By Our Reporter
Some African cities are becoming major business destinations, attracting investors and entrepreneurs from around the world.
However, with a strong financial sector, high property values, and a growing number of wealthy residents, one city has established itself as the continent’s best place to do business.
Johannesburg in South Africa is not only officially Africa’s richest city but also a massive financial centre.
It is home to 12,000 millionaires, 25 centi-millionaires worth over £100 million, and two billionaires, according to the Henley & Partners Africa Wealth Report.
The city has long been an important financial hub, housing Africa’s largest stock exchange, the Johannesburg Stock Exchange (JSE), and the headquarters of many of South Africa’s biggest banks and businesses.
Its strong financial services sector makes it a popular destination for investment, drawing big corporations and entrepreneurs looking to expand into Africa.
Much of Johannesburg’s wealth is concentrated in Sandton, a high-end district often called “the richest square mile in Africa”.
The area has luxury homes, five-star hotels, and private business clubs, making it a popular meeting place for top executives and investors.
Johannesburg’s rise as a business capital started in the 1880s when huge gold deposits were discovered under the Witwatersrand hills.
The gold rush brought rapid development, transforming the city into South Africa’s economic centre.
Even today, mining remains a big industry. Just outside the city is Mponeng Gold Mine, the world’s deepest gold mine, stretching 2.2 miles (3.84km) underground and holding over 46 million ounces of gold.
Beyond mining, Johannesburg has seen rapid growth in tech, finance, and real estate.
Many global companies use the city as their African headquarters, benefiting from its skilled workforce and business-friendly environment.
The city’s economy plays a big role in South Africa’s overall growth, with strong infrastructure and transport links supporting business expansion.
It is Africa’s busiest travel hub, with OR Tambo International Airport connecting millions of people to worldwide destinations.
However, the city is not without its challenges. Issues like inequality, crime, and housing shortages remain, but urban renewal projects are working to make the city a better place to live.
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