Nairobi Ranked 6th Wealthiest City in Africa
Nairobi is the sixth wealthiest city in Africa according to a report by AfrAsia Bank Africa Wealth Report 2018. Nairobi’s wealth is valued at $54 billion compared to Johannesburg’s $276 billion. Major sectors in Nairobi city include: financial services, real estate & construction, retail, tourism, FMCG, telecoms and basic materials.
Coming second after Johannesburg is Cape Town at $155 billion with Cairo coming third at $140 billion. In fourth place is Lagos at $108 billion followed by Durban at $55 billion.
In seventh place is Luanda at $49 billion followed by Pretoria, Casablanca, and Accra at $48 billion, $42 billion, $38 billion respectively. Mombasa ranks 23rd with wealth valued at $8 billion.
According to the report, the individual wealth of Africans is currently at $2.3 trillion and is expected to grow to $3.1 trillion by 2027. In addition, 19,000 Africans became dollar millionaires over the last decade.
“The continent’s wealth is agglomerating in a number of urban clusters, in the south, east and west. Wealth is collected in a few other places – isolated capitals and mini-clusters stretching from Morocco down to Angola. […] By 2100, 13 of the world’s 20 biggest megacities will be in Africa.” writes Frank Jacobs on Big Think.
According to Visual Capitalist, Africa is turning into financial and entrepreneurship hub which could mean that an economic boom on the continent is imminent.
The report further notes that there are 24 billionaires living in Africa, each with net assets of US$1 billion or more.