South Africa tops the list of 10 wealthiest countries in Africa, according to the Henley & Partners and New World Wealth Africa Wealth Report.
South Africa is followed in that order by Egypt, Nigeria, Kenya, and Morocco, which together account for 90% of the continent’s billionaires.
The report is based on the number of high-net-worth individuals in each country.
According to Henley & Partners Africa Wealth Report, Kenya is the continent’s fourth-richest nation.
The survey, however, revealed that Kenya’s dollar millionaires had dropped from 8,500 in 2021 to 7,700 in 2022.
An individual must be worth at least KSh 130.8 million to be considered a dollar millionaire in Kenya.
According to the research, the continent has $2.4 trillion in total investable wealth, 138,000 dollar millionaires, 328 centimillionaires, and 23 dollar billionaires.
Centi-millionaires have fortunes of $100 million or more, while billionaires have wealth of $1 billion or more. Millionaires are those with wealth of $1 million (KSh 130.8 million) or more.
In Africa, the “Big 5” wealth markets—South Africa, Egypt, Nigeria, Kenya, and Morocco—account for 56% of the continent’s high-net-worth individuals and more than 90% of its billionaires, according to the study.
Others in the top 10 include Mauritius, Algeria, Ethiopia, and Ghana, respectively, with Tanzania bringing up the rear at number 10.
Ethiopia has 2,700 millionaires and four centimillionaires.
According to the report, Tanzania has 2,400 dollar millionaires, six centimillionaires, and one dollar billionaire.
Noteworthy is that Kenya does not have a single billionaire.
Mohamed Dewji from Tanzania is the only dollar billionaire in East Africa. Tanzania ranks among top 10 wealthiest countries in Africa. Photo/courtesy
Uganda and Rwanda
The report further showed Uganda emerged in position 15 in Africa with 1,500 dollar millionaires and 5 centimillionaires.
Rwanda is in position 17 with 1,000 millionaires and two centimillionaires.
Africa’s wealthiest cities
Nairobi was ranked fifth, behind Johannesburg, Cairo, Cape Town, and Lagos.
Nairobi has 4,700 millionaires and 11 centimillionaires.
Kenya has 7,700 dollar millionaires – Henley and Partners 2023 wealth report pic.twitter.com/SsIDVzgnaW
— NJOGU WA EMBU (@njoguembu) March 28, 2023
Millionaires on the move
The report further showed that approximately 18,500 high-net-worth individuals have left Africa over the past decade (2012–2022).
“Most have relocated to the UK, the USA, and the UAE. Significant numbers have also moved to Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland,” it said.
Billionaires leaving
The report further said a large number of billionaires have left Africa over the past 20 years or so.
Notably, there are 52 African-born billionaires globally, of whom only 23 still live on African soil.
This is a significant concern as many billionaires are entrepreneurs and company founders.
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The report noted that while the fleeing of billionaires had a negative effect on their mother countries, it benefited their host countries through the creation of employment.
“Billionaires rarely move for tax reasons. They usually relocate to expand their businesses or due to safety concerns,” it said.
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