Johannesburg and Cape Town are among the richest cities in Africa and the Middle East.
“Total wealth held in the city amounts to $130bn [R1.89-trillion). It's home to Africa’s most exclusive suburbs including Clifton, Bantry Bay, Fresnaye, Llandudno, Camps Bay, Bishopscourt and Constantia.”
Dubai, Tel Aviv and Istanbul - a gateway city between the Middle East and Europe - have also been listed among the richest cities in Africa and the Middle East. The report said the city was home to just more than 54,000 high net worth individuals, as well as 165 centimillionaires and 12 billionaires. “We consider wealth to be a far better measure of the financial health of an economy than GDP,” said New World Wealth's Andrew Amoils.In many developing countries, a large portion of GDP flows to the government and therefore has little impact on private wealth creation.GDP ignores the efficiency of the local banking sector and the local stock market at retaining wealth in a country.
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