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Africa's Wealth Distribution: A Deep Dive into Millionaires and Billionaires

Africa's Wealth Distribution: A Deep Dive into Millionaires and Billionaires

Where Africa's Wealth is Concentrated

According to The Africa Wealth Report 2024 by Henley & Partners and New World Wealth, five countries in Africa - South Africa, Egypt, Nigeria, Kenya, and Morocco - were home to 56 percent of the continent's millionaires and over 90 percent of its billionaires in 2023. The report revealed that there were 135,200 individuals with a net worth of 1 million U.S. dollars or more, 342 centi-millionaires worth $100 million or more, and 21 billionaires living on the continent that year.

The Wealthiest African Countries

As indicated in a chart by Statista's Anna Fleck, South Africa topped the list of African countries with the highest number of high net worth individuals (HNWIs), boasting 37,400 millionaires, 102 centi-millionaires, and 5 billionaires. Egypt followed with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria ranked third with 8,200 HNWIs. The top ten list was rounded off by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

City-Wise Wealth Concentration

In terms of cities, Johannesburg in South Africa held the highest number of HNWIs in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town followed with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Other cities with a high concentration of HNWIs included Cairo in Egypt (7,200 millionaires), Nairobi in Kenya (4,400), and Lagos in Nigeria (4,200).

HNWI Migration Trends

Andrew Amoils, Head of Research at New World Wealth, noted that a significant number of HNWIs have been moving abroad in recent years. He stated, "According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). There are currently 54 African born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent”. The majority of these individuals have relocated to the UK, the USA, Australia, and the UAE, with significant numbers also moving to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.

Future Wealth Growth

Despite this trend of wealth migration, the report predicts that Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to see an 80 percent growth in their millionaire populations, if not more, in the coming decade.

Thoughts on Wealth Concentration in Africa

This article presents an intriguing look at the concentration of wealth in Africa and the migration trends of the continent's wealthiest individuals. What are your thoughts on this topic? Do you think the predicted growth in the millionaire populations of certain African countries will come to fruition? Feel free to share this article with your friends and discuss it further. Also, don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

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