North Africa’s richest city with 7,200 millionaires and 30 billionaires

This city, which has stood for over 1,000 years on the banks of the and is home to one of the world’s most incredible ancient wonders, has gained a new title in the last few years – North richest city. According to , it is home to a staggering 7,200 and 30 billionaires.

Cairo, the capital of , is one of the largest cities in Africa, home to over 10 million people. The Greater Cairo metropolitan area is the 12th-largest in the world by population with over 22.1 million people. The area around present-day Cairo became a focal point of Ancient Egypt thanks to its strategic location near the Nile and the Nile Delta and at the crossing of major routes between North Africa and the .

Today, Egypt holds a place in Africa’s “Big 5” wealth markets, alongside South Africa, Nigeria, Kenya and , which together account for over half (56%) of the continent’s millionaiores and more than 90% of its billionaires.

The iconic now share the skyline with dominating skyscrapers housing Western-style high-rise hotels and apartments overlooking the Nile.

Garden City, Zamalek, Maadi and Helipolis are among the wealthiest residential districts in Greater Cairo. Garden City was developed differently from most of the other neighbourhoods and districts – planned by private investors as opposed to the natural development of cities.

It boasts tree-lined streets, beautiful gardens and ornamental palaces that resemble a wealthy European village, all located close to the American and British embassies, making it an attractive place for affluent Cairenes.

Cairo has become a longstanding centre of political and cultural life and earned the title “the city of a thousand minarets” due to its extensive Islamic architecture.

Cairo owes much of its wealthy status to its long history as a major centre of trade and commerce, particularly during the reign of the Mamluks when it reached its peak of wealth. The introduction of large-scale cotton production under Mohamed Ali Pasha also significantly boosted Egypt’s economy and Cairo’s prominence.

Cairo has a large concentration of millionaires due to its position as a significant economic and political hub in the Arab world, hosting numerous multinational businesses and serving as a centre for finance and industry, which allows for significant wealth accumulation among its elite population.

Egypt’s wealthiest person is , who lives in Cairo. A businessman, his net worth was estimated at $8.7 billion (£6.8 billion) as of October 2021, making him the richest Egyptian. Alongside billionaire Wes Edens, Sawiris owns the football club holding company V Sports, which owns Premier League team .

Mohamed Mansour, meanwhile, also lives in Cairo. A businessman and former politician, he is the chairman of the Mansour Group, a multi-billion conglomerate. He also served as the Minister of Transportation in Egypt between 2005 and 2009. In October 2024, estimated his wealth at $3.3 billion (£2.6 billion).

However, it is important to note that Cairo does have a significant wealth disparity. Between 2015 and 2016, 27.8% of the Egyptian population was living in poverty, and Cairo accounted for a staggering 18% of the poverty in Egypt, according to the .

Casablanca, , Tangier and Algiers are among the other wealthiest North African cities. Casablanca, Morocco, is home to an impressive 2,800 millionaires and one billionaire, while Marrakech has two billionaires and 1,400 millionaires. Tangier and Algiers both have 1,000 millionaires and the former has one millionaire.