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Nairobi Ranked Sixth Among 10 Wealthiest Cities in Africa

BY Soko Directory Team · January 25, 2019 06:01 am

Four South African cities featured among the top 10 wealthiest list in Africa, according to the Africa 2018 Wealth Report leaving the rest of the continent to scramble for the remaining six positions.

Johannesburg, Durban, Cape Town, and Pretoria were the four South African cities ranked among the wealthiest.

The report further found South Africa to be the wealthiest country with a net worth of $722 billion

Top of the list was Johannesburg, whose wealth amounts to $276 billion and the major sectors in the city included financial services (banks), professional services (law firms, consultancies), construction, telecoms, and basic materials.

Second on the list was Cape Town with a total wealth of $155 billion. The main sector that boosted the city included real estate, financial services (fund management), retail and tourism.

Kenya

The Kenyan capital Nairobi was ranked East Africa’s wealthiest city and the sixth in Africa after Durban, Cape Town, Cairo, Lagos, and Johannesburg.

Nairobi’s wealth, which stands at 5.4 trillion shillings, comes on the heels of growth driven by financial services, retail, tourism, fast-moving consumer goods, telecoms, real estate, and construction.

Nairobi attracts high Net Worth Individual (HNWIs) for business and investments while Mombasa has attracted hospitality and luxury investments along its expansive beaches as well as highly preserved buildings recognized globally as World Heritage Sites.

The Kenyan capital is the most expensive city in East Africa with billionaires injecting funds into local investments propelling demand for rental property.

Kenya’s liberal policy which allows capital inflow and property ownership for African billionaires with easy visa regulations appear to have endeared it to HNWI individuals.

According to the report, total individual wealth held in Africa currently amounts to around $2.3 trillion and it is expected to rise by 34 percent over the next 10 years, reaching $3.1 trillion by the end of 2027.

Total wealth held in Africa has risen by 13 percent over the past 10 years and by 3 percent over the past year.

The report, which has been unpacking wealth trends in Africa over the past 10 years defines “wealth” as the net assets of a person in US dollar terms – including property, cash, equities and business interests – less any liabilities.

For the purposes of the report, a country’s wealth includes all individuals working or living there, including expats. South Africa was found to be the wealthiest country in Africa, with total wealth of $722 billion.

Here is the list of Africa’s top 10 wealthiest cities:

  1. Johannesburg
  2. Cape Town
  3. Cairo
  4. Lagos
  5. Durban
  6. Nairobi
  7. Luanda
  8. Pretoria
  9. Casablanca
  10. Accra

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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