Johannesburg, the commercial capital of South Africa, is home to far more dollar millionaires than any other city in Africa, research has found.
The “city of gold” topped the continent’s rich list with 23,400 millionaires at the end of 2012, according to New World Wealth, a consultancy based in Oxford in the UK. It is followed by Cairo in Egypt with 12,300 millionaires and Lagos in Nigeria with 9,800.
Johannesburg became the economic engine of Africa after the discovery of gold in 1886, rapidly transforming from a settlement of tents and wood and iron shacks to a modern metropolis. It claims to be the world’s biggest city not built on or near a major water source, and to host the world’s biggest urban artificial forest.
Four South African cities were placed in the top ten of the rankings. The report noted that South Africa’s increase represented growth of 9 percent from the 2011 fiscal year. Cape Town was ranked fourth with 9 000 millionaires. Durban had 2 700 while Pretoria was ranked in eighth place with 2 500 millionaires.
The report further stated that although the number of millionaires in other African countries was growing at a fast rate, South African cities were still expected to dominate the top 10 list in 2020.
The report further projected that Johannesburg millionaires would grow to 30 000 by 2020 and would maintain its first position.
Then, it is projected Lagos would have 15 800 millionaires.
The report forecast that Accra in Ghana would be the fastest growing city for Africa millionaires in the period to 2020 with a yearly growth of 8 percent, while Durban would have the fastest growth in South Africa at 3.7 percent.
The New World Wealth’s list includes high-net worth individuals with net assets of $1 million or more, including their primary residence.
The report also provides information and customized products to Africa’s wealth sectors such as luxury goods companies, private banks and fund managers among others. It has a sample of more than 120 000 t individuals on its database.
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