According to Henley & Partner’s Africa Wealth Report for 2023, South Africa is number one on the list of the Top 10 wealthiest countries in Africa in terms of resident high-net-worth individuals.
What’s more, Johannesburg ranked as the wealthiest city.
The report provides a comprehensive review of private wealth in Africa, including high-net-worth-individuals, luxury and wealth management trends, as well as expert insights on investing in Africa, the investment migration sector and economic mobility on the continent.
The report also revealed that the continent was home to 23 billionaires, 328 centi-millionaires and 138 000 millionaires, with South Africa topping the list for most in all of Africa.
In terms of definition by Henley & Partners, a billionaire is considered such if an individual has wealth of USD 1 billion or more, a centi-millionaire if they have with wealth of USD 100 million or more and a millionaire if they have wealth of USD 1 million or more.
“South Africa’s high centi-millionaire count is particularly notable. Centi-millionaires are typically the founders of large multi-national companies, making their presence in a country particularly valuable when it comes to creating employment.” the report noted.
THE TOP 10
Check out the list of the top 10 wealthiest countries in Africa along with their number of high-net-worth individuals below:
Country | Billionaires | Centi-millionaires | Millionaires |
1. South Africa | 5 | 98 | 37 800 |
2. Egypt | 8 | 54 | 16 100 |
3. Nigeria | 4 | 27 | 9 800 |
4. Kenya | – | 15 | 7 700 |
5. Morocco | 4 | 28 | 5 800 |
6. Mauritius | – | 10 | 4 900 |
7. Algeria | 1 | 8 | 2 800 |
8. Ethiopia | – | 4 | 2 700 |
9. Ghana | – | 5 | 2 600 |
10.Tanzania | – | 6 | 2 400 |
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: South Africa Tops the list of Wealthiest Countries in Africa){kind=link}
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