According to a report by consultancy New World Wealth and Henley Partners, Dar es Salaam, the commercial capital city of Tanzania, has experienced a 20% growth in the number of high net worth individuals (HNWI) in the past decade.
As a result, it has been ranked as the 85th wealthiest city globally and the 12th in Africa.
The report highlights 97 of the world’s wealthiest and fastest-growing cities and provides exclusive data on the cities with the most millionaires, centi-millionaires, and billionaires.
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Currently, Dar es Salaam has 1,400 highly wealthy individuals with a net worth of at least $1 million and four centi-millionaires. However, it ranks 12th in Africa, behind cities such as Luanda, Accra, Pretoria, Cape Town, Casablanca, Nairobi, Cairo, Johannesburg, Durban, Cape Winelands, and Garden Route.
Johannesburg, with 14,600 dollar millionaires, is the city with the most millionaires in Africa, followed by Cairo and Cape Town.
Despite this growth, the number of dollar millionaires in Africa has been impacted by the global recession, a shortage of foreign currency, and galloping inflation.
The report also reveals that Kigali, Rwanda’s economic center and a burgeoning tech and financial hub, experienced the fastest-growing market in Africa over the past decade in terms of millionaire growth and overall wealth growth.
