The top 10 African nations with the most millionaires in 2023 are listed by Business Insider Africa.
This list was provided by Henley & Partners and New World Wealth’s Africa Wealth Report 2023.
Between 2012 and 2022, there were 12% fewer high-net-worth individuals overall.
The number of millionaires in a country’s population is not just a measure of individual wealth; it also has significant effects on the country’s overall economic health and progress. A wealthy elite that can make a major contribution to a variety of industries, encourage innovation, and boost economic activity is growing, as evidenced by the increase in the number of dollar millionaires.
Strong economic growth is frequently experienced by nations where there are a sizable number of millionaires. These high-net-worth individuals (HNWIs) are endowed with significant financial resources, which they are more inclined to invest in small enterprises, start-ups, and creative projects.
Their investments may result in the development of jobs, the improvement of technology, and a general increase in the economy. Dollar millionaires serve as investment catalysts by encouraging entrepreneurship and drawing in both domestic and international money. Another factor is philanthropy, which assists the economically distressed and disenfranchised residents of those places by reducing poverty.
The following list is based on the Africa Wealth Report 2023, which was produced by Henley & Partners, the market leader in residence and citizenship by investment, in collaboration with wealth intelligence company New World Wealth. According to the report, “the ‘Big 5’ wealth markets in Africa, South Africa, Egypt, Nigeria, Kenya, and Morocco, together account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.”
In terms of the proportion of wealthy citizens, South Africa comes out on top among the Top 10 richest countries in Africa. Additionally, Mauritius’ high rating is particularly impressive given the country’s small size and sparse population.
Between 2012 and 2022, there were 12% fewer high-net-worth individuals in Africa as a whole. The three biggest markets on the continent, South Africa, Egypt, and Nigeria, all had slow development.
Additionally, the wealthy populations of both Ethiopia and Ghana increased significantly before 2019. However, these nations’ 10-year growth rates have dropped recently due to challenges. Despite this, there are still a number of millionaires in Africa; the ten nations with the highest concentration are listed below.
|
Rank |
Country |
Number of Millionaires |
Number of Centi-Millionaires |
|
1. |
South Africa |
37,800 |
98 |
|
2. |
Egypt |
16,100 |
54 |
|
3. |
Nigeria |
9,800 |
27 |
|
4. |
Kenya |
7,700 |
15 |
|
5. |
Morocco |
5,800 |
28 |
|
6. |
Mauritius |
4,900 |
10 |
|
7. |
Algeria |
2,800 |
8 |
|
8. |
Ethiopia |
2,700 |
4 |
|
9. |
Ghana |
2,600 |
5 |
|
10. |
Tanzania |
2,400 |
6 |