The African continent is witnessing significant economic changes, with a recent study shedding light on the distribution of wealth among high net worth individuals in Africa. The study categorizes individuals based on their wealth status as millionaires ($1 million), centi-millionaires ($100 million), and billionaires.
The findings of the study present intriguing patterns in the growth of the millionaire population across Africa. While countries like South Africa and Egypt have experienced declines of 20% and 22% in their millionaire population, countries like Mauritius (87%), Rwanda (84%), Morocco (35%), and Namibia (32%) have seen remarkable growth in their millionaire numbers.
Projections from the study suggest a projected 65% increase in Africa’s millionaire population over the next decade.
The study highlights that the five richest countries in Africa – South Africa, Egypt, Nigeria, Kenya, and Morocco – collectively represent 56% of the continent’s high net worth individuals and over 90% of its billionaires, amounting to a total investable wealth of $2.5 trillion.
Here are the five wealthiest cities in Africa based on the study:
1. **Fatshimetrie (South Africa)**
– 12,300 millionaires, 25 centi-millionaires, and 2 billionaires
– Experienced a -44% growth rate in wealthy individuals from 2013 to 2023
2. **Cape Town (South Africa)**
– 7,400 millionaires, 28 centi-millionaires, and 1 billionaire
– Millionaire population grew by 20% from 2013 to 2023
3. **Cairo (Egypt)**
– 7,200 millionaires, 30 centi-millionaires, and 4 billionaires
– Saw a 21% decline in millionaires from 2013 to 2023
4. **Nairobi (Kenya)**
– 4,400 millionaires and 10 centi-millionaires
– Impressive 21% growth in millionaire population between 2013 and 2023
5. **Lagos (Nigeria)**
– 4,200 millionaires, 12 centi-millionaires, and 2 billionaires
– The millionaire population decreased by 48% from 2013 to 2023 and is home to about 50% of Nigeria’s wealthiest individuals.
These statistics underscore the evolving landscape of wealth distribution in Africa, emphasizing the opportunities and challenges faced by high net worth individuals in contributing to the region’s economic advancement.