South Africa’s economic capital, Johannesburg, is said to be the richest city in Africa, with total wealth held in the city amounting to US$276 billion, according to a report by AfrAsia Bank and New World Wealth. The second place is also occupied by another South African city, Cape Town.
1. Johannesburg (South Africa)
The South Africa’s largest city is developed after gold was discovered in the 19th-century. The total wealth held in the city amounts to US$276 billion.
The city’s main sectors include; financial services (banks), professional services (law firms, consulting firms), construction, telecommunications, and necessary materials.
2. Cape Town (South Africa)
The second place is also occupied by another South African city, Cape Town. A port city located on the southwest coast of South Africa is dominated by the imposing Table Mountain on a peninsula.
This city has a total wealth of 155 billion US dollars. The main generating sectors of the city’s economy are: real estate, financial services (fund management), retail trade, and tourism.
3. Cairo (Egypt)
With an economy based mainly on tourism, financial services, materials, real estate, and construction, Cairo would be the third richest city in Africa, after Johannesburg and Cape Town. The immense Egyptian capital holds 140 billion US dollars of wealth.
4. Lagos (Nigeria)
The fourth richest city in Africa is Lagos, whose total wealth is 108 billion US dollars. The main sectors of Nigeria’s vibrant economy capital are said to be basic materials, real estate and construction, telecommunications, transport, and financial services.
5. Durban (South Africa)
The coastal city of KwaZulu-Natal province, Durban, ranks fifth in this ranking. Known for its African, Indian, and colonial influences, the total wealth held in the city amounts to 55 billion US dollars. The main sectors of the city include: real estate, finance, healthcare, construction, retail, and transportation.