Africa’s Top 5 Wealth Markets Account for Over 90% of its Billionaires

Henley & Partners’ 2024 Africa Wealth Report highlights that Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable assets exceeding USD 1 million. The continent also boasts 342 centi-millionaires, each worth USD 100 million or more, and 21 billionaires.

Africa’s top five wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for 56% of the continent’s millionaires and over 90% of its billionaires.

At the city level, Johannesburg remains Africa’s wealthiest city, housing 12,300 millionaires, 25 centi-millionaires, and two billionaires. Cape Town follows with 7,400 millionaires, 28 centi-millionaires, and one billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) are also prominent urban wealth centers.

The report reveals that Africa’s total investable wealth is currently USD 2.5 trillion, with the continent’s millionaire population projected to grow by 65% over the next decade.

However, African nations are facing significant wealth erosion due to the migration of HNWIs. Approximately 18,700 HNWIs have left Africa between 2013 and 2023.

Globally, there are 54 billionaires of African origin, including Elon Musk, one of the world’s wealthiest individuals. Despite this, only 21 of these billionaires reside on the continent.

Looking ahead, seven African countries, including Mauritius, Namibia, and Morocco, are expected to see their millionaire populations grow by over 80% by 2033. Mauritius, in particular, is forecasted to experience a 95% growth rate due to its stable governance and favorable tax policies, making it one of the fastest-growing wealth markets globally.

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