Africa, the world’s second-largest and second-most populous continent, is not only known for its diverse cultures, breathtaking landscapes, and vast wildlife, but is also a hub of immense wealth. With investable wealth totaling a staggering USD 2.4 trillion, the continent is witnessing a remarkable uptick in its high-net-worth population. According to the latest 2023 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth, the number of millionaires in Africa is forecasted to surge by a remarkable 42% over the next decade.
The Big Five Dominate the Wealth Landscape
Making up over half of the continent’s high-net-worth individuals (HNWIs), South Africa, Egypt, Nigeria, Kenya, and Morocco, known as Africa’s ‘Big 5’ wealth markets, also host over 90% of its billionaires. In a testament to its sustained economic resilience, South Africa boasts twice as many HNWIs as any other African nation and accounts for an impressive 30% of the continent’s centi-millionaires.
On the other hand, Egypt holds the distinction of having the most billionaires on the continent, demonstrating the country’s high wealth concentration. Meanwhile, Mauritius, the small island nation in the Indian Ocean, holds the highest wealth per capita (average wealth per person) at USD 37,500, outpacing South Africa and Namibia, which stand at USD 10,880 and USD 10,050 respectively.
The Top 10 Millionaire Hubs of Africa
At present, Africa is home to 138,000 HNWIs, individuals with a net worth of USD 1 million or more. Moreover, the continent hosts 328 centi-millionaires, each valued at USD 100 million or more, and 23 billionaires.
Here are the top 10 African nations hosting the highest number of millionaires:
- South Africa – Leading the pack with an impressive 37,800 HNWIs, South Africa is the continent’s undisputed wealth giant.
- Egypt – Hosting 16,100 millionaires and the highest number of billionaires in Africa, Egypt is a force to reckon with in the wealth landscape.
- Nigeria – With 9,800 millionaires, Nigeria, Africa’s most populous country, ranks third.
- Kenya – East Africa’s largest economy, Kenya, is home to 7,700 millionaires.
- Morocco – This North African country boasts of 5,800 millionaires.
- Mauritius – Despite its small size, Mauritius has 4,900 millionaires and the highest wealth per capita in Africa.
- Algeria – With 2,800 millionaires, Algeria ranks seventh on the list.
- Ethiopia – As one of Africa’s fastest-growing economies, Ethiopia houses 2,700 millionaires.
- Ghana – With 2,600 millionaires, Ghana holds the ninth spot.
- Tanzania – Rounding off the list is Tanzania with 2,400 millionaires.
Riding the Wealth Wave
With a steadily growing wealth market, Africa presents enormous opportunities for investors, entrepreneurs, and businesses eyeing expansion in the region. The rising tide of high-net-worth individuals in Africa signals the continent’s increased economic diversification and growth.
