South Africa is the leader among African countries in the number of people with a net worth of USD 1 million or more, followed by Egypt and Nigeria. This is according to the Africa Wealth Report 2024. The British analyst firm Henley & Partners.
„Many people make their fortunes 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”, said Dominic Volek, an employee at Henley & Partners. Over the past 10 years, 18,700 millionaires and 33 billionaires have left Africa. Most of them moved to the UK, USA, Australia and the United Arab Emirates.
South Africa has 37,400 millionaires, 102 people with a fortune above USD 100 million and 5 billionaires, the report noted. There are 15,600 millionaires in Egypt, 52 people with assets over USD 100 million and 7 billionaires. Nigeria has 8,200 dollar millionaires, followed by Kenya (7,200), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700) and Namibia (2,300).
There are currently 342 people with a fortune over $100 million and 21 dollar billionaires living in Africa.