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The African Millionaire Boom: Record Growth Set to Transform the Continent’s Wealth Landscape

The number of African millionaires is set to rise by 42 percent over the next decade, according to the 2023 Africa Wealth Report by Henley & Partners and New World Wealth.

This as as some of the world’s fastest-growing markets contribute to a private wealth pool of about $2.4 trillion.

Accordingly, five African nations – South Africa, Egypt, Nigeria, Kenya, and Morocco – host over 56 percent of the continent’s High-Net-Worth Individuals (HNWIs) and more than 90 percent of its billionaires.

South Africa leads the pack with twice the number of HNWIs as any other African country and claims 30 percent of Africa’s centi-millionaires.

For example, Johannesburg is Africa’s most affluent city, with significant wealth concentration around the Sandton City shopping mall.

Egypt follows South Africa, boasting a considerable number of billionaires in its capital, Cairo.

Here, lucrative industries such as financial services, telecoms, retail, tourism, and basic materials thrive.

Kenya also has a number of African millionaires with Nairobi, the economic hub of the region and one of the world’s fastest-growing cities.

Nairobi is home to Africa’s oldest and most established luxury residential suburbs, as well as thriving industries like financial services, tourism, media, real estate, tea, textiles, and tobacco.

The rising African Millionaires

Africa’s HNWI population dropped by 12 percent in the decade leading up to 2022, with South Africa, Egypt, and Nigeria experiencing poor growth.

Nonetheless, several African countries performed exceptionally well. Rwanda’s millionaire growth stands at 72 percent, with Mauritius, Seychelles, Uganda, and the Democratic Republic of the Congo following closely. Morocco and Kenya had solid growth in their HNWI populations.

Ethiopia and Ghana, which recorded rapid growth in their millionaire populations until 2019, face challenges that affected growth rates.

African Millionaires and the future

Looking ahead, Africa’s millionaire population could hit reach around 195,000 by 2032, reflecting a 42 percent increase.

Mauritius could outperform other countries, with a forecast of 75 percent growth over the next decade. Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco, are also likely to post significant growth of at least 60 percent.

Despite not being part of the top five countries, Mauritius boasts the highest wealth per capita (average wealth per person) in Africa at $37,500, followed by South Africa at $10,880 and Namibia at $10,050.

The impressive growth rates in these fast-growing African markets and the projected increase in the number of millionaires highlight the vast potential and opportunities for investors and entrepreneurs alike. As wealth continues to rise in the continent, it is set to create a positive ripple effect on various sectors, spurring further economic growth and development across Africa.