The total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65% over the next ten years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm, Henley & Partners.
Now in its 9th edition, the annual report reveals there are currently 135,200 HNWIs with investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires and 21 dollar billionaires. Africa’s “Big 5” wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires.
Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria sits in 3rd place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ghana (2,700), Ethiopia (2,700) and Namibia (2,300) all making it into the Top 10 wealthiest countries in Africa.