Kenya has emerged fourth among African countries with the most High-Net-Worth Individuals (HNWIs).
International wealth advisory firm Henley & Partners released its report on wealth distribution among individuals in Africa.
The report also provides a comprehensive review of the wealthiest countries and cities in Africa and expert insights on economic mobility, the investment migration sector, and wealth management on the continent.
The 2024 Africa Wealth Report by Henley & Partners indicated that South Africa by far has the highest number of wealthy individuals.
According to the report, South Africa emerged top on the list with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires.
Egypt came a distant second with with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires followed by Nigeria with 8,200 HNWIs.
Nigeria emerged third with 8,200 HNWIs followed by Kenya at position four with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires followed by Nigeria with 8,200 HNWIs.
"There are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires worth USD 100 million or more, and 21 dollar billionaires. Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires," the report said.
Below are the top 10 countries with the most HNWIs in Africa according to Henley & Partners.
1. South Africa - 37,400 millionaires.
2. Egypt - 15,600 millionaires.
3. Nigeria - 8,200 millionaires.
4. Kenya - 7,200 millionaires.
5. Morocco - 6,800 millionaires.
6. Mauritius - 5,100 millionaires.
7. Algeria - 2,800 millionaires.
8. Ethiopia - 2,700 millionaires.
9. Ghana - 2,700 millionaires.
10. Namibia - 2,300 millionaires.
Africa's richest cities
At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires.
Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key urban wealth hubs.
Below are the top 10 richest cities in Africa.
1. Johannesburg, South Africa - 12,300 millionaires.
2. Cape Town, South Africa - 7,400 millionaires.
3. Cairo, Egypt - 7,200 millionaires.
4. Nairobi, Kenya - 4,400 millionaires.
5. Lagos, Nigeria - 4,200 millionaires.
6. The Cape Winelands (includes the neighbouring towns of Paarl, Franschhoek, and Stellenbosch in South Africa’s Winelands region) - 3600 millionaires.
7. Durban, Umhlanga, and Ballito (South Africa) - 3,500 millionaires.
8. The Garden Route (Stretches from Mossell Bay to Storms River on South Africa’s South Coast) - 3,200 millionaires.
9. Casablanca, Morocco - 2,800 millionaires
10. Pretoria, South Africa - 2,100 millionaires.
The 2024 Africa Wealth Report noted that Cape Town, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are all expected to enjoy 85%+ millionaire growth over the next 10 years.
Lusaka, Zambia and Mombasa, Kenya are projected to have 80 per cent millionaire growth.
“Solid growth of over 80%+ is also projected in Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030. We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city," Head of Research at New World Wealth Andrew Amoils said.
Amoils noted that African nations are also losing large numbers of HNWIs to migration which is eroding the continent's wealth.
"Approximately 18,700 high-net-worth individuals have left Africa over the past decade. There are currently 54 African-born billionaires in the world, including one of the world's richest, Elon Musk, but only 21 of them still live on the continent," he said.
