5 Countries Account for Over 90% of Africa’s Billionaires, Reveals Africa Wealth Report 2023

South Africa continues to dominate the continent when it comes to the number of high net worth individuals, the latest Africa Wealth Report 2023 indicates.

High net worth individuals (HNWIs) are individuals who possess significant wealth and financial assets. While there is no strict definition, HNWIs are typically characterized by having a net worth (total assets minus liabilities) above a certain threshold, usually in the millions or tens of millions of dollars. These individuals often have diverse investment portfolios, substantial real estate holdings, and other valuable assets.

The African Wealth report has analyzed high net worth individuals as having at least $1 million in investible assets and the analysis includes centi-millionaires ($100 million) and billionaires ($1 billion).

Based on the report, five countries account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.

Over the past decade (2012 to 2022), there has been a decline of 12% in the total number of high net worth individuals in Africa, according to the report. The lackluster performance of the three largest African markets, namely South Africa, Egypt, and Nigeria, is said to have hampered overall growth in the region.

During the mentioned period, Rwanda emerged as the top-performing market in Africa, experiencing a remarkable growth rate of 72% in the number of millionaires. Following closely behind were Mauritius, Seychelles, Uganda, and the Democratic Republic of the Congo, which also saw significant growth in their millionaire populations.

Ethiopia and Ghana, which had previously experienced rapid growth in their millionaire populations until 2019, have faced challenges in recent years that have affected their overall growth rates over the past decade.

The report also compared countries based on their acceptance by other countries in the travel without a visa, which is referred to as visa – free access.

According to the report, Africa’s millionaire population will rise by 42% over the next decade, reaching 195,000 by 2032.

 

 

 

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