Aston Lukoye
- Kenya ranks fourth with 7, 700 millionaires
According to the Africa Wealth Report 2023, the top 10 richest countries in Africa in terms of millionaires are:
- South Africa (37,800 millionaires)
- Egypt (16,100 millionaires)
- Nigeria (9,800 millionaires)
- Kenya (7,700 millionaires)
- Morocco (5,800 millionaires)
- Mauritius (4,900 millionaires)
- Algeria (2,800 millionaires)
- Ethiopia (2,700 millionaires)
- Ghana (2,600 millionaires)
- Tanzania (2,400 millionaires)
The report, which was compiled by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth, found that the “Big 5” wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of Africa’s high-net-worth individuals (HNWIs) and over 90% of the continent’s billionaires.
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South Africa is by far the richest country in Africa in terms of millionaires, with more than three times as many as the second-place country, Egypt.
This is likely due to South Africa’s relatively strong economy and its status as a regional hub for business and finance.
Mauritius is another country that stands out on the list, given its tiny size and sparse population. The island nation has a relatively high GDP per capita and a well-developed financial sector, which has attracted wealthy individuals from around the world.
The total number of HNWIs in Africa has decreased by 12% from 2012 to 2022. This decline was driven by poor growth in South Africa, Egypt, and Nigeria, the continent’s three major markets.
However, there are some bright spots. Ethiopia and Ghana both saw strong growth in their millionaire populations prior to 2019. Although recent hardships have slowed these countries’ 10-year growth rates, they still have the potential to become major wealth markets in the future.
Overall, Africa is still home to a significant number of millionaires. The continent’s wealth market is expected to grow in the coming years, driven by factors such as economic growth, rising incomes, and increased urbanization.
