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!!

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. 

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. 

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.

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. 

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. 

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	-

3. : A city with political stability, less corruption, and a growing economy attracts the HNWIs.

4. Good transportation networks, standard international airports, and modern infrastructure also make cities appeal to the interests of the HNWIs.

5. 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.

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 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 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 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. 

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 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.

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:

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. 

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 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%.

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

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 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 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 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. 

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.

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 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 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 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 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’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. 

Reader, you can share your thoughts on which African cities you believe are growing the fastest and comment on any investment opportunities you’ve explored. Subscribe for more economic and financial insights on Africa’s markets and how these trends may reshape future city rankings.