A recent report by Henley and Partner's Insights into Africa's Wealthiest Cities has shed light on the top 10 African cities with the highest number of millionaires. The report reveals that South African cities overwhelmingly dominate the list, with Johannesburg taking the top spot.

The report's findings are closely tied to the fact that a nation's economic influence plays a significant role in attracting investors. South Africa currently boasts the continent's largest GDP and is expected to maintain this position as Africa's premier economy until 2027, as forecasted by the International Monetary Fund (IMF). This economic influence has contributed to the country's cities becoming hubs for wealthy individuals.

Several factors contribute to a city's wellbeing and acceptability, including infrastructure, business opportunities, standard of living, safety, and good governance. A desirable location, such as proximity to beaches or mountains, also adds to a city's appeal. For the ultra-rich, these cities offer close proximity to the wealth source, making them attractive destinations.

The top 10 list is dominated by South African cities, with Johannesburg, Cape Town, The Cape Winelands, Durban, Umhlanga, and Ballito, and Pretoria all making the cut. Cairo, Egypt, Nairobi, Kenya, Lagos, Nigeria, and Casablanca, Morocco, also feature on the list. The report ranks the wealthiest cities and areas in Africa based on the number of resident millionaires, with Johannesburg boasting an impressive 12,300 high-net-worth individuals (HNWIs).

The report's findings have significant implications for businesses and investors looking to tap into Africa's growing wealth. As the continent's economic influence continues to grow, cities that offer a high standard of living, good governance, and proximity to wealth sources are likely to attract more millionaires. This, in turn, could lead to increased investment and economic growth in these regions.

The full list of the top 10 African cities with the highest number of millionaires is as follows: Johannesburg, South Africa (12,300 HNWIs), Cape Town, South Africa (7,400 HNWIs), Cairo, Egypt (7,200 HNWIs), Nairobi, Kenya (4,400 HNWIs), Lagos, Nigeria (4,200 HNWIs), The Cape Winelands, South Africa (3,600 HNWIs), Durban, Umhlanga, and Ballito, South Africa (3,500 HNWIs), The Garden Route, South Africa (3,200 HNWIs), Casablanca, Morocco (2,800 HNWIs), and Pretoria, South Africa (2,100 HNWIs).

As Africa's economy continues to grow, it will be interesting to see how these cities evolve and attract more wealthy individuals. The report's findings provide valuable insights for businesses, investors, and policymakers looking to tap into the continent's growing wealth.