South African citizens have the greatest combined wealth at $651 billion, followed by Egypt ($307 billion) and Nigeria ($228 billion).
According to the report, Egypt now has the most billionaires, more than any African country.
There are currently 136,000 high-net-worth individuals (HNWIs) with a private wealth of USD 1 million or more living in Africa.
Africa’s ‘Big 5’ private wealth markets (South Africa, Egypt, Nigeria, Morocco, and Kenya) account for over 50% of the continent’s total private wealth, according to the latest 2022 Africa Wealth Report.
The report published by research firm New World Wealth and Henley & Partners was based on data from New World Wealth and Henley & Partners’ wealthy individuals’ database.
Data from the report reveals that the total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years. The report also noted that the creation of wealth and the flow of capital across the continent would be linked to the performance of frontier economies, which will be driven by the need to diversify wealth-creating sources.
Another critical highlight from the report revealed that Africa currently has 21 dollar billionaires, 305 centi-millionaires worth $100 million or more, and 136,000 HNWIs with a private wealth of $1 million or more.
Interestingly, South Africa remains the country with the most HNWIs than any other African country, while Egypt emerged as the African country with the most billionaires.
Here are the top 10 African countries with the highest number of millionaires
- South Africa – 39,300
- Egypt – 16,900
- Nigeria – 10,000
- Kenya – 8,500
- Morocco – 5,000
- Mauritius – 4,800
- Ghana – 2,900
- Ethiopia – 2,900
- Tanzania – 2,400
- Angola – 2,400
In terms of wealth held by private citizens, the report ranked South African citizens as having the greatest combined wealth at $651 billion, followed by Egypt ($307 billion) and Nigeria ($228 billion).
“Total wealth refers to the private wealth held by all the individuals living in a country, including their assets (property, cash, equities and business interests) less any liabilities. We exclude government funds from our figures,” states the report.