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Top 10 Richest Cities In Africa 2020

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Traditionally seen by the West as one of the world’s poorest continents, there’s unquestionably an extreme amount of poverty in Africa. In 2020, however, there’s also an equally extreme amount of wealth. Thanks to rapid growth in the core sectors of tourism, finance, construction, and real estate, and there’s a vast quantity of money tied up in some of the continent’s largest cities. You will be Interested in finding out which of these ranks as the very richest cities in Africa? Then read on as I take you through, starting from the 10th position.

10. Accra, Ghana

Our first entry comes from the West African city of Accra. The word Accra is derived from the Akan word Nkran meaning “ants”, a reference to the numerous anthills seen in the countryside around Accra. . As the capital of Ghana, Accra is home to the largest concentration of wealth ($35 billion, to be exact) in the country, along with the greatest number of excessively wealthy individuals. According to Naijaquest , 2300 millionaires and 100 multi-billionaires currently call Accra their home.


9. Casablanca, Morocco

As one of only two North African cities to feature on our roundup, Casablanca has a lot to live up to and it’s managing to do it with ease. Despite Marrakech being, arguably, Morocco’s most internationally famous destination, it’s actually the country’s largest city that’s holding the purse strings. Thanks to the proliferation of millionaires, multi-millionaires, and billionaires. making a fortune from Casablanca’s manufacturing and financial services sectors, the city can claim a considerable wealth of $40 billion. Which made them make the top 10.


8. Pretoria, South Africa

Pretoria is rank number 8 on the and Our first entry from South Africa. Pretoria is, the country’s administrative seat of government and academic hub along with housing the Council for Scientific and Industrial Research, it’s also home to three universities With a strong job market and a booming business in manufacturing, basic materials, and finance, Pretoria has managed to make millionaires of 2,600 of its residents, and multi-millionaires of 110 more. It may not have yet managed to create a billionaire, but it still holds a total wealth of $42 billion regardless.


7.Durban, South Africa

Durban which is rank number 7 on the list is the second entry but the last from Africa’s wealthiest country of South Africa comes in the shape of Durban. As home to the third-largest concentration of people in the country along with its busiest port, Durban is a buzzing, vibrant hub of industry and activity. The major sectors in these parts of South Africa include Its real estate, tourism, financial services, healthcare, construction, retail, and transportation sectors are all particularly strong, while its trade-in millionaires is even stronger. At the last count, there were 3200 millionaires, 130 multi-millionaires and 1 billionaire all holding up the city’s $46 billion wealth between them.


6. Luanda, Angola

Luanda is known as the ” Paris of Africa” due to the city’s sophisticated culture and atmosphere. Luanda, Angola may not be one of Africa’s best-known names, but with $48 billion tied up in the city, it probably should be. As the most populous city in Angola, Luanda is home to the highest concentration of wealthy individuals in the country, with 4100millionaires, 340 multi-millionaires, and 1 solitary but no doubt extremely proud)l billionaire living very comfortable lives indeed thanks to Luanda’s booming real estate, transportation, and construction industries.


5. Nairobi, Kenya

The city is known to be the economic hub of the East African region. The report notes that We expect Nairobi to break into the top three wealthiest cities in Africa soon, possibly replacing Lagos which has been slipping down the list of late. Nairobi is a city on the rise: not only its population growing by the day, but its job market is expanding at an exponential rate, particularly in the financial services, real estate, construction, tourism, telecommunications, and FMCG trades. As the home of around 6800 millionaires and 280 multi-millionaires, there’s believed to be around $55 billion dollars in the hands of the city’s wealthiest private individuals.


4.Lagos, Nigeria

Lagos is the largest city in Africa in terms of population and GDP but not in relation to wealth. Nollywood, Nigeria’s popular film industry which has become the third-largest film industry in the world is located in Lagos. As one of the busiest and biggest ports in Africa, Lagos has a thriving import/export trade. Add to that the city’s status as one of the fastest-growing financial centers on the continent with the highest GDP of any other African county and a population that How Africa estimates will reach 86.3 million by 2100 and it’s understandable why the city has such a high ranking on our list. With 360 multi-millionaires and 4 billionaires based in the area, there’s an estimated $120 billion floating around the city.


3. Cape Town, South Africa

Cape Town may be South Africa’s most dangerous city, but its also one of its most beautiful city, with a stunning coastline that attracts droves of tourists every year.The city is known for its harbor, for its natural setting in the Cape Floristic Region, and for landmarks such as Table Mountain and Cape Point. Cape Town is home to 64 percent of the Western Cape’s population and is known to be a hotspot for wealthy second homeowners from across the globe. Naturally, the end product of all that tourist trade is a huge amount of money flooding into the area- couple that with booming real estate, financial services, and retail industries, and you’re looking at one very wealthy city indeed made by the 1500 multi-millionaires that have chosen the city as their primary home. All in all, the total wealth of the city is estimated to be $135 billion.


2. Cairo, Egypt

The city is most famous for containing the famous Giza Pyramids Complex that holds one of the Seven Wonders of the World. Cairo has been the hub of education and services for Egypt and other neighboring regions as it holds the largest number of educational schools and universities. These days, you should probably add “home of the 2nd richest city in Africa” to the list. Cairo is a huge, sprawling city that ranks as the largest city in the Arab world and the 6th most populous city in the world. As you’d expect of such a massive metropolis, it’s got a fair share of extreme poverty, unemployment, and deprivation. On the flip side, it’s also got a very large concentration of some of Africa’s richest men and women, with a total of 480 multi-millionaires and 5 billionaires contributing to the city’s overall wealth of $140 billion.


1. Johannesburg, South Africa

Topping the list with a total wealth of $248 billion is South Africa’s largest city, Johannesburg. Much of the city’s extensive wealth derives from its prime position in the Witwatersr and hill range, an area replete with minerals and the center of a very profitable gold and diamond trade. As World Atlas notes, thanks to its booming industry, Johannesburg is home to the largest concentration of millionaires in South Africa, 970, by the latest estimation along with two very successful billionaires. with most of the wealth concentrated in Sandstone which is home to Johannesburg Stock Exchange, Africa’s largest stock market. It also houses top African banks. As SouthAfrica’s business hub, even those who don’t have 6 figure bank balances are doing well thanks to an abundance of high paying jobs in the financial, professional, and telecommunication sectors.

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E CLASS

We would train a new police unit next week – IGP says following disbandment of SARs.

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The Inspector-General of Police, Mohammed Adamu, has assured Nigerians that the training of a new police unit to take over from the disbanded Special Anti-Robbery Squad (SARS) will commence next week.

Adamu gave the assurance when pop artiste, David Adeleke aka Davido, visited him in his office on Monday, October 12 over the ongoing #EndSARS protests. For over 72 hours, Nigerians youths nationwide have taken to the streets calling for the disbandment of SARS. The IGP responded by banning the dreaded police unit, but protesters say they doubt the police authorities sincerity. IGP Adamu has assured that a new unit of the police will be ready soon. Speaking to Davido, IGP Adamu said with SARS being disbanded, there was a need to get a new structure to carry out the duties the defunct police unit was carrying out, which is fighting violent crimes.

He said the new outfit would be intelligence-driven, properly trained and only act on special occasions that require their attention. He said the unit would be made up of fresh personnel with a fresh orientation and not officers from the scrapped unit. He said opportunities would be created for members of the public to participate in and make inputs to the formation of the new unit. IGP Adamu further said this was the first time they have decisively taken to dissolve SARS and called for calm as they continue to resolve all the issues. Nigerian parents blow hot, protest against disbandment of SARS, video goes viral. “I’m talking to you so I will keep talking to many others and get civil societies involved and get their input towards the new unit.” He said officers of the disbanded unit would be retrained and given other responsibilities in the force, but will not be reabsorbed into the new unit. Legit.ng had earlier reported that the IGP in response to calls and agitation from Nigerians to disband SARS, banned personnel of the unit from carrying out routine protocols, before the eventual disbandment.

The new directive from the IGP also affected operatives of other tactical squads of the police such as the Special Tactical Squad (STS), Intelligence Response Team (IRT) and the Anti-Cultism Squad.

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