[SIZE=7]These cities are the hubs of Africa’s economic boom[/SIZE]
[SIZE=6]South Africa is no longer the only place on the continent that has urban wealth clusters[/SIZE]
FRANK JACOBS
04 October, 2018
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[li]The wealth of Africans is projected to grow by a third over the next decade[/li][li]The continent’s wealth is agglomerating in a number of urban clusters, in the south, east and west[/li][li]Wealth is collected in a few other places - isolated capitals and mini-clusters stretching from Morocco down to Angola[/li][/ul]
Over the past decade, 19,000 Africans have become dollar millionaires. Africa’s combined wealth has grown by 13% - 3% just in the last year alone. The combined individual wealth of all Africans is $2.3 trillion today – by the end of 2027, it will have increased by a third to $3.1 trillion. Clearly, it’s boom time in Africa.
This map offers a revealing perspective on the wealth of the continent. The African subsoil may be resource-rich in many places, but as elsewhere in the world, it’s in the great urban centres that money accumulates. And people too: by 2100, 13 of the world’s 20 biggest megacities will be in Africa.
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South Africa still boasts the main concentration of wealth in Africa, but no longer the only one.Image: Visual Capitalist
And this overview of Africa’s richest cities, based on the The AfrAsia Bank Africa Wealth Report 2018, indicates where clusters of wealthy cities are developing across the continent, as well as showing a few more isolated locations of money aggregation.
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[li]Long the most developed nation on the continent, South Africa – with four of Africa’s ten richest cities – continues to be the economic engine of Africa’s southern half. With a total GDP of $722 billion, South Africa as a whole continues to be the continent’s wealthiest country, but on a per-capita basis it comes second after the tiny island nation of Mauritius ($32,700).[/li][li]The East African economy is dominated by a string of wealthy cities, from Uganda’s capital Kampala via Nairobi and Mombasa in Kenya to Dar es Salaam, Tanzania’s biggest city.[/li][li]In West Africa, a similar transnational conglomeration runs from Abidjan in Ivory Coast over Ghana’s Accra to Lagos and Abidjan in Nigeria.[/li][li]In Morocco, Casablanca’s wealth is flanked by that of Tangier and Marrakesh. In Egypt, Cairo dwarfs but not completely outshines Alexandria.[/li][li]The ‘isolates’, in descending order, are four capitals: Luanda (Angola), Addis Ababa (Ethiopia), Windhoek (Namibia) and Lusaka (Zambia).[/li][/ul]