In 2023, 56% of Africa’s millionaires and more than 90% of billionaires lived in just five countries: South Africa, Egypt, Nigeria, Kenya and Morocco, according to the Africa Wealth Report 2024 released by Henley & Partners and New World Wealth. That year, 135,200 people with wealth of $1 million or more lived on the continent, along with 342 centimillionaires and 21 billionaires, according to Statista. reports.
As the following chart shows, South Africa had the highest number of so-called high net worth individuals (HNWI), with 37,400 millionaires, 102 centimillionaires and 5 billionaires. It was followed by Egypt with 15,600 millionaires, 52 centimillionaires and 7 billionaires, while Nigeria ranked 3rd on the continent with 8,226 HNWIs. Kenya (7,216 HNWIs), Morocco (6,836), Mauritius (5,115), Algeria (2,809), Ghana (2,706), Ethiopia (2,704) and Namibia (2,303) complete the top ten.
Here is the full articleby Anna Fleck, via Anecdotal.
