Major sectors in the city include financial services, professional services (law firms), construction, telecoms and basic materials.
Cairo in Egypt, with total wealth held in the city of $140bn is in second place. It is home to 8 900 millionaires, 480 multi-millionaires and 5 billionaires. Major sectors in the city include real estate and construction, financial services and basic materials.
Third on the list is Cape Town with total wealth held in the city of $135bn. It is home to 8 200 millionaires, 440 multi-millionaires and 2 billionaires.
Major sectors in the city include real estate, financial services (fund management), retail and tourism.
The report found that Cape Town is also a second home hotspot for the wealthy with over 1 500 multi-millionaires living in the city during peak holiday months. Many of these individuals are from outside South Africa.
Lagos in Nigeria, with total wealth held in the city of $120bn is in fourth place, followed by Nairobi in Kenya and Luanda in Angola.
Durban came in 7th place with total wealth held in the city of $46bn. It is home to 3 200 millionaires, 130 multi-millionaires and one billionaire. Figures for Durban include Umhlanga, Ballito, Zimbali and La Lucia.
Major sectors in the city include real estate, finance, healthcare, construction, retail and transport.
Another South African city, Pretoria, is in 8th position. It has total wealth held in the city of $42bn and is home to 2 600 millionaires and 110 multi-millionaires – but no billionaires.
Major sectors in the city include basic materials, manufacturing and financial services.