Five Countries Account for Over 50% of Africa’s Total Wealth

Tuesday, May 10, 2022 / 09:10 AM / by Henley & Partners/ Header Image Credit: Money Inc.

The Africa Wealth Report is published by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth.

The report provides a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals (HNWIs), the luxury market, and the wealth management sector on the continent. The wealth tiers opposite are considered in our analysis.

The Africa Wealth Report is the benchmark of luxury sector research in Africa. Knowing where affluent individuals live, understanding their spending habits and being aware of their preferences is critically important to the providers of wealth management and luxury services in Africa and globally.

Africa is home to some of the world’s fastest growing markets, including the likes of Rwanda and Mauritius. There are also several well-established wealth hubs on the continent, including South Africa, Egypt and Morocco, that already host large numbers of HNWIs.

HNWIs in Africa are extremely mobile and their movements provide a valuable insight into future economic trends in each country. For instance, countries such as Mauritius that attract HNWIs through migration have a significant economic advantage over the rest.

Country Wealth Rankings

The table opposite ranks major African countries by their total wealth. Larger countries have an obvious advantage because of their higher populations. As reflected, the ‘Big 5’ wealth markets in Africa are: South Africa, Egypt, Nigeria, Morocco and Kenya – together these five countries account for over 50% of Africa’s total wealth.

‘Total wealth’ refers to the private wealth held by all the individuals living in a country, Country wealth rankings Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent. including all their assets (property, cash, equities and business interests) less any liabilities. We exclude government funds from our figures.

The table overleaf ranks major African countries on a wealth per capita basis. Mauritius is the wealthiest country in the region, followed by South Africa and Namibia.

Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.