Africa’s 10 fastest-growing millionaire cities

Kigali City (GATETE Pacifique/CC-BY-SA)

The number of millionaires worldwide has increased significantly as the global economy has evolved. With their substantial financial resources, these individuals are able to invest in various businesses and properties, which contribute to the expansion and development of cities and economies worldwide.

The presence of wealthy people in a city can have a significant effect on the local economy and community. While they may be viewed by some as a symbol of inequality, their investments and contributions can foster growth and development.

The recently published “World’s Wealthiest Cities 2023” report by New World Wealth and Henley Partners, a consulting firm, identifies the commercial cities with the fastest-growing dollar millionaire populations. The report analyzes global trends in the movement of private wealth and includes individuals with at least $1 million in net worth, centi-millionaires (individuals with a net worth of over $100 million), and dollar billionaires.

The World’s Wealthiest Cities Report 2023’s data on high-net-worth individuals covers 97 cities on nine continents and the majority of the world’s top wealth centers (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia).

The information is provided by wealth intelligence firm New World Wealth, which is the only independent wealth research agency that routinely tracks patterns in the movement of money across national borders and cities. The company’s database tracks the whereabouts and spending patterns of approximately 150,000 wealthy individuals (with a focus on those with more than USD 10 million in investable assets).

Here are the top 10 African cities that experienced the most significant increase in their millionaire populations between 2012 and 2022: