Henley & Partners, a migration and investment advisory firm, has released its 2024 ranking of African countries with the highest number of affluent residents in its Africa Wealth Report, in collaboration with New World Wealth.
According to the latest report, Africa is home to 135,200 millionaires, 342 centi-millionaires, and 21 billionaires. The millionaire population in Africa is projected to increase by 65% over the next decade, fueled by strong growth in key sectors such as fintech, eco-tourism, business process outsourcing, software development, rare metals extraction, green technologies, media, and entertainment, as well as wealth management.
The “big five” wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco – collectively account for 56% of Africa’s affluent individuals and over 90% of its billionaires. South Africa leads with 37,400 millionaires, 102 centi-millionaires, and five billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and seven billionaires.
Growth Rates
The growth rates of millionaire populations between 2013 and 2023 highlight a shift in wealth across the continent. While South Africa and Egypt experienced respective declines of 20% and 22%, countries like Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) all saw significant growth in their millionaire populations. Mauritius’ high growth rate made it the third-fastest-growing millionaire market globally during this period.
Over the next decade (until 2033), Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are projected to all experience growth of over 80% in their millionaire populations. Mauritius, with its stable governance and favorable tax regime, is expected to see a remarkable growth rate of 95%, once again positioning it as one of the fastest-growing wealth markets globally.
Namibia is also poised for impressive wealth growth, with a forecasted increase of over 85% by 2033. The country’s trend of offering residency through investment, coupled with its resource-rich economy and strategic location, is expected to attract global investors.