Five African countries, South Africa, Egypt, Nigeria, Kenya, and Morocco account for a significant 56% of Africa’s high-net-worth individuals according to the Africa Wealth Report 2023.
According to henleyglobal.com, the Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners — the global leader in residence and citizenship by investment — in partnership with wealth intelligence firm New World Wealth.
The report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investment, the investment migration sector, and economic mobility on the continent.
The 2023 edition reveals that the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.
However, their continued dominance is far from assured, and they could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground. Namibia’s new residence by investment offering positions it as a future potential rival as well.
With the continent’s millionaire population expected to rise by 42% over the next 10 years, all eyes are on Africa.
Investing in Africa
Africa — despite its many challenges, own goals, misperceptions, and negative international press — is undoubtedly open for business in 2023.
Africa’s burgeoning investment migration sector
With millionaire growth of 42% projected on the African continent 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.
African economic mobility
When it comes to visa-free access to global economic output, the citizens of African countries and other developing nations with sizable and growing private wealth are at a distinct disadvantage. More than just a travel document, our passports can define our financial freedoms regarding access to international investment and business opportunities.
