South Africa has the highest number of dollar millionaires in Africa

A new report by AfrAsia Bank and New World Wealth says Johannesburg alone, known as the “city of gold”, is home to 23,400 millionaires.

South Africa has 30% of the total.

Egypt’s Cairo comes second with 10,200, with Nigeria’s Lagos third with 9,100.

The study defines millionaires as people with net assets worth at least $1m (£650,000).

It estimates there are close to 163,000 millionaires living in Africa, with a combined wealth of $670bn (£440bn).

Read also: Dangote earns N16bn in 24 hours, as 400 world’s richest lose $182bn

The number of millionaires is rising fastest in Ghana’s capital, Accra, the report said, even though at the moment, with 2,300, it does not make the top five.

After Lagos, comes Cape Town with 8,900 and Nairobi with 6,200.

It may come as a surprise to many that Johannesburg has more than twice the number of dollar millionaires as Lagos, the economic hub of Nigeria, Africa’s most populous nation and its number one economy.

However, Nigeria became Africa’s largest economy only recently, whereas South Africa has been at the helm for long and still remains the most industrialised economy in Africa.

South Africa’s current economic problems has not prevented the emergence of new black industrialists.

However, South Africa with all its wealth still faces huge problems of unemployment, inequality and poverty.

Credit: bbc
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