Analysts have long been captivated by Africa’s wealth distribution, particularly in light of the continent’s recent economic expansion. The number of millionaires and billionaires has significantly increased as a result of this boom, underscoring the expanding opportunities and wealth throughout numerous locations.
This distribution is influenced by factors such as economic diversification, natural resources, political stability, and investment climate. While certain countries boast high numbers of affluent individuals, others are swiftly emerging as new centres for wealth creation.
According to the Africa Wealth Report 2024, by Henley & Partners, The report “reveals that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires, and 21 dollar billionaires”.
From last year, six countries on the list experienced increases in the number of millionaires: South Africa, Egypt, Kenya, Morocco, Ghana, and Namibia. However, Nigeria and Mauritius recorded losses, while Tanzania dropped off the top 10 list.
Nigeria witnessed a significant decline in millionaire growth over one decade, with a staggering 45 per cent decrease. This downturn led to 6,800 individuals losing their millionaire status. The report reveals that the number of dollar millionaires residing in the country plummeted to 8,200 last year from 15,000 in 2013, BusinessDay reports.
Here are Africa’s top 10 countries with the highest number of millionaires in 2023;
South Africa
With 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, South Africa maintains its position as the leader in wealth accumulation on the continent. The country’s diverse economy, financial markets, and abundant natural resources contribute to its wealth-creation potential.
Egypt
Egypt follows closely behind, with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Its large consumer market and ongoing economic reforms have attracted investments across various sectors, fostering wealth generation and entrepreneurship.
Nigeria
Nigeria, Africa’s largest economy, boasts 8,200 millionaires, 23 centi-millionaires, and 3 billionaires. Despite facing challenges such as infrastructural deficits, Naira reforms, and political instability, Nigeria’s vast population and natural resources offer lucrative opportunities for wealth accumulation.
Kenya
Kenya emerges as a significant player in wealth creation, with 7,200 millionaires and 16 centi-millionaires. Its diversified economy, burgeoning technology sector, and entrepreneurial spirit contribute to the growing number of affluent individuals.
Morocco
Morocco’s stable economic growth has led to the accumulation of wealth, with 6,800 millionaires, 32 centi-millionaires, and 4 billionaires. The country’s focus on infrastructure development and industrialization has attracted domestic and foreign investments, fostering economic prosperity.
Mauritius
Mauritius, known for its favourable business environment and strong financial services sector, hosts 5,100 millionaires and 15 centi-millionaires. Its status as a global financial hub has contributed to its attractiveness for wealth management and investment.
Algeria
Algeria’s oil and gas-rich economy supports the accumulation of wealth, with 2,800 millionaires, 8 centi-millionaires, and 1 billionaire. Despite facing challenges related to economic diversification and governance, Algeria remains a significant player in Africa’s wealth landscape.
Ghana
Ghana’s stable democracy and growing economy have resulted in the emergence of 2,700 millionaires and 4 centi-millionaires. The country’s focus on economic diversification, particularly in sectors such as agriculture, manufacturing, and technology, bodes well for future wealth creation.
Ethiopia
Ethiopia’s large population and fast-growing economy have contributed to the rise of 2,700 millionaires and 6 centi-millionaires. As one of Africa’s fastest-growing economies, Ethiopia presents ample opportunities for investors and entrepreneurs seeking to capitalize on its untapped market potential.
Namibia
Namibia’s small but resource-rich economy hosts 2,300 millionaires and 3 centi-millionaires. The country’s mining sector, particularly its diamond industry, plays a significant role in wealth generation, alongside sectors such as tourism and agriculture.
