Africa is home to some of the world’s fastest-growing economies, wealthy individuals, and a number of well-established wealth hubs, primarily in South Africa, Egypt, Nigeria, and Morocco. Southern African nations dominated the continent’s growth markets and wealth in 2021, with the highest level of growth compared to 2020.
Between the first quarter of 2021 and the last quarter of 2022, Africa’s total private wealth was $21 trillion, made up of 136,000 millionaires with net assets of $1 million or more, 6,700 multi-millionaires with net assets of $10 million or more, 305 cent-millionaires with net assets of $100 million or more, and 18 billionaires with net assets of $1 billion or more.
The total private wealth in South Africa was $651 billion, with many multi-millionaires, cent-millionaires, and five billionaires. Egypt’s total private wealth was $307 billion, with numerous multi-millionaires, cent-millionaires, and billionaires.
Nigeria’s total private wealth was $228 billion, with numerous multi-millionaires, cent-millionaires, and billionaires. Morocco’s total private wealth was estimated to be $125 billion, with numerous multi-millionaires, cent-millionaires, and two billionaires.
Algeria, Zimbabwe, and Tanzania each have one billionaire and a large number of multi-millionaires and cent-millionaires, while Ghana, Kenya, and many other countries have a large number of multi-millionaires and cent-millionaires. South Africa, Egypt, and Nigeria account for approximately 56% of Africa’s wealth (wealth of individuals).
As wealth reports for 2023 become available, let’s take a look at the top African countries with the most billionaires.
South Africa
South Africa is top on the list with five billionaires – Johann Rupert ($10.6 billion), Nicky Oppenheimer ($8.5 billion), Patrice Motsepe ($3.1 billion), Koos Bekker ($2.6 billion), and Michiel Le Roux ($1.2 billion). These five billionaires have a combined net worth of $26 billion.
Egypt
Egypt is second with five billionaires – Nassef Sawiris ($7.5 billion), Naguib Sawris ($3.3 billion), Mohammed Mansour ($2.9 billion), Youssef Mansour ($1.6 billion), Yasseen Mansour ($1.1 billion), with a combined wealth of $16.4 billion.
Nigeria
The West African nation and the most populous Black nation came third with three billionaires – Aliko Dangote ($13.4 billion), Rabiu Abdulsamad ($7.6 billion), and Mike Adenuga ($6.2 billion), with a total net worth of $27.2 billion.
Morocco
The second North African Nation on the list if fourth overall with two billionaires – Aziz Akhannouch ($1.5 billion) and Othman Benjelloun ($1.3 billion), with a combined net worth of $2.8 billion.
Algeria and Zimbabwe
Algeria, Zimbabwe, and Tanzania closed the list with one billionaire each – Issad Rebrab from Algeria ($4.6 billion), Strive Masiyiwa from Zimbabwe ($1.9 billion), and Mohammed Dewji from Tanzania ($1.5 billion).
Overall, Egypt and South Africa have more billionaires, and South Africa has more wealthy individuals and millionaires than any other African country. African billionaires amass fortunes through a variety of business ventures and place a premium on establishing family generational wealth and long-term legacies. With private wealth in Africa expected to increase by 38% over the next decade, the continent is likely to attract more investment in various sectors of the economy.
“The rise of frontier economies and megacities along with the diversification of wealth-creating sources are just some of the trends driving the creation, flow, and preservation of capital across the continent – Vusi Thembekwayo, CEO, MyGrowthFund Venture Partners.