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
List Of Top 10 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)
The report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investment, the investment migration sector, and economic mobility on the continent.
The 2023 edition reveals that the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires. However, their continued dominance is far from assured, and they could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground. Namibia’s new residence by investment offering positions it as a future potential rival as well.
