2024 Africa Wealth Report: Where the Most Millionaires Live

South Africa, Egypt, Nigeria, and Kenya are the top four countries in Africa in terms of the number of millionaires, according to the 2024 Africa Wealth Report. At the city level, the report shows that a significant portion of the continent’s wealthy individuals reside in Nairobi, Johannesburg, Cape Town, Cairo, and Lagos.

The report indicates that South Africa, which continues to have more than twice the number of HNWIs compared to any other African country, boasts 37,400 millionaires, 102 centi-millionaires, and five billionaires. Egypt ranks second with 15,600 millionaires, 52 centi-millionaires, and seven billionaires, while Nigeria comes in third with 8,200 HNWIs. Kenya is home to 7,200 high-net-worth individuals (HNWIs), with 4,400 of them living in Nairobi. Other countries in the top 10 include Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

Overall, the Wealth Report reveals that Africa has 135,200 HNWIs with liquid investable assets of $1 million or more, along with 342 centi-millionaires, each worth $100 million or more, and 21 billionaires. The ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — collectively account for 56% of the continent’s millionaires and over 90% of its billionaires.

The report also highlights that factors such as currency depreciation and underperforming stock markets have diminished Africa’s wealth compared to global benchmarks. For instance, the South African rand fell by 43% against the US dollar from 2013 to 2023. Although the JSE All Share Index, which represents a significant portion of Africa’s listed companies, rose in local currency terms, it declined by 5% in USD terms during the same period. Other African currencies have also performed poorly against the dollar over the past decade, with Nigeria, Egypt, Angola, and Zambia experiencing depreciations of over 75%.

Dominic Volek, Group Head of Private Clients at Henley & Partners, commented that these economic conditions have eroded the continent’s wealth. Meanwhile, Andrew Amoils, Head of Research at New World Wealth, pointed out that migration is also a contributing factor to the decline in African wealth. He stated that approximately 18,700 HNWIs have left the continent in the past decade, and out of the 54 African-born billionaires worldwide, including Elon Musk, one of the richest individuals globally, only 21 still reside in Africa. The majority have relocated to countries such as the UK, USA, Australia, and the UAE, with significant numbers also moving to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.

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