Top 5 African countries with the fastest growing millionaire populations

A recent report by Henley & Partners’ 2024 Africa Wealth Report reveals that Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding USD 1 million, along with 342 centi-millionaires worth USD 100 million or more, and 21 billionaires.

Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco —collectively represent 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.

According to the report, the total investable wealth currently held on the African continent amounts to USD 2.5 trillion, with projections indicating that the continent’s millionaire population is set to increase by 65% over the next 10 years.

However, African countries are already losing large numbers of high-net-worth individuals (HNWIs) to migration, which is eroding the continent’s wealth. According to the latest figures, about 18,700 HNWIs have left Africa over the past decade (2013 to 2023).

The report indicates that there are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk. However, only 21 of them still reside on the continent.

Looking forward, over the next decade (to 2033), seven countries in Africa, including Mauritius, Namibia, and Morocco, are expected to experience over 80% growth in their millionaire populations.

Mauritius, with its stable governance and favourable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets.