African Cities with the Fastest Growing Number of Millionaires

.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 World’s Wealthiest Cities 2023 report by consultancy New World Wealth and Henley Partners was recently released and it showed commercial cities with the fastest-growing numbers of dollar millionaires.

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 information is provided by wealth intelligence firm New World Wealth, which is presently the only independent wealth research agency routinely following patterns in the movement of money across national borders and cities. The company keeps track of the whereabouts and spending patterns of approximately 150,000 high-net-worth people in its database (with a focus on those with more than USD 10 million in investable assets).

Below are 10 African cities with the fastest-growing millionaire populations in from 2012-2022:

1. Kigali Rwanda 72% (HNWI % Growth)
2. Marrakech Morocco 55%
3. Mombasa Kenya 35%
4. Tangier Morocco 33%
5. Nairobi Kenya 30%
6. Casablanca Morocco 28%
7. Whale Coast South Africa 25%
8. Swakopmund Namibia 25%
9. Accra Ghana 24%
10. Addis Ababa Ethiopia

Source: Business Insider Africa

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