Africa’s wealthiest nation is home to nearly 40,000 millionaires and over 100 individuals with fortunes exceeding $100 million, as reported by an investment consultancy, highlighting the country’s growing concentration of wealth.
According to express.co.uk, Henley and Partners put together a list of the continent’s top 10 wealthiest nations, and revealing the growth – or decline – in millionaires over a 10-year period from 2013. It also totted up the number of centi-millionaires – those with over $100m – and billionaires.
Top of the list on the firm’s website is South Africa, which was found to have 37,400 millionaires, 102 centi-millionaires, and five billionaires. But though it had the most individuals with seven-figure fortunes in Africa, millionaire growth between 2013 and 2023 was found to have been at minus 27 percent.
Egypt, which links northeast Africa with the Middle East, had 15,600 millionaires according to the firm’s estimates, as well as 52 centi-millionaires, and seven billionaires with millionaire growth at -22 percent.
Nigeria, a West African country on the Gulf of Guinea had 8,200 millionaires, 23 centi-millionaires, three billionaires though the number of millionaires declined by 45 percent over the period – the highest on the list.
READ: News: Research shows Nigeria, South Africa, Egypt and Kenya have the Wealthiest individuals in Africa says Swiss Investment Bank
Kenya was the next highest ranked with 7,200 millionaires, 16 centi-milionaires, with no billionaires. The number of millionaires over the same period tracked grew by 30 percent.
Morocco was found to have 6,800 millionaires, 832 centi-millionaires, four billionaires with 35 percent millionaire growth.
The figures are for December 2023 and are based in US dollars. Millionaire figures are roundest to the nearest hundred and the only people resident in each country are included in the stats.
The 10 wealthiest countries in Africa, in order, are as follows:
South Africa – 37,400 millionaires, 102 centi-millionaires, five billionaires. Millionaire growth (between 2013 and 2023): -27 percent between
Egypt – 15,600 millionaires, 52 centi-millionaires, seven billionaires. Millionaire growth: -22 percent
Nigeria – 8,200 millionaires, 23 centi-millionaires, three billionaires. Millionaire growth -45 percent
Kenya – 7,200 millionaires, 16 centi-milionaires, no billionaires. Millionaire growth: 30 percent
Morocco – 6,800 millionaires, 832 centi-millionaires, four billionaires. Millionaire growth: 35 percent
Mauritius – 5,100 millionaires, 15 centi-millionaires, no billionaires. Millionaire growth: 87 percent
Algeria – 2,800 millionaires, eight centi-millionaires, one billionaire. Millionaire growth: -28 percent
Ghana – 2,700 millionaires, six centi-millionaires, no billionaires. Millionaire growth: 26 percent
Ethiopia – 2,700 millionaires, four centi-millionaires, no billionaires. Millionaire growth: 30 percent
Namibia – 2,300 millionaires, three centi-millionaires, no billionaires. Millionaire growth: 32 percent
