The investable wealth of the African continent currently stands at a staggering USD 2.4 trillion, according to the newly released 2023 Africa Wealth Report by Henley & Partners, in partnership with New World Wealth.
KAMPALA, UGANDA | NOW THEN DIGITAL — Africa is home to investable wealth worth USD 2.4 trillion, according to the recently published 2023 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth. The report also predicts a 42% increase in the number of millionaires on the continent over the next 10 years.
- A recently published report has unveiled that the “Big 5” wealth markets in Africa, comprising South Africa, Egypt, Nigeria, Kenya, and Morocco, are home to more than half (56%) of the continent’s high-net-worth individuals (HNWIs) and over 90% of its billionaires.
- These findings highlight the concentration of wealth in a handful of countries, reflecting the challenges facing economic development in many parts of the continent.
- Egypt boasts the largest number of billionaires in Africa, according to recent findings. Meanwhile, Mauritius has been found to have the highest wealth per capita on the continent, with a staggering USD 37,500, followed by South Africa at USD 10,880, and Namibia at USD 10,050.
Africa’s Wealth Distribution
According to a newly released report, the five largest wealth markets in Africa, also known as the ‘Big 5’ – South Africa, Egypt, Nigeria, Kenya, and Morocco – constitute over 90% of the continent’s billionaires and 56% of its high-net-worth individuals (HNWIs).
The report sheds light on the concentration of wealth in these countries, emphasizing their dominant role in shaping the economic landscape of the region.
As of now, the continent is home to 138,000 HNWIs with a wealth of USD 1 million or more, 328 centi-millionaires valued at USD 100 million or more, and 23 US dollar billionaires.
South Africa Leads the Way
Despite a challenging past decade, South Africa still leads the way with twice as many HNWIs as any other African country and accounting for 30% of the continent’s centi-millionaires.
Egypt Takes the Billionaire Crown
Egypt boasts the largest number of billionaires on the African continent, according to the latest available data. However, when considering the wealth per capita, Mauritius emerges as the clear leader, with an impressive figure of USD 37,500.
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Following Mauritius are South Africa, with a wealth per capita of USD 10,880, and Namibia, with USD 10,050.
Africa’s Growing Wealth Market
The report indicates that Africa’s wealth market is growing steadily, offering opportunities for investors, entrepreneurs, and businesses looking to expand their operations in the region.
The report further states that the ‘Big 5’ wealth markets in Africa are expected to continue to dominate the HNWI population and wealth distribution over the next decade.
Top 10 African Countries with the Most Millionaires
The report also provides a list of African countries with the most millionaires. South Africa tops the list with 37,800 millionaires, followed by Egypt with 16,100 millionaires, and Nigeria with 9,800 millionaires. Kenya, Morocco, Mauritius, Algeria, Ethiopia, Ghana, and Tanzania complete the list.
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