The African continent is witnessing a remarkable surge in wealth, with investable assets amounting to a staggering USD 2.4 trillion, as revealed in the 2023 Africa Wealth Report, jointly published by Henley & Partners and New World Wealth. The report anticipates a 42% increase in the number of millionaires across Africa over the next decade, painting a promising picture for the continent’s economic landscape.
The report highlights the dominance of Africa’s ‘Big 5’ wealth markets, consisting of South Africa, Egypt, Nigeria, Kenya, and Morocco, which collectively account for 56% of high-net-worth individuals (HNWIs) and over 90% of billionaires on the continent.
Currently, Africa is home to 138,000 HNWIs with a net worth of at least USD 1 million, along with 328 centi-millionaires, valued at USD 100 million or more, and 23 US dollar billionaires.
Despite facing challenges over the past decade, South Africa stands out with twice as many HNWIs as any other African country, contributing significantly to the continent’s wealth landscape, with an impressive 30% share of centi-millionaires.
Egypt takes the lead in terms of the number of billionaires in Africa, showcasing its growing economic potential. Notably, Mauritius boasts the highest wealth per capita, with an average wealth of USD 37,500 per person, followed by South Africa at USD 10,880 and Namibia at USD 10,050.
The report emphasizes that Africa’s wealth market is on a steady growth trajectory, presenting a wealth of opportunities for investors, entrepreneurs, and businesses looking to expand their operations within the region.
Here is a list of the top 10 African countries with the most millionaires, based on the 2023 Africa Wealth Report:
- South Africa – 37,800 millionaires
- Egypt – 16,100 millionaires
- Nigeria – 9,800 millionaires
- Kenya – 7,700 millionaires
- Morocco – 5,800 millionaires
- Mauritius – 4,900 millionaires
- Algeria – 2,800 millionaires
- Ethiopia – 2,700 millionaires
- Ghana – 2,600 millionaires
- Tanzania – 2,400 millionaires
The findings of the report underscore the growing economic potential across the African continent, making it an attractive destination for those seeking investment opportunities.
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