South Africa is the richest African country on the continent with more than twice the number of millionaires in comparison to other African countries. Photo: Pixabay

DURBAN - South Africa is the richest African country on the continent with more than twice the number of millionaires in comparison to other African countries according to the Africa Wealth Report. 

Factors like lifestyle aspects; well established luxury areas such as Camps Bay and Umhlanga; top class shopping centres and luxury food stores are some of the factors that keep High Net Worth Individuals (people with a net worth of $1 million and more) in the country. 

South Africa is followed by Egypt, Nigeria, Morocco and Kenya that make-up the top five richest African countries on the African Wealth Report rankings. 

According to the report, the total wealth held in Africa has risen by 14 percent over the past 10 years (2008-2018). Africa's performance was constrained by poor performance in the three largest African markets namely South Africa, Egypt and Nigeria. 

Mauritius was the top performing individual market during the 10 year period. Ethiopia also performed well during this period although it should be noted that the country started from a very low base which makes growth easier. 

Botswana's growth was impressive when considering that wealth per capita there is already quite healthy at around $7900 per person.

If the countries are ranked by wealth per capita, Mauritius is at the top of the rankings with the country having the wealthiest individuals in Africa followed by South Africa. 

Country Total wealth (US$bn) HNWIs Multimillionaires ($10m+) Centi-millioniares ($100+) Billionaires ($1bn=)
South Africa 649 39200 2070 94 5
Egypt 303 16700 870 56 6
Nigeria 225 9900 500 27 4
Morocco 114 4600 200 20 3
Kenya 93 8600 340 15 -

BUSINESS REPORT ONLINE