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Top 10 African Countries with the Most Millionaires in 2023

| How Africa News


The African continent now has investable wealth worth USD 2.4 trillion, and the population of millionaires is predicted to grow by 42% over the next ten years, according to the recently published 2023 Africa Wealth Report by Henley & Partners in cooperation with New World Wealth.

According to the report, Africa’s “Big 5” wealth markets, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, account for 56% of the continent’s high-net-worth people (HNWIs) and more than 90% of its billionaires.

Currently, the continent is home to 138,000 HNWIs worth USD 1 million or more, 328 centi-millionaires worth USD 100 million or more, and 23 US dollar billionaires.

After a difficult decade, South Africa still boasts twice the number of HNWIs as any other African country and accounts for 30% of the continent’s centi-millionaires.

Egypt has the most billionaires in Africa, whereas Mauritius has the highest wealth per capita (average wealth per person) in the continent, at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.

According to the report, Africa’s wealth market is constantly expanding, providing chances for investors, entrepreneurs, and businesses wishing to expand their operations in the continent.

List of African countries with the most millionaires:

1. South Africa (37,800)

2. Egypt (16,100)

3. Nigeria (9,800)

4. Kenya (7,700)

5. Morocco (5,800)

6. Mauritius (4,900)

7. Algeria (2,800)

8. Ethiopia (2,700)

9. Ghana (2,600)

10. Tanzania (2,400)

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