Highlights
- Africa is a resource-rich continent with a young population, putting it on the global economic map. It holds significant reserves of oil, natural gas, minerals, and gold.
- Cities like Luanda, Accra, Casablanca, Pretoria, Nairobi, and Durban are among the wealthiest in Africa. They have thriving economies, vibrant industries, and serve as major centers for trade and commerce.
- Lagos, Cairo, Cape Town, and Johannesburg are the most affluent cities in Africa. They have strong economies, significant GDP contributions, and attract substantial investment and wealth.
Africa is a blessed continent, considered by scholars as the origin of humans.
This continent hosts a large variety of languages, ethnicities, and cultures. The Red Sea, Indian Ocean, Atlantic Ocean, and the Mediterranean Sea surround the continent.
Africa accounts for 20 percent of the earth's land area and six percent of the total surface. Africa is surpassed only by Asia and has the youngest population in the world.
Africa, the second-most populous and second-largest continent, is the cradle of humanity that abounds with resources and youth, yet grapples with economic challenges.
Rich in natural resources, this continent is blessed with arable land, water, oil, natural gas, minerals, forests, and wildlife.
Africa holds 12 percent of the world's oil, eight percent of its natural gas, 30 percent of its natural reserves, and can boast up to 40 percent of the world's gold.
Africa is blessed with natural resources and a sizable young population, which puts the continent on the global economic map.
RelatedAfrica's Largest Economies: The Top Ten In 2023
Africa is a diverse continent with untapped economic potential, and its top economies have shown consistent growth in 2023.10 Luanda (Angola)
$32 Billion
This prosperous city is located on Angola's northern Atlantic coast, the capital and largest city in Angola.
Luanda is the center for industrial, cultural, urban, and administrative activities. This city is well industrialized, as it is involved in the processing of agricultural products, textiles, cement, automotive assembly plants, shoes, and construction materials.
Luanda has a refinery in the city and is the economic center for oil. It was also the main host for the 2010 matches of the African Cup of Nations.
They have also thrived in the exportation of sugar, diamonds, iron, coffee, and salt. Luanda had over eight million inhabitants in 2020 and is the most exorbitant city in the world for foreigners.
Luanda's port city wealth is estimated at $32 billion, and it ranks as the tenth-wealthiest city in Africa.
9 Accra (Ghana)
$35 Billion
The name Accra refers to the territory of Accra Metropolitan District.
Accra is the capital and largest city of Ghana. The World Bank estimated Accra's economy to be about $3 billion of Ghana's total domestic product (GDP) in 2008.
Accra is famous for finance, insurance, marketing, manufacturing, and transportation. Accra has over 50,506 residential properties and several facilities for sports and recreation.
Accra is a beautiful city, filled with galleries, traditional markets, museums, beaches, and monumental buildings appealing to tourists. Accra, Ghana's most populous hub, is sometimes called Silicon Accra due to the massive growth in tech and innovation centers.
Accra's total private wealth is estimated to be $35 billion and the city is also a growing economic powerhouse in Africa.
8 Casablanca (Morocco)
$43 Billion
Casablanca is situated on the Atlantic coast, and it is the most populous city in the Maghreb region, the most prominent city in Morocco, and the eighth largest in the world.
The city ranks 54th globally in the Global Financial Centres Index ranking for 2022. Hence, Casablanca is considered the largest global financial center in Africa.
Casablanca is the economic engine called "the Wall Street of Morocco" because of its financial district, which houses corporate offices and banks.
The ports of Casablanca are the largest in North Africa. It's a threshold for trade and commerce, thereby providing a better economy with a GDP of $43 billion.
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$45 Billion
Pretoria is a city in South Africa named after Dutch colonizer and Voortrekker leader Andries Pretorius.
This city is South Africa's administrative capital and a host to foreign embassies in South Africa. Pretoria was among cities which hosted the 2010 FIFA World Cup.
The city is known for its academic pursuits and research. Pretoria is the tenth-largest exporter in South Africa, with cars, medium-diesel cars, and large-diesel non-chargeable cars as their major exports.
They are also known for importing automatic electric plasma and motor vehicle parts, making it the eight largest importer in South Africa.
Pretoria is home to 2.5 million people and has a total private wealth of $45 billion. In Africa, Pretoria is the seventh-wealthiest city.
6 Nairobi (Kenya)
$48 Billion
Nairobi is the capital of the Republic of Kenya as well as the largest city in East and Central Africa, with a population of 4.4 million. Its Security Exchange is one of the largest and second oldest in Africa.
The Nairobi Securities Exchange was first recognized overseas by the London Stock Exchange in 1953, and numerous African companies have their headquarters in Nairobi, with the regional headquarters of several international companies like Coca-Cola, Google, and IBM Services.
Nairobi is also famous for manufacturing clothing, textiles, beverages, and building materials. They import refined petroleum, medical goods, and cars, and export tea, cut flowers, and coffee.
Nairobi is the 145th most expensive city in the world and sixth-wealthiest city in Africa.
5 Durban (South Africa)
$60 Billion
The third most populous city in South Africa, Durban is nicknamed "Durbs," and was one of the cities selected to host the 2010 FIFA World Cup in South Africa.
Durban is one of the fastest-growing cities, named the greenest city in the world because of its numerous nature reserves. It is also the fifth-wealthiest city in Africa.
South Africa is known for their sugar refineries. Every year, 19.9 million tons of sugar are produced, most from Durban.
In 2022, South Africa's Durban became the second-largest exporter in the country. Their top exports are diesel trucks and ferro-chromium.
Durban is the first largest importer out of the 54 cities in South Africa. In 2022, their top imports were petroleum oil, bituminous mineral oil, and small-sized cars.
July 2023 saw an increase of $300 million in Durban's exports to China, the United States, and Indonesia and a decline in overall imports, leading to a negative trade balance.
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$97 Billion
Lagos is the most populous city in Nigeria and urban areas in Africa, with an estimated population of over 26 million in 2023.
Until 1991, Lagos was the capital of Nigeria. This city is the entertainment capital of Africa.
Lagos generates 30 percent of Nigeria's GDP, coming in with the fourth-highest GDP in Africa and as the fourth-wealthiest city in Africa. With a fast-moving economy, it is the central banking and financial center and home to the four largest banks in West Africa.
Nine other banks in Lagos are the largest in the region. Lagos exports crude petroleum, petroleum gas, and cocoa beans, and they import refined petroleum, wheat, cars, and broadcasting equipment.
Total private wealth in Lagos is approximated at $97 billion, and the hub hosts Africa's second-largest number of billionaires.
3 Cairo (Egypt)
$128 Billion
Cairo, the capital and largest city in Egypt, is home to over ten million people.
In 2005, Cairo's economy was ranked first in the Middle East. Developments in textiles and food processing became more pronounced in the twentieth century.
Cairo is eleven percent of Egypt's population and 22 percent of its economy. Cairo is particularly famous for its museums, notable mosques, and the Pyramids of Giza.
Cairo exports refined petroleum, crude petrol, petroleum gas, nitrogenous fertilizers, and gold. Top Cairo imports are wheat, cars, crude petroleum, and corn.
This city is home to the most billionaires in Africa, with $128 billion netted through tourism, trade, and telecoms.
2 Cape Town (South Africa)
$131 Billion
Cape Town is the seat of the parliament, the oldest city, and the second-largest city in South Africa.
In 2014, Cape Town was named the best place to visit in the world by the New York Times; it is the second leading economic center in South Africa, and the third main economic hub city.
In 2008, Cape Town became South Africa's most entrepreneurial city, and the home to the most successful information technology companies in Africa.
Cape Town accounts for about 71 percent of the Western Cape's activity, with finance, property, and business services as their three most significant sectors.
This region has attracted about $7.6 billion worth of foreign direct investment (FDI). Cape Town's total private wealth amounts to $131 billion.
1 Johannesburg (South Africa)
$239 Billion
Johannesburg is the most populous city in South Africa, also known as "Jo'burg" or "The City of Gold."
It is one of the 100 largest urban areas in the world. Johannesburg is blessed with gold.
This megacity has the biggest stock exchange on the continent and houses the major African banks and corporations. Johannesburg produces 16 percent of South Africa's GDP.
It is the home to 16,000 high-net worth individuals (estimated to be $1 million and above). Johannesburg is the focal point for mining, manufacturing, and finance, with its headquarters in the city.
In 2022, Johannesburg became the fifteenth largest exporter out of 54 cities in South Africa. They export refined copper products and chromium ores.
Johannesburg imports static converters, natural gas, and herbicides. This city developed fast and became wealthy due to its rich gold reserves.
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