The African continent now has investable wealth worth USD 2.4 trillion, and the population of millionaires is predicted to grow by 42% over the next ten years, according to the recently published 2023 Africa Wealth Report by Henley & Partners in cooperation with New World Wealth.

The research offers a thorough overview of private wealth in Africa, covering developments in high-net-worth individuals, luxury, and wealth management, as well as expert perspectives on investment, the investment migration industry, and economic mobility on the continent.

According to the 2023 Africa Wealth Report by Henley & Partners in cooperation with New World Wealth, the ‘Big 5’ African wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — account for a significant 56% of Africa’s high-net-worth individuals and more than 90% of the continent’s billionaires.

Yet, their continued dominance is far from secure, and they may soon be challenged by fast-growing countries such as Mauritius and Rwanda. Namibia’s new residence-by-investment program places it as a potential future competitor as well.

List of African countries with the most millionaires:

1. South Africa (37,800)

2. Egypt (16,100)

3. Nigeria (9,800)

4. Kenya (7,700)

5. Morocco (5,800)

6. Mauritius (4,900)

7. Algeria (2,800)

8. Ethiopia (2,700)

9. Ghana (2,600)

10. Tanzania (2,400)