South Africa is leading Nigeria, Egypt and other African countries on Millionaires list with 37,400 millionaire nationals, including 102 individuals whose fortunes exceed $100 million and 5 billionaires, according to the Africa Wealth Report 2024, published by British wealth advisory firm Henley & Partners.
According to Sputnik Africa, the report is based on data collected between 2013 and 2023.
The firm publishes the lists of top African countries and cities with the highest number of millionaires.
Egypt came second with 15,600 millionaires, including 52 people with assets of more than $100 million and 7 billionaires.
Nigeria, which is home to Africa’s richest individual, Aliko Dangote, the West African country is home to 8,200 millionaires, including 23 individuals whose fortunes exceed $100 million and 3 billionaires is in the third place.
Nigeria is followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700) and Namibia (2,300).
To date, the African continent is home to 342 people worth more than $100 million and 21 billionaires.
According to the report, the number of billionaires has increased significantly in many African countries over the past 10 years, including Mauritius (+87%), Morocco (+35%), Namibia (+32%), Kenya (+30%), Ethiopia (+30%), and Ghana (+26%).
However, the report indicated that, the number of dollar millionaires fell in Nigeria (-45%), Algeria (-28%), Egypt (-22%) and South Africa (-20%).
The report further informed that, 18,700 millionaires and 33 billionaires left Africa to the United Kingdom, the United States, Australia and the United Arab Emirates.
The Group Head of Private Clients at Henley & Partners, Dominic Volek said, “Many people make a fortune in Africa and then move to other countries in search of a better quality of life, a better education system for their children and better access to healthcare”.
The report noted that, overall growth rate of African millionaires has fallen by -8% over the past decade.
However, the number of millionaires living on the world’s fastest growing continent is expected to grow by 65% over the next decade, according to the report.
The Africa Wealth Report 2024 also lists 20 cities across the African continent where millionaires lived as of December 2023.
South Africa’s Johannesburg tops the list of Africa’s richest cities with 12,300 millionaire residents, followed by fellow Cape Town (7,400), Egypt’s Cairo (7,200), Kenya’s Nairobi (4,400) and Nigeria’s Lagos (4,200).
See the list of
Wealthiest Cities in Africa.
1. Johannesburg, South Africa: 12,300 millionaires, including 25 centi-millionaires ($100m+) and 2 billionaires.
2. Cape Town, South Africa: 7,400 millionaires, including 28 centi-millionaires and 1 billionaire.
3. Cairo, Egypt: 7,200 millionaires, including 30 centi-millionaires and 4 billionaires.
4. Nairobi, Kenya: 4,400 millionaires, including 10 centi-millionaires.
5. Lagos, Nigeria: 4,200 millionaires, including 12 centi-millionaires and 2 billionaires.
6. Cape Winelands (region), South Africa: 3,600 millionaires, including 16 centi-millionaires and 2 billionaires.
7. Durban, Umhlanga & Ballito, South Africa: 3,500 millionaires, including 11 centi-millionaires.
8. The Garden Route (region), South Africa: 3,200 millionaires, including 11 centi-millionaires.
9. Casablanca, Morocco: 2,800 millionaires, including 10 centi-millionaires and 1 billionaire.
10. Pretoria, South Africa: 2,100 millionaires, including 2 centi-millionaires.
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