According to the Africa Wealth Report 2023 by Henley & Partners, Uganda experienced the fastest growth in the number of dollar millionaires in 2022, increasing by a record 560 individuals.
KAMPALA, UGANDA | NOW THEN DIGITAL — Uganda’s number of dollar millionaires grew by a record 560 individuals in 2022, despite economic challenges such as high commodity prices and inflationary pressures caused by the Covid-19 pandemic, according to the Africa Wealth Report 2023 by Henley & Partners, a firm that advises high net worth individuals on investment-related programmes.
The Africa Wealth Report 2023 indicates that Uganda, along with Rwanda, Mauritius, and Seychelles, recorded the fastest growth among dollar millionaires during 2022. Uganda’s number of dollar millionaires rose from 940 in 2021 to 1,500.
45% Increase in Dollar Millionaires
The report highlights that Uganda’s dollar millionaires increased by 45% in 2022, from 940 individuals in 2021 to 1,500. Among other countries, Rwanda registered an increase of 72%, Mauritius 69%, and Seychelles 54%.
However, Uganda experienced a slight decline in centi-millionaires from six to five individuals, and for the second consecutive year, did not register any dollar billionaires.
Classification of Wealth
The report classifies dollar millionaires as individuals with investable assets of more than $1 million, while centi-millionaires hold assets of $100 million and more. Dollar billionaires hold $1 billion and more.
Wealth Sector Trends in Africa
The Africa Wealth Report 2023 also provides a comprehensive review of the wealth sector across Africa, including trends among high-net-worth individuals, luxury markets, and the wealth management sector.
However, it does not indicate which sectors of the economy high net worth individuals invest in or generate their wealth from, nor does it name any individual in any of the listed categories.
East African States
Kenya and Tanzania, two of East Africa’s largest economies, have more dollar millionaires and centi-millionaires than any other East African state. Kenya registered a 30% growth in dollar millionaires, from 5,660 to 7,700, and centi-millionaires rose from 12 to 15 individuals.
On the other hand, Tanzania recorded a 20% increase in dollar millionaires, from 1,350 to 2,400, while centi-millionaires declined from seven to six individuals. Tanzania is the only country within East Africa to have consistently hosted a dollar billionaire since 2021.
Africa’s Top Five Hosts of High-Net-Worth Individuals
South Africa, Egypt, Nigeria, Kenya, and Morocco host 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires, the report reveals. South Africa is the largest host of Africa’s dollar millionaires, followed by Egypt and Nigeria.
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In 2022, South Africa hosted 37,800 dollar millionaires, 98 centi-millionaires, and five dollar billionaires, while Egypt hosted 16,100 dollar millionaires, 54 centi-millionaires, and eight dollar billionaires.
Nigeria, Africa’s largest economy, hosted 9,800 dollar millionaires, 27 centi-millionaires, and four dollar billionaires.
South Africa, Egypt, Nigeria, Kenya, and Morocco host more than 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.
Investable Assets in Africa
As of December 2022, the report indicates that Africa’s investable assets grew from $2.1 trillion to $2.4 trillion, while dollar millionaires grew from 136,000 to 138,000. Centi-millionaires grew from 305 to 328, while dollar billionaires grew from 21 to 23.
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