South Africa’s Johannesburg Tops Africa Millionaires List

South Africa’s Johannesburg Tops Africa Millionaires List

A Nelson Mandela mural in Katlehong, south of Johannesburg, South Africa.  (Themba Hadebe/AP Photo)
A Nelson Mandela mural in Katlehong, south of Johannesburg, South Africa. (Themba Hadebe/AP Photo)

(BBC) – South Africa has the highest number of dollar millionaires in Africa, according to a new report.

According to a report by AfrAsia Bank and New World Wealth, 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).

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