Based on the Africa Wealth Report 2023, a comprehensive study conducted by Henley & Partners, the leading authority on residence and citizenship by investment, in collaboration with wealth intelligence firm New World Wealth, the “Big 5” wealth markets in Africa—South Africa, Egypt, Nigeria, Kenya, and Morocco—emerge as the dominant players. These five countries collectively represent 56% of Africa’s high-net-worth individuals and account for over 90% of the continent’s billionaires.
Among these nations, South Africa claims the top spot by a considerable margin in terms of the number of affluent residents. Notably, Mauritius secures a high rank despite its small size and sparse population.
Africa has witnessed a decline of 12% in the total number of high-net-worth individuals between 2012 and 2022. Sluggish economic growth in South Africa, Egypt, and Nigeria, the continent’s key markets, has limited overall performance.
While Ethiopia and Ghana experienced robust growth in their millionaire populations prior to 2019, recent challenges have hampered their ten-year growth rates. Nevertheless, Africa still boasts a significant number of millionaires across various countries. Here, we present the top ten nations housing the most affluent individuals on the continent.
| Rank | Country | Number of Millionaires | Number of Centi-Millionaires |
|---|---|---|---|
| 1. | South Africa | 37,800 | 98 |
| 2. | Egypt | 16,100 | 54 |
| 3. | Nigeria | 9,800 | 27 |
| 4. | Kenya | 7,700 | 15 |
| 5. | Morocco | 5,800 | 28 |
| 6. | Mauritius | 4,900 | 10 |
| 7. | Algeria | 2,800 | 8 |
| 8. | Ethiopia | 2,700 | 4 |
| 9. | Ghana | 2,600 | 5 |
| 10. | Tanzania | 2,400 | 6 |
