Cape Town and Johannesburg in South Africa are expected to emerge as two leading cities in Africa’s tech industry over the next decade.
According to a report by software developer Platform45 and wealth intelligence firm New World Wealth, based on popular locations, the number of tech millionaires, and established players in the industry, Cape Town is included in the list due to its role as a pioneer in the African financial technology space.
The city, which is home to tech companies like Takealot and Yoco, attracts investors from across Africa.
On the other hand, Johannesburg hosts businesses such as MultiChoice, Vodacom, and MTN. Nairobi, which accounts for 48% of Kenya’s economy, is also viewed as a city expected to lead the digital revolution.
Additionally, Ebene Cybercity in Mauritius made the list due to its competitive tax rates, a thriving financial services sector, and higher levels of security and safety compared to other African countries.
The report also listed the three largest cities where tech millionaires reside. The San Francisco Bay Area ranks first, with 265,000 tech millionaires and 60 tech billionaires.
In contrast, there are only 37,400 dollar millionaires in South Africa and just over 135,000 across the African continent.
This disparity is largely due to Silicon Valley’s location in San Francisco, which hosts major companies like Apple, Nvidia, Alphabet, Netflix, and Meta.
Greater Seattle ranks second, with 36,200 millionaires and nine billionaires, while Shenzhen in China comes in third, with 32,500 millionaires and nine billionaires. Greater Seattle is home to Amazon and Microsoft, while Shenzhen boasts major tech companies such as Tencent, Huawei, ZTE, and BYD.
Although cities like Cape Town and Johannesburg offer good opportunities for South Africans, many are leaving the country in search of better salaries.
