The crown for Africa’s wealthiest and the title of Africa’s powerhouse are highly contested positions.
According to New World Wealth and Henley &Partner’s Africa Wealth Report 2023, South Africa tops the list of the Top 10 wealthiest countries in Africa in terms of resident high-net-worth individuals.
The report revealed that in a continent where there are 23 billionaires, 328 centi-millionaires and 138 000 millionaires, South Africa has a high centi-millionaire and millionaire count compared to the rest of the countries on the continent.
“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 and over 90% of the continent’s billionaires,” said the report.
So here are the top 10 wealthiest countries in Africa in terms of resident high-net-worth individuals
1. South Africa
South Africa tops the list with 37 800 millionaires, 98 centi-millionaires and 5 billionaires.
2. Egypt
Egypt has 16 100 millionaires, 54 centi-millionaires and 8 billionaires.
3. Nigeria
Nigeria has 9 800 millionaires, 27 centi-mllionaires and 4 billionaires.
4. Kenya
Kenya has 7 700 millionaires and 15 cent-millionaires.
5. Morocco
Morocco has 5 800 millionaires, 28 centi-millionaires and 4 billionaires.
6. Mauritius
Mauritius’ high ranking is also impressive when considering its small size and population, with 4 900 millionaires and 10 centi-millionaires.
7. Algeria
Algeria has 2 800 millionaires, 8 cent-millionaires and 1 billionaire.
8. Ethiopia
Ethiopia has 2 700 millionaires and 4 centi-millionaires.
9. Ghana
Ghana has 2 600 millionaires and 5 centi-millionaires.
10. Tanzania
Tanzania has 2 400 millionaires and 6 centi-millionaires.
“Total high-net-worth individual numbers in Africa have fallen by 12% over the past decade from 2012 to 2022. Performance was constrained by poor growth in the three largest African markets, South Africa, Egypt, and Nigeria,” said the report.
The Africa Wealth Report 2023 further highlighted that Morocco and Kenya’s high-net-worth individual populations also grew solidly whilst Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has pulled back their 10-year growth rate.