Picture: for illustration purposes
According to the Africa Wealth Report 2023, South Africa has topped the rankings for the wealthiest countries in Africa, based on resident high-net-worth individuals. The report, a collaborative effort by New World Wealth and Henley & Partners, evaluated the continental wealth distribution in the context of Africa's 23 billionaires, 328 centi-millionaires, and 138,000 millionaires.
South Africa stands out with an impressive 37,800 millionaires, 98 centi-millionaires, and 5 billionaires. The 'Big 5' African wealth markets - South Africa, Egypt, Nigeria, Kenya, and Morocco - collectively claim 56% of Africa's high-net-worth individuals and host over 90% of the continent's billionaires.
However, it's worth noting that Africa's overall high-net-worth individuals have dropped by 12% in the last decade (2012-2022), impacted by weak economic progression in South Africa, Egypt, and Nigeria.
Moreover, the report illuminates growth in the high-net-worth populations of Morocco and Kenya, while showing a slowdown in the millionaire boom in Ethiopia and Ghana that had previously risen steadily until 2019.