Cape Town is the most expensive city for residential property in Africa according to the 2019 Africa Wealth Report. Photo: File

DURBAN - Cape Town is the most expensive city for residential property in Africa according to the 2019 Africa Wealth Report.

The 2019 Africa Wealth Report provides a complete review of the wealth sector in Africa, including HNWI trends, luxury trends and wealth management trends in 17 countries and 20 cities across the continent. 

According to the report, Africa only accounts for 1 percent of total worldwide wealth while the total wealth held on the continent amounts to $2.2 trillion.

Around $920 billion (42 percent) of the total wealth on the African continent is held is by HNWIs. The report also showed that around 140000 HNWIs living in Africa and they each have assets worth $1 million or more.

The report showed that there are approximately 6900 multi-millionaires living in Africa, each with net assets of US$10 million or more, approximately 310 centi-millionaires living in Africa, each with net assets of US$100 million or more as well as 23 billionaires living in Africa, each with net assets of US$1 billion or more.

The "Big 5" wealth markets in Africa (in terms of total wealth) are South Africa, Egypt, Nigeria, Morocco and Kenya while the wealthiest African countries (in terms of average wealth per person) are Mauritius, South Africa, Namibia and Botswana.

Here's a look at the major cities ranked by price per square metre:

City Price per square metre
1. Cape Town $5600
2. Umhlanga $2800
3. Johannesburg (Sandton) $2600
4. Nairobi $1800
5. Marrakesh $1700
6. Tangier $1700
7. Casablanca $1500
8. Luanda $1300
9. Accra $1200
10. Lagos $1100
11. Abidjan $1000
12. Alexandria $1000
13. Maputo $900
14. Cairo $900
15. Kampala $800

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