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2023 Africa Wealth Report Reveals ‘Big 5’ Host 56% of Continent’s Millionaires

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LONDON, March 28, 2023 /PRNewswire/ — The total private wealth currently held on the African continent is USD 2.4 trillion and its millionaire population is expected to rise by 42% over the next 10 years, according to the latest 2023 Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth.

The report reveals that Africa’s ‘Big 5’ private wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s high-net-worth individuals (HNWIs) and over 90% of its billionaires. There are currently 138,000 HNWIs with private wealth of USD 1 million or more living in Africa, along with 328 centi-millionaires worth USD 100 million or more, and 23 US dollar billionaires.

Despite a tough past decade, South Africa is still home to at least twice as many HNWIs as any other African country, and 30% of the continent’s centi-millionaires. Egypt takes the prize for the most billionaires, and Mauritius boasts the highest wealth per capita (average wealth per person) in Africa, at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.

Africa is home to some of the world’s fastest growing markets, including Rwanda, Mauritius, and the Seychelles, which have seen wealth growth of 72%, 69%, and 54%, respectively over the past decade. In terms of projections, Mauritius is expected to experience the highest private wealth growth rate at 75% over the next decade (to 2032), making it the fourth fastest growing country in the world in millionaire growth percentage terms, after Vietnam, India, and New Zealand.

A ten-year private wealth growth rate of over 60% is forecast for Namibia, with its recently launched residence by investment offering likely to attract high-net-worth investors from across the globe. Commenting in the report, Catherine Shipushu of the Namibia Investment Promotion and Development Board, says the country has one of the largest uranium reserves in the world and is attracting international attention with recent discoveries of gas and oil reserves. “With bold ambitions of becoming 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.”

Dominic Volek, Group Head of Private Clients at Henley & Partners, says more African countries are setting their sights on attracting HNWIs by providing residence and citizenship by investment opportunities that have the potential to transform their economies. “As wealth grows on the continent, we expect to see investment migration continue to gain ground in Africa — not only on the demand side from African HNWIs looking to improve their travel freedom and economic mobility, secure location optionality, and mitigate risk, but also on the supply side, with more and more African nations looking to launch their own programs to increase the inflow of capital and talent.”

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