With an estimated population of about 1.4 billion people, Africa is currently the second most populated continent in the world.
According to News Wire Ngr, there are presently 136,000 high-net-worth individuals (HNWIs) with a private wealth of at least $1 million, according to research firm New World Wealth and Henley & Partners.
The assertion was based on data from New World Wealth and Henley & Partners’ wealthy individuals’ database.
READ: News: South Africa’s youngest millionaires in 2020 and how they built their wealth
The millionaires are concentrated in five African countries South Africa, Egypt, Nigeria, Morocco, and Kenya.
Quick facts about African wealthy persons:
* Over $2.1 trillion is in private hands in Africa and it’s expected to rise by 38% in the next 10 years.
* There are 22 billionaires in Africa, 305 centi-millionaires (at least $100 million) and 6,700 multi-millionaires (at least $10 million).
* South Africa has the most combined wealth ($651 billion), Egypt ($307 billion) and Nigeria ($228 billion); while Rwanda ranks 17th on the list.
* The total wealth held in Africa has fallen by 7% over the past decade (2011 to 2021). Performance was constrained by poor returns in the three largest African markets, namely South Africa, Egypt and Nigeria. Angola also performed poorly.
*Mauritius was the fastest growing market in Africa during the review period (in percentage growth terms), followed by Rwanda.
Below is a full breakdown of the African countries with the highest number of wealthy persons as of 2022:
Total Private Wealth (in billion USD)
South Africa – $651bn
Egypt – $307bn
Nigeria – $228bn
Morocco – $125bn
Kenya – $91bn
Ghana – $59bn
Tanzania – $56bn
Angola – $53bn
Ethiopia – $52bn
Mauritius – $44bn
Côte d’Ivoire – $43bn
Uganda – $27bn
Namibia – $24bn
Mozambique – $20bn
Botswana – $19bn
Zambia – $14bn
Rwanda – $11bn
Billionaires (in USD)
South Africa – 5
Egypt – 7
Nigeria – 4
Morocco – 3
Kenya – 0
Ghana – 0
Tanzania – 1
Angola – 1
Ethiopia – 0
Mauritius – 0
Côte d’Ivoire – 0
Uganda – 0
Namibia – 0
Mozambique – 0
Botswana – 0
Zambia – 0
Rwanda – 0
Countries with no billionaires (USD) in Africa
Kenya
Ghana
Ethiopia
Mauritius
Côte d’Ivoire
Uganda
Namibia
Mozambique
Botswana
Zambia
Rwanda
Centi-Millionaires (worth at least $100m)
South Africa – 94
Egypt – 57
Nigeria – 28
Morocco – 22
Kenya – 15
Ghana – 4
Tanzania – 8
Angola – 3
Ethiopia – 4
Mauritius – 6
Côte d’Ivoire – 2
Uganda – 8
Namibia – 3
Mozambique – 1
Botswana – 2
Zambia – 2
Rwanda – 0
Multi-Millionaires (worth at least $10m)
South Africa – 2080
Egypt – 880
Nigeria – 510
Morocco – 220
Kenya – 340
Ghana – 120
Tanzania – 80
Angola – 110
Ethiopia – 140
Mauritius – 210
Côte d’Ivoire – 100
Uganda – 60
Namibia – 60
Mozambique – 60
Botswana – 80
Zambia – 30
Rwanda – 30
