With millionaire growth of 42% projected in Africa over the next decade, entrepreneurs, businesspeople and wealthy families are embracing investment migration as a strategy to improve their travel freedom and economic mobility, secure location optionality and mitigate risk, says Henley & Partners group head of Private Clients Dominic Volek
In the New World Wealth and Henley & Partner’s Africa Wealth Report 2023, Volek says more African countries are setting their sights on attracting high-net-worth individuals by providing residence and citizenship opportunities through investment migration programmes, which are an innovative financing tool and have the potential to transform economies by injecting essential foreign capital and encouraging sustainable economic growth.
The report says the the number of high-net-worth individual in Africa has fallen by 12% over the past decade, 2012 to 2022. The performance was constrained by poor growth in the three largest African markets – South Africa, Egypt and Nigeria.
“Rwanda was the top performing market in Africa during the period, with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda and the Democratic Republic of the Congo.”
Africa’s next wealthiest countries or countries to look out for in the future are on the list of Africa’s 11th to 20th wealthiest countries. They include several fast-growing markets, notably, Rwanda, the Seychelles, the Democratic Republic of the Congo and Uganda.
Future wealthiest countries in terms of resident high-net-worth individuals or millionaires:
Angola – 2 400 millionaires and four centimillionaires.
Ivory Coast – 2 200 millionaires and four centimillionaires.
Namibia – 2 100 millionaires, three centimillionaires and Africa’s second Residence by Investment programme.
Botswana – 1 900 millionaires and two centimillionaires.
Uganda – 1 500 millionaires and five centimillionaires.
Mozambique – 1 100 millionaires and two centimillionaires.
Rwanda – 1 000 millionaires and two centimillionaires, with a millionaire growth of 72% from 2012 to 2022.
Zambia – 900 millionaires and three centimillionaires.
Democratic Republic of the Congo – 600 millionaires and one centimillionaire.
The Seychelles – 400 millionaires and five centimillionaires, including Africa’s most powerful passport.