Africa is home to multiple certified billionaires and other high-net-worth individuals, including the richest black man on earth. The continent is home to 135,200 high-net-worth individuals (HNWIs) with liquid, investable wealth of $1 million or more.
Also, there are 342 centi-millionaires worth $100 million or more and 21 dollar billionaires, according to Henley & Partners’ 2024 Africa Wealth Report. The continent’s top five wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires.
At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key urban wealth hubs.
RELATED STORIES
The report also states that the continent of Africa currently holds $2.5 trillion in investable wealth, with its millionaire population expected to increase by 65% over the next ten years.
However, it says the continent is losing large numbers of HNWIs to migration, which is eroding the continent’s wealth. So far, approximately 18,700 high-net-worth individuals have left Africa over the past decade.
It says there are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent. Most of them have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also relocated to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
Despite the growth of high-net-worth individuals on the continent, it has not been without challenges, according to Dominic Volek, Group Head of Private Clients at Henley & Partners.
“Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks,” he noted in a statement. “The South African rand fell 43% against the US dollar from 2013–2023, and even though the JSE All Share Index, which makes up well over half of Africa’s listed company holdings, rose in local currency terms, it was down 5% in US dollar terms over that period.”
He continued, “Currencies in most other African countries also performed poorly compared to the dollar over the past 10 years, with dramatic depreciations of over 75% recorded in Nigeria, Egypt, Angola, and Zambia.”
However, over the next decade, seven African countries are expected to experience over 80% millionaire growth. They include Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda.
“Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets. Namibia, too, is poised for impressive high-net-worth growth, which is forecast to exceed 85% by 2033. Both Mauritius and Namibia offer investment migration pathways to attract global investors,” the report said.
In effect, from 2013 to 2023, these countries experienced significant growth in their millionaire populations:
Mauritius – 87%
Morocco – 35%
Namibia – 32%
Ethiopia – 30%
Kenya – 30%
