One city is home to more millionaires than any other African city and is known as the City of Gold (Image: Getty)
Gone are the days when the world’s richest were found only in regions such as the , and .
rapid development means there are now a number of cities that are home to some top .
One analysis from investment migration consultancy, Henley & Partners, recently published their annual ranking rich list.
The ranking looked at some of the most wealthiest residents on the continent in their Africa Wealth Report in conjunction with the New World Wealth.
It found with more than any other African city – more than and combined.
:
The richest square mile in Africa is found in Sandton, a suburb of Johannesburg (Image: Getty)
The Henley & Partners report provided a comprehensive review of private wealth in Africa which also looked at high-net-worth individuals, wealth management, and luxury.
According to the report, the city of Johannesburg has an impressive 14,600 millionaires.
This means Johannesburg far surpasses most African cities including Cairo with 7,400 and Lagos having 5,400 millionaires.
In fact, the richest square mile in Africa is found in Sandton – a suburb of Johannesburg.
:
Johannesburg has 14,600 millionaires in its city and far surpasses most African cities i (Image: Getty)
Sandton is home to the JSE, the biggest stock exchange in Africa and is also the headquarters of many major African banks and corporations owing to the city’s affluence.
Johannesburg’s principal industries bringing in the big cash consist of banks, financial services and professional services including law firms and consultancies.
Johannesburg is a major business hub, contributing roughly 40% to South Africa’s GDP.
The city is also the gold and diamond mining capital of Africa – the origin of its nickname.
Johannesburg is known as the City of Gold after the discovery of gold deposits on a farm in 1886.
Within ten years of the discovery, 100,000 people flocked to this region in search of riches known as the Witwatersrand Gold Rush.
The gold discovery and hundreds of thousands of people migrating to Johannesburg led to the city being established, eventually turning these farmlands into the powerhouse urbam centre it is today.
Johannesburg’s cumulative wealth sits at around £187 billion ($235 billion) and tops Africa’s chart for richest city.