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Check out the sectors that drive Africa’s top 10 wealthiest cities

Total wealth refers to the private wealth that individuals in each city hold including property, cash, equities and business interests among others.

That is the definition given by the 2018 Africa Wealth Report that was released in September and featured African trends in wealth, luxury, prime property and wealth management. The report covers a 10-year period from 2007 to 2018 and it makes projections to 2027.

The report highlighted the list of the top 10 wealthiest cities in Africa according to total wealth held. For the purposes of this report, a country’s wealth includes all individuals working or living there, including expats.

Total individual wealth held in Africa amounts to around $2.3 trillion and this is expected to rise by 34% over the next 10 years, reaching $3.1 trillion by the end of 2027.

Cities from the biggest economies, as expected, dominate the list of the richest cities in Africa, with specific sector highlighted as the main drivers.

Check out the sectors that drive the top 10 wealthiest cities on the continent:

10

Accra

Total wealth held in Ghana’s capital city amounts to $38 billion. Major sectors in the city include basic materials, manufacturing and financial services. Since 2017, the city has held on to this position.

09

Casablanca

With major sectors being basic materials, manufacturing and financial services, the total wealth of the most populous city in Morocco amounts to $42 billion.

08

Pretoria

Total wealth held in the city amounts to $48 billion. Major sectors administrative capital of South Africa include basic materials, manufacturing and financial services.

07

Luanda

Total wealth held in the oil-rich Angolan capital amounts to $49 billion. Real estate and construction, transport and basic materials (oil and gas) account for the bulk of the city’s wealth.

06

Nairobi

The total wealth of Kenya’s capital amounts to $54 billion and its include financial services, real estate and construction, retail, tourism, fast-moving consumer goods (FMCG), telecoms and . Being the wealthiest in East and Central Africa, the has some of the highest prime property prices on the continent.

05

Durban

The South African city holds a total wealth of $55 billion. The major sectors in the city include real estate, finance, healthcare, construction, retail and transport.

04

Lagos

Home to over 7000 millionaires, multi-millionaires and billionaires, the Nigerian city’s total wealth amounts to $108 billion. Major sectors city include basic materials, real estate and construction, telecoms, transport and financial services.

03

Cairo

The total wealth of Egypt’s capital, Cairo amounts to $140 billion with real estate, financial services, construction and basic materials being the major wealth creation sectors of the city. Work has already begun on an unnamed smart city and administrative capital, 40km east of Cairo and the government is set to relocate to the area in June 2019. The new capital is expected to house a total of five million people when completed, with a display of Chinese-built high-rises and residential buildings.

02

Cape Town

This is the second richest city in Africa, holding a total wealth of $155 billion dollars. Its major sectors include real estate, financial services (fund management), retail and tourism. The city is also the most expensive for prime property on the continent with a square metre of space fetching about $61000.

01

Johannesburg

The total wealth held in the South African city amounts to $276 billion. The city is also home to over 19,000 millionaires, multi-millionaires and billionaires combined. According to the report, the major wealth creation sectors of the financial services, construction, professional services, telecoms and materials.

Credit: Face2faceafrica

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