According to the recently released 2023 Africa Wealth Report by Henley & Partners in cooperation with New World Wealth, the continent of Africa now has investable wealth worth USD 2.4 trillion, and over the following ten years, the number of millionaires is predicted to rise by 42%.
The “Big 5” wealth markets of Africa, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, account for 56% of the continent’s high-net-worth individuals (HNWIs) and more than 90% of its billionaires, according to research.
Currently, the continent is home to 23 US dollar billionaires, 328 centi-millionaires with worth of at least $100 million, and 138,000 HNWIs with at least $1 million in assets.
South Africa still has twice as many HNWIs as any other African nation and makes up an astonishing 30% of the continent’s centi-millionaires, despite a difficult previous decade.
The number of billionaires in Africa is highest in Egypt, while the average wealth per person is highest in Mauritius at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.
According to the report, Africa’s wealth market is expanding gradually, providing chances for investors, business owners, and companies seeking to increase their operations there.
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)
