Despite its decline over the past decade, the number of wealthy individuals in Africa is set to almost double by 2032.
The population of millionaires in Africa is set to grow by 42% over the next ten years, reaching around 195,000 by 2032. This is one of the findings of the 2023 Africa Wealth Report, published by Henley & Partners in collaboration with New World Wealth, a company specializing in wealth intelligence.
Mauritius stands out from the crowd, with a predicted growth rate of 75% over the coming decade. Growth rates of over 60% are also anticipated for Namibia, Rwanda, Zambia, Seychelles, the Democratic Republic of Congo and Morocco.
Over the past decade (2012-2022), Rwanda ranks as the best-performing African market, with a 72% increase in the number of millionaires, closely followed by Mauritius, Seychelles, Uganda and the Democratic Republic of Congo.
Ongoing difficulties
However, the report points to a 12% drop in the total number of HNWIs (High Net Worth Individuals) in Africa over the same period. This decline is mainly due to slow growth in the three largest African markets: South Africa, Egypt and Nigeria. Ethiopia and Ghana, which had recorded rapid growth in their millionaire populations up to 2019, have also encountered challenges in recent years, impacting their growth rates over the decade.
This reduction in the number of millionaires in Africa stems in particular from the departure of around 18,500 HNWIs from the continent over the past decade, while only 23 of the 52 African-born billionaires still reside on the continent. The majority of these wealthy individuals have emigrated to the United Kingdom, the United States and the United Arab Emirates. A significant number have also settled in Australia, Canada, France, Israel, Monaco, New Zealand, Portugal and Switzerland.
The top five wealth markets in Africa – South Africa, Egypt, Nigeria, Kenya and Morocco – are home to 56% of African HNWIs and over 90% of the continent’s billionaires. South Africa leads the top 10 richest countries in terms of wealthy residents, by a considerable margin.
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