According to Henley & Partners’ 2024 Africa Wealth Report, the continent currently holds a total investable wealth of USD 2.5 trillion, with its millionaire population expected to rise by 65% over the next 10 years.
Now in its 9th edition, the annual report reveals that Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding USD 1 million, along with 342 centi-millionaires worth USD 100 million or more, and 21 billionaires.
Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco -collectively represent 56% of the continent’s millionaires and over 90% of its billionaires.
However, wealth growth on the continent has not been without its setbacks.
Dominic Volek, Group Head of Private Clients at Henley & Partners, points out that, “Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks. The South African rand fell 43% against the US dollar from 2013-2023.
He noted that over the past decade, currencies in many other African countries have experienced dramatic depreciation against the dollar, with notable declines of over 75% observed in countries like Nigeria, Egypt, Angola, and Zambia.
Head of Research at New World Wealth, Andrew Amoils, adds that African nations are also losing large numbers of HNWIs to migration which is eroding the continent’s wealth. “According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023)” he said.
According to the report, 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.
Despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires.
Looking ahead to the next decade until 2033, countries such as Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80%+ millionaire growth.
10 wealthiest countries in Africa according to Henley&Partners:
[th]Rank[/th][th]Country[/th][th]Millionaires (USD 1m+)[/th][th]Centi-millionaires (USD 100m+)[/th][th]Billionaires (USD 1bn+)[/th]
1. South Africa 37,400 102 5
2. Egypt 15,600 52 7
3. Nigeria 8,200 23 3
4. Kenya 7,200 16 0
5. Morocco 6,800 32 4
6. Mauritius 5,100 15 0
7. Algeria 2,800 8 1
8. Ethiopia 2,700 4 0
9. Ghana 2,700 6 0
10. Tanzania 2,300 3 –
