 | Very high |
| Cost of Living Index | 34.47 | Very low |
| Property Price to Income Ratio | 3.00 | Very low |
| Traffic Commute Time Index | 40.72 | Moderate |
| Pollution Index | 61.49 | High |
Nairobi, Kenya
Nairobi, Kenya’s capital, has a Quality of Life Index of 92.47. It stands out for its entrepreneurial spirit, lively social scene, and closeness to wildlife reserves. The city has grown into a business and innovation hub in East Africa. Its expanding infrastructure and tech sector attract a diverse expatriate community seeking a balance between urban living and natural beauty.
| Purchasing Power Index | 35.06 | Very low |
| Safety Index | 40.30 | Moderate |
| Health Care Index | 62.84 | High |
| Climate Index | 99.79 | Very high |
| Cost of Living Index | 30.82 | Very low |
| Property Price to Income Ratio | 17.14 | Very high |
| Traffic Commute Time Index | 53.40 | High |
| Pollution Index | 79.76 | High |
The future of Africa’s wealthiest cities
The ranking of Africa’s richest cities indicates the economic strength, investment potential, and quality of life in major developed areas. Johannesburg tops the list as the wealthiest African city, with the highest GDP and concentration of millionaires.
Cairo plays a key role in Egypt’s economy, supported by finance, tourism, and trade through the Suez Canal. Cape Town stands out for its high count of wealthy residents and superior quality of life, making it an attractive destination for business and lifestyle.
Nairobi, Africa’s technology and innovation hub, continues to rise economically. Lagos boasts of economic vibrancy and a thriving startup system but faces quality of life challenges. These cities shape Africa’s future growth and development.
Furthermore, Accra is experiencing economic growth and urban development, which improves living conditions, and Lagos continues to advance through fintech and infrastructure investments.
While analyzing the rankings of Africa’s richest cities offers valuable insights, it is also important to consider how economic trends may reshape these rankings in the future. Questions such as how urbanization and smart city initiatives will impact rankings, whether the rise of digital economies will improve cities like Kigali and Addis Ababa, and how sustainability and climate resilience could influence future economic powerhouses all deserve attention.
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