Which African Countries Are Home to Highest Number of Millionaires?

Which African Countries Are Home to Highest Number of Millionaires?
Which African Countries Are Home to Highest Number of Millionaires?

Africa-Press – Mozambique. Recently, British wealth advisory firm Henley & Partners published the Africa Wealth Report 2024, which lists the top African countries and cities with the highest number of millionaires. The report is based on data collected between 2013 and 2023.

South Africa is leading the list with 37,400 millionaire nationals, including 102 individuals whose fortunes exceed $100 million and 5 billionaires, according to the report.

In second place, Egypt has 15,600 millionaires, including 52 people with assets of more than $100 million and 7 billionaires.

As for Nigeria, which is home to Africa’s richest individual, Aliko Dangote, the West African country is home to 8,200 millionaires, including 23 individuals whose fortunes exceed $100 million and 3 billionaires.

This is followed by: Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700) and Namibia (2,300).

To date, the African continent is home to 342 people worth more than $100 million and 21 billionaires.

According to the report, the number of billionaires has increased significantly in many African countries over the past 10 years, including Mauritius (+87%), Morocco (+35%), Namibia (+32%), Kenya (+30%), Ethiopia (+30%), and Ghana (+26%).On the other hand, the number of dollar millionaires fell in Nigeria (-45%), Algeria (-28%), Egypt (-22%) and South Africa (-20%).

Some 18,700 millionaires and 33 billionaires left Africa. Most have moved to the United Kingdom, the United States, Australia and the United Arab Emirates.

“Many people make a fortune in Africa and then move to other countries in search of a better quality of life, a better education system for their children and better access to healthcare,” says Dominic Volek, Group Head of Private Clients at Henley & Partners.

The overall growth rate of African millionaires has fallen by -8% over the past decade. However, the number of millionaires living on the world’s fastest growing continent is expected to grow by 65% over the next decade, according to the report.

Which Are the Richest Cities in Africa?

As for the top cities with the largest number of millionaire residents, the Africa Wealth Report 2024 lists 20 cities across the African continent where millionaires lived as of December 2023.

South Africa’s Johannesburg tops the list of Africa’s richest cities with 12,300 millionaire residents, followed by fellow Cape Town (7,400), Egypt’s Cairo (7,200), Kenya’s Nairobi (4,400) and Nigeria’s Lagos (4,200).

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