The size of investable worth in Africa has grown over the past decade to stand at $2.4 trillion as of 2023. Africa Wealth Report by Henley & Partners released recently shows that the continent has 135,200-dollar millionaires, down 8% from 2013.
Top wealth-holders play an important role in building industries and creating employment, although it’s not given. Some millionaires included in the index are wealthy foreigners who choose to retire to cities like Cape Town in South Africa, or Kenya’s Mombasa.
Mauritius, Morocco, Kenya, Namibia, Ethiopia, and Ghana recorded the largest growth in the past decades, while Nigeria, Egypt, South Africa, and Algeria registered a drop in their numbers of the ultra-rich.
Africa’s top-four largest economies have been plagued by a lot of woes that have seen many businesses hit, affecting the wealth of entrepreneurs.
Despite this, Henley & Partners says the number of millionaires on the continent is poised to grow by at least 42%.
Five countries account for more than half of Africa’s high-net-worth individuals. The countries include South Africa, Egypt, Nigeria, Kenya and Morocco.
About 90% of billionaires in Africa come from the five countries. For the ultra-rich, the five make up 56% of the total.
The majority of the wealthiest are concentrated in South Africa. While the number of billionaires in the country has dropped in the past decade, the southernmost nation on the continent is still home to some 37,800 wealthy individuals.
Egypt comes second, while Nigeria and Kenya are ranked third and fourth respectively.
According to the report, Africa has about 138,000 people with an estimated net worth of more than $1 million.
There are around 328 centi-millionaire, people whose value exceeds $100 million. A further 23 individuals are in the league of dollar-billionaires.
Egypt accounts for the largest number of billionaires. Mauritius, South Africa, and Namibia respectively rank top in high wealth per capita.
The growth of millionaires in Africa will be driven by a mix of cities drawn from the North, East, and South of the continent, pointing to a more balanced trajectory.
List of top 10 countries
- South Africa (37,800)
- Egypt (16,100)
- Nigeria (9,800)
- Kenya (7,700)
- Morocco (5,800)
- Mauritius (4,900)
- Algeria (2,800)
- Ethiopia (2,700)
- Ghana (2,600)
- Tanzania (2,400)
Cities of the future
According to Henley & Partners, Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are expected to see significant millionaire growth (85%+) by 2033.
Lusaka and Mombasa are projected to attract more high-net-worth residents.
Lusaka is Zambia’s largest city and a key center for mining and agriculture. Despite the country’s debt crisis, international companies are opening branches in Lusaka, indicating its growing appeal. Affluent neighborhoods include Kabulonga and Leopards Hill.
Mombasa, Kenya’s main coastal city, features several eco-estates on its outskirts that attract HNWIs, such as Vipingo Ridge.
Cape Town is projected to surpass Johannesburg as Africa’s wealthiest city by 2030.
Several Johannesburg-based companies may move their headquarters to Cape Town in the next decade, driving wealth growth. Lifestyle estates on the city’s outskirts are expected to attract new HNWIs.
