Despite recording zero billionaires last year, Kenya, Mauritius, Ghana, Ethiopia, and Namibia made the top 10 wealthiest list in Africa, according to the latest 2024 Africa wealth report.
The report compiled by Henley and Partners 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.
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The wealth categories are split into millionaires — individuals with a net worth above one million dollars; cent millionaires — individuals with a net worth above $100 million, and billionaires — individuals with a net worth above one billion dollars.
“There are currently 135,200 high-net-worth individuals with liquid investable wealth of $1 million or more living in Africa, along with 342 centi-millionaires worth $100 million or more-, and 21-dollar billionaires,” the report said.
It added that Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56 percent of the continent’s millionaires and over 90 percent of its billionaires.
Dominic Volek, group head of private clients and a member of the Executive Committee of Henley & Partners, said. the growth story is promising, with Africa’s millionaire population set to rise 65 percent in the next decade, fueled by strong growth in key sectors such as fintech, eco-tourism, business process outsourcing, software development, rare metals mining, green tech, media and entertainment, and wealth management.
“But this growth has not been without setbacks. Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks. The South African rand fell 43 percent against the US dollar from 2013–2023, and even though the JSE All Share Index, which makes up well over half of Africa’s listed company holdings, rose in local currency terms, it was down five percent in USD terms over that period,” he said.
Read also: 10 wealthiest cities in Africa with the most millionaires
He added that currencies in most other African countries also performed poorly compared to the USD over the past 10 years, with dramatic depreciations of over 75 percent recorded in Nigeria, Egypt, Angola, and Zambia.
Here are 5 wealthiest African countries without billionaires
Kenya
Kenya is a country in East Africa with a coastline on the Indian Ocean that encompasses savannah, lakelands, the dramatic Great Rift Valley, and mountain highlands.
The country emerges as a significant player in wealth creation, with 7,200 millionaires and 16 centi-millionaires. Its diversified economy, burgeoning technology sector, and entrepreneurial spirit contribute to the growing number of affluent individuals.
Mauritius
Mauritius, an Indian Ocean island nation known for its favorable business environment and strong financial services sector, hosts 5,100 millionaires and 15 centi-millionaires.
Its status as a global financial hub has contributed to its attractiveness for wealth management and investment.
Ghana
Ghana’s stable democracy and growing economy have resulted in the emergence of 2,700 millionaires and four centi-millionaires. With over 32 million inhabitants, Ghana is the second-most populous country in West Africa.
The country’s focus on economic diversification, particularly in sectors such as agriculture, manufacturing, and technology, bodes well for future wealth creation.
Ethiopia
Ethiopia’s large population and fast-growing economy have contributed to the rise of 2,700 millionaires and 6 centi-millionaires. As one of Africa’s fastest-growing economies, the country presents ample opportunities for investors and entrepreneurs seeking to capitalize on its untapped market potential.
Namibia
Namibia, a country in southwest Africa, is distinguished by the Namib Desert along its Atlantic Ocean coast. It is a small but resource-rich economy that hosts 2,300 millionaires and three centi-millionaires.
The country’s mining sector, particularly its diamond industry, plays a significant role in wealth generation, alongside sectors such as tourism and agriculture.
