The investment migration consultancy firm Henley & Partners has published its 2024 ranking of African countries with the most wealthy residents in its Africa Wealth Report, in collaboration with New World Wealth.

According to the latest report, Africa has 135,200 millionaires, 342 centimillionaires, and 21 billionaires. The number of millionaires in Africa is expected to increase by 65% over the next decade, driven by strong growth in key sectors such as fintech, ecotourism, business process outsourcing, software development, rare metal 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 wealthy individuals and more than 90% of its billionaires. South Africa leads the list with 37,400 millionaires, 102 centimillionaires, and five billionaires, followed by Egypt with 15,600 millionaires, 52 centimillionaires, and seven billionaires.

Growth rates:


The growth rates of millionaires between 2013 and 2023 highlight a migration of wealth across the continent. While South Africa and Egypt have experienced declines of 20% and 22%, respectively, countries like Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) have seen significant growth in their millionaire populations. Mauritius’s high growth rate has made it the third-fastest-growing market in the world for millionaires during this period.

Over the next decade (until 2033), Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are expected to experience a growth of over 80% in the number of millionaires. Mauritius, with its stable governance and favorable tax regime, is projected to see a remarkable growth rate of 95%, positioning it once again as one of the fastest-growing wealth markets in the world.

Namibia, for its part, is set to experience impressive growth in its wealth, with a forecast of over 85% by 2033. The country's trend of offering residency through investment, along with its resource-rich economy and strategic location, is expected to attract global investors.

Here is the ranking of the top 10 African countries with the most millionaires:


South Africa (37,400)
Egypt (15,600)
Nigeria (8,200)
Kenya (7,200)
Morocco (6,800)
Mauritius (5,100)
Algeria (2,800)
Ghana (2,700)
Ethiopia (2,700)
Namibia (2,300)

Article source: africanews