The African continent currently holds investable wealth worth USD 2.4 trillion, and according to the recently published 2023 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth, the population of millionaires is expected to increase by 42% over the next 10 years.
The report indicates that Africa's 'Big 5' wealth markets, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, together make up 56% of the continent's high-net-worth individuals (HNWIs) and over 90% of its billionaires.
As of now, the continent is home to 138,000 HNWIs with a wealth of USD 1 million or more, along with 328 centi-millionaires valued at USD 100 million or more and 23 US dollar billionaires.
Despite a challenging past decade, South Africa still has twice as many HNWIs as any other African country and accounts for an impressive 30% of the continent's centi-millionaires.
Egypt has the highest number of billionaires in Africa, while Mauritius has by far the highest wealth per capita (average wealth per person) at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.
The report indicates that Africa's wealth market is growing steadily, offering opportunities for investors, entrepreneurs, and businesses looking to expand their operations in the region.
List of African countries with the most millionaires:
1. South Africa (37,800)
2. Egypt (16,100)
3. Nigeria (9,800)
4. Kenya (7,700)
5. Morocco (5,800)
6. Mauritius (4,900)
7. Algeria (2,800)
8. Ethiopia (2,700)
9. Ghana (2,600)
10. Tanzania (2,400)