South Africa has the most millionaires on the African continent and twice as many high-net-worth individuals (HNWIs) as its nearest competitor, Egypt, despite a difficult past decade where there was a 20% drop in the millionaire population.
This is according to the 2024 Africa Wealth Report, published by Henley & Partners, an international wealth advisory firm, in partnership with global wealth intelligence partner New World Wealth.
South Africa is home to 37,400 millionaires, 102 centi-millionaires, and five billionaires.
Egypt holds the second spot on the list, despite having more billionaires than South Africa, with seven billionaires. However, Egypt has less millionaires and centi-millionaires than South Africa, 15,600 millionaires and 52 centi-millionaires.
Nigeria sits in third place with 8,200 HNWIs, followed by Kenya with 7,200 millionaires and Morocco rounds off the top five with 6,800 millionaires.
The top five countries account for 56% of Africa’s millionaires and over 90% of the billionaires on the continent.
Closing up the list of the top 10 wealthiest African countries is Mauritius with 5,100 millionaires, Algeria has 2,800 HNWI’s, Ethiopia is home to 2,700, Ghana also has 2,700, and Namibia has 2,300.
According to Andrew Amoils, head of Research at New World Wealth, African countries are also losing large numbers of HNWIs to migration which is biting into the wealth of the African continent.
“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023),” Amoils said in the report.
While there are 54 African-born billionaires in the world, including Elon Musk who is the third richest person in the world, according to the Forbes Real-Time Billionaires list, only 21 of them still live on the African continent.
Most of these African-born billionaires have moved to the UK, the US, Australia, and the UAE, while a significant number of them have re-located to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
| Country | Millionaires ($1 milllion +) | Centi-millionaires ($100 million +) | Billionaires |
| South Africa | 37,400 | 102 | 5 |
| Egypt | 15,600 | 52 | 7 |
| Nigeria | 8,200 | 32 | 3 |
| Kenya | 7,200 | 23 | – |
| Morocco | 6,800 | 16 | 4 |
| Mauritius | 5,100 | 15 | – |
| Algeria | 2,800 | 8 | 1 |
| Ghana | 2,700 | 6 | – |
| Ethiopia | 2,700 | 4 | – |
| Namibia | 2,300 | 3 | – |
IOL Business