The Henley & Partners Africa Wealth Report 2024 unveils an optimistic projection for the evolution of Africa’s high net worth over the next decade. However, it also highlights the persistent challenges to economic mobility on the continent.
Following the publication of the Global Wealth Report last December, it’s now the turn of Henley & Partners, the London-based wealth consultancy, to publish its report on Africa’s high net worth. The study, published on Tuesday April 16 and entitled 2024 Africa Wealth Report, offers a detailed view of wealth on the African continent.
Africa’s current total investable wealth stands at $2.5 trillion, and the study highlights that its millionaire population is set to grow by 65% over the next ten years.
The number of people considered to have investable wealth of at least $1 million, known as High Net Worth Individuals (HNWIs), is 135,200, with 342 centi-millionaires and 21 dollar billionaires.
The five largest African markets – South Africa, Egypt, Nigeria, Kenya and Morocco – are home to 56% of the continent’s millionaires and over 90% of its billionaires.
The movers and shakers of African wealth
South Africa unsurprisingly remains the undisputed wealth leader, home to twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires and 5 billionaires. Egypt follows closely with 15,600 millionaires, 52 centi-millionaires and 7 billionaires. Nigeria comes third with 8,200 HNWIs, followed by Kenya with 7,200 millionaires, Morocco with 6,800, Mauritius with 5,100, Algeria with 2,800, Ghana with 2,700, Ethiopia with 2,700 and Namibia with 2,300.
The report identifies growth prospects for a number of African countries and cities. Over the next decade, countries such as Mauritius, Namibia, Morocco and Kenya should see significant growth in the number of millionaires.
In addition, cities such as Cape Town, Nairobi and Marrakech are also likely to see an increase in the number of millionaires and a rise in property prices.
Weak currencies
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