The 2023 Africa Wealth Report indicates 56 percent of Africa’s high-net-worth individuals and more than 90 percent of the continent’s billionaires are hosted in five countries.
The report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investment, the investment migration sector, and economic mobility on the continent.
According to the 2023 Africa Wealth Report recently published by Henley & Partners in collaboration with New World Wealth, the five countries are South Africa, Egypt, Nigeria, Kenya, and Morocco.
Egypt has the highest number of billionaires in Africa, while Mauritius has by far the highest wealth per capita (average wealth per person) at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.
The report notes that South Africa is the largest host of Africa’s dollar millionaires, followed by Egypt and Nigeria.
During the period, South Africa hosted 37,800 dollar millionaires, 98 centi-millionaires and five dollar billionaires while Egypt hosted 16,100 dollar millionaires, 54 centi-millionaires and eight dollar billionaires.
Nigeria, Africa’s largest economy, hosted 9,800 dollar millionaires, 27 centi-millionaires and four dollar billionaires.
The report highlights wealth of an individual’s net investable assets, including property, cash, and listed company holdings and less of liabilities.
The report also ranks Uganda 15th among the 20 countries in Africa that host the largest number of dollar millionaires. During 2022, Uganda registered an increase among dollar millionaires from 940 in 2021 to 1,500, according to the report.
Kenya and Tanzania host more dollar millionaires and cent- millionaires than any East African states.
Four of Africa’s Top 10 wealthiest cities are in South Africa — Johannesburg has the most millionaires in Africa, with 14,600, Cairo, in 2nd place with 7,400 resident HNWIs, is just ahead of Cape Town, which has 7,200. Lagos is in 4th position with 5,400 millionaires, and Nairobi is 5th with 4,700. The other two South African cities in the Top 10 are Durban, in 6th place with 3,600 and Pretoria in the 8th spot with 2,400 HNWIs.
South Africa is home to some of the world’s most upmarket residential areas including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, and Sandhurst in Johannesburg.
According to New World Wealth’s latest figures, there are approximately 3,700 homes in South Africa that are valued at over USD 1 million. By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.