Johannesburg, the commercial capital of South Africa, is home to far more dollar millionaires than any other city in Africa, research has found.
The “city of gold” topped the continent’s rich list with 23,400 millionaires at the end of 2012, according to New World Wealth, a consultancy based in Oxford in the UK. It is followed by Cairo in Egypt with 12,300 millionaires and Lagos in Nigeria with 9,800.
Johannesburg became the economic engine of Africa after the discovery of gold in 1886, rapidly transforming from a settlement of tents and wood and iron shacks to a modern metropolis. It claims to be the world’s biggest city not built on or near a major water source, and to host the world’s biggest urban artificial forest.
Despite one of the slowest economic growth rates in Africa, South Africa has four cities in the dollar millionaires top 10. Cape Town, a darling of tourists, is in fourth place with 9,000, Durban is sixth with 2,700 and Pretoria eighth with 2,500.