South African cities are thriving
New report names Joburg, Durban and Cape Town among Africa’s six wealthiest
JOHANNESBURG, Durban and Cape Town are three of Africa’s six wealthiest cities, according to a new report by New World Wealth and AfrAsia Bank in Mauritius.
The Kenyan capital Nairobi is East Africa’s wealthiest city and the sixth wealthiest in Africa after Durban, Cape Town, Cairo, Lagos and Joburg.
Nairobi’s wealth, which stands at Sh5.4trillion (over R700billion), comes on the heels of growth driven by financial services, retail, tourism, fast-moving consumer goods, telecoms, real estate and construction.
Nairobi attracts high net worth individuals (HNWIs) for business and investments, while Mombasa has attracted hospitality and luxury investments along its expansive beaches, as well as highly preserved buildings recognised globally as World Heritage Sites, the Daily Nation reported yesterday.
The Kenyan capital is the most expensive city in East Africa, with billionaires injecting funds into local investments, thus propelling demand for rental property.
Kenya’s liberal policy, which allows capital inflow and property ownership for African billionaires with easy visa regulations, appears to have endeared it to HNWIs.
However, its politics adversely affected growth in the past year, recording the lowest growth in the region at 2%. | African News Agency (ANA)