Africa is Now Home to 21 Billionaires, Reveals 2022 Africa Wealth Report

Approximately 136,000 millionaires are living in Africa, each with net assets of $1 million

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The total wealth held by high net-worth individuals across the continent reached a total of US$ 2.1 trillion in 2021, increasing by $1 billion since 2020, according to a new report.

According to the 2022 Africa Wealth Report, there are:

  • Approximately 6,700 multi-millionaires living in Africa whose net worth is $10 Million or more
  • 21 billionaires living in Africa each with net assets of $1 Billion or more
  • Approximately 136,000 millionaires are living in Africa, each with net assets of $1 million
  • Estimated 305 centi-millionaires residing in Africa each with net assets of $100 million or more

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The enormous wealth markets in Africa are:

  • South Africa
  • Egypt
  • Nigeria
  • Morocco
  • Kenya

These 5 nations account for more than 50% of Africa’s total wealth.

The Status of Wealth in Africa

Figures also indicate that South Africa has double the number of millionaires as any African nation, while Egypt has the highest number of billionaires in Africa.

Following years of solid growth, Mauritius ranks as the most wealthy in Africa by a significant margin (on a wealth per capita basis). This amounted to $34, 500 as of December 2021, which is well above second-placed South Africa at $10, 970.

When it come to cities, South Africa once again takes the lead:

  • Johannesburg- with a total private wealth estimated at more than $239 billion
  • Cape Town at $131 billion
  • Cairo at $128 billion
  • Lagos at $97 billion
  • Durban at $60 billion
  • Nairobi at $48 billion

According to the report, wealth held in Africa is forecast to rise 38% over the next 10 years to hit $3 trillion by 2031.

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Read / Download full report here:

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