Top 10 African cities with the fastest-growing millionaire population
As the world’s economy continues to develop, the number of millionaires has also increased over the years. With their wealth, these individuals can invest in businesses, properties, and other ventures, thus contributing to the growth of cities and economies worldwide.
The local economy and community can be significantly impacted by the presence of wealthy people in a city. Although some may see them as a representation of inequality, their investments and contributions might open doors for expansion and improvement.
The World’s Wealthiest Cities 2023 report, published by the consulting firm New World Wealth and Henley Partners, identified commercial cities as having the fastest-rising percentages of millionaire citizens.
The most recent research, which examines global patterns in the private wealth movement, lists high net-worth persons with a net worth of at least $1 million, centi-millionaires (those 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 contains the majority of the top wealth centers globally and spans 97 cities in nine continents (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia).
The data is given by wealth intelligence company New World Wealth, the only independent wealth research organization now studying patterns in the transfer of money across borders and cities. Approximately 150,000 high-net-worth individuals are tracked by the company in its database, with an emphasis on those with more than USD $10 million in investable assets.
Kigali Daily News listed Below are 10 African cities with the fastest-growing millionaire populations according to Busness insider
Top 10 African cities with the fastest-growing millionaire population
| Rank | City | Country | HNWI % growth (2012-2022) | Global rank |
|---|---|---|---|---|
| 1. | Kigali | Rwanda | 72% | 14th |
| 2. | Marrakech | Morocco | 55% | 29th |
| 3. | Mombasa | Kenya | 35% | 47th |
| 4. | Tangier | Morocco | 33% | 48th |
| 5. | Nairobi | Kenya | 30% | 52nd |
| 6. | Casablanca | Morocco | 28% | 54th |
| 7. | Whale Coast | South Africa | 25% | 56th |
| 8. | Swakopmund | Namibia | 25% | 57th |
| 9. | Accra | Ghana | 24% | 59th |
| 10. | Addis Ababa | Ethiopia | 23% | 60th |