Africa South Africa's Johannesburg tops Africa millionaires list

South Africa has the highest number of dollar millionaires in
Africa, according to a new report.
According to a report by AfrAsia Bank and New World
Wealth, Johannesburg alone, known as the "city of gold", is
home to 23,400 millionaires. South Africa has 30% of the
total.
Egypt's Cairo comes second with 10,200, with Nigeria's
Lagos third with 9,100.
The study defines millionaires as people with net assets
worth at least $1m (£650,000).
It estimates there are close to 163,000 millionaires living in
Africa, with a combined wealth of $670bn (£440bn).
The number of millionaires is rising fastest in Ghana's
capital, Accra, the report said, even though at the moment,
with 2,300, it does not make the top five.
After Lagos, comes Cape Town with 8,900 and Nairobi with
6,200.
Analysis: Milton Nkosi, BBC News, Johannesburg
It may come as a surprise to many that Johannesburg has
more than twice the number of dollar millionaires as Lagos,
the economic hub of Nigeria, Africa's most populous nation
and its number one economy.
However, Nigeria became Africa's largest economy only
recently, whereas South Africa has been at the helm for as
long as I can remember and remains the most industrialised
economy in Africa.
Being a citizen of the "city of gold", as Johannesburg is
known in local languages, I can see the money every day.
South Africa's current economic problems has not
prevented the emergence of new black industrialists.
Economist Owen Nkomo and founder of Inkunzi
Investments, told me that old money from the Johannesburg
Stock Exchange companies, which is largely still in white
hands 21 years after the end of apartheid, has been wisely
re-invested.
But he also points to the government's Black Economic
Empowerment scheme, aimed at redressing the imbalances
of white minority rule, as a key driver of the growing number
of black millionaires.
I have seen for myself in places like Soweto when the new
black bourgeoisie flaunt their wealth on Vilakazi Street,
where Nelson Mandela once lived, over the weekend. But I
have also seen the vast properties in Cape Town owned by
white families.
All of this must not delude us, so we forget the plight of the
poor majority.
South Africa with all its wealth still faces huge problems of
unemployment, inequality and poverty. And that should give
all of us sleepless nights as we celebrate Africa's wealth
growth.