- There are 6700 multi-millionaires in Africa (with net assets of US$10 Million or more).
- There are 21 billionaires living in Africa (with assets of US$1 Billion or more.)
- Africa’s top 5 wealth cities are 1. Johannesburg 2. Cape Town 3. Cairo 4. Lagos 5. Durban
By Phesheya Mkhonta
The Africa Wealth Report 2022 has revealed interesting insights concerning wealth on the African continent. The recently released Africa Wealth Report states that the total private wealth currently held on the African continent is over USD 2.1 trillion.
The Africa Wealth Report is the continent’s annual benchmark for private wealth research. Now in its 7th year, the report provides the most comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals, the luxury market, and wealth management.
It is published by Henley & & Partners, the global leader in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth.
The report additionally states that emerging economies are forecasted to perform strong and total wealth is expected to rise by 38% over the next 10 years, with Africa’s ‘Big 5’ private wealth markets (South Africa, Egypt, Nigeria, Morocco and Kenya) together accounting for over 50% of the continent’s total private wealth.
The report further reveals that Mauritius is the wealthiest country on the continent, on a per capita basis. Mauritius now ranks as the wealthiest country in Africa by a significant margin (on a wealth per capita). This amounted to US$34,500 as at December 2021, which is well above second-placed South Africa (US$10,970).
Moreover, findings indicate that total wealth held in Africa has fallen by 7% over the past decade (2011 to 2021). Performance was constrained by poor returns in the three largest African markets, namely South Africa, Egypt and Nigeria.
Other key finds of the Report are:
- There are 6700 multi-millionaires in Africa (with net assets of US$10 million or more).
- There are 21 billionaires living in Africa (with assets of US$1 billion or more.)
- Approximately 136 000 millionaires live in Africa (with net assets of US$1 million or more)
- South Africa has the most millionaires in Africa with over 39300
- Egypt is home to the highest number of billionaires on the continent (with assets of over US $1 billion)
- The top wealth per capita countries are: Mauritius, South Africa, Namibia, Botswana and Morocco. Eswatini is not ranked.
- The top 5 countries with the highest wealth growth over the last decade are: Mauritius (74%), Rwanda (60%), Ethiopia (52%), Uganda (50%) and Kenya (43%)
- Africa’s top 5 wealth cities are 1. Johannesburg 2. Cape Town 3. Cairo 4. Lagos 5. Durban
- Total private wealth held in Africa is expected to rise by 38% over the next 10 years, driven by strong growth in the technology and professional services sectors.
Strong growth is forecasted in Rwanda, Kenya, Morocco, Mozambique and Zambia (50%+ growth rates).