Nigeria, South Africa, Egypt, Morocco and Kenya account for 56% of high net worth individuals in Africa
According to the most recent 2023 Africa Wealth Report, released by Henley & Partners in collaboration with New World Wealth, the continent presently has $2.4 trillion in total private wealth, and its millionaire population is projected to increase by 42% over the next 10 years.
The “Big 5” private wealth markets in Africa—South Africa, Egypt, Nigeria, Kenya, and Morocco—are responsible for 56% of the continent’s high-net-worth individuals (HNWIs) and more than 90% of its billionaires, according to the research. There are now 23 US dollar billionaires, 328 centi-millionaires worth at least $100 million, and 138,000 HNWIs in Africa with private wealth of USD 1 million or more.
Notwithstanding a difficult previous ten years, 30% of the continent’s centi-millionaires and at least twice as many HNWIs as any other African nation reside in South Africa. The country with the most billionaires is Egypt, and Mauritius has the continent’s highest wealth per capita (average wealth per person), with USD 37,500, followed by South Africa and Namibia, both with USD 10,880.
Some of the fastest-growing economies in the world are found in Africa, including Rwanda, Mauritius, and the Seychelles, where wealth has increased by 72%, 69%, and 54%, respectively, over the past ten years. In terms of estimates, Mauritius is anticipated to have the highest rate of private wealth growth (75%), making it the fourth fastest growing nation in the world in terms of percentage increase of millionaires, behind Vietnam, India, and New Zealand.
Namibia is expected to experience a ten-year private wealth growth rate of over 60%, and its recently established residency by investment offering is likely to draw high-net-worth investors from all over the world. With bold ambitions to become the sustainable energy capital of Africa, Namibia’s strategic location and world-class port make it an ideal gateway to more than 300 million people in other African markets, according to Catherine Shipushu of the Namibia Investment Promotion and Development Board, who commented on the report. “With bold ambitions to become the sustainable energy capital of Africa, Namibia’s strategic location and world-class port make it an ideal gateway to over 300 million people in other African markets.
More African nations are targeting wooing HNWIs by offering residence and citizenship through investment possibilities that have the ability to reshape their economies, according to Dominic Volek, Group Head of Private Clients at Henley & Partners. “As wealth increases across the continent, we anticipate that investment migration will continue to spread throughout the continent. This will be true both on the supply and demand sides, as more and more African countries look to establish their own initiatives to boost the inflow of capital and talent. The full report can be accessed here
