Africa’s Millionaire Population Is Set to Grow by 65% Over the Next Decade: Report

Africa’s seven-figure club is expected to grow substantially in the next decade.

The number of millionaires living on the world’s second-largest continent is set to rise by 65 percent over the next 10 years, according to the 2024 Africa Wealth Report by Henley & Partners. Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience at least 80 percent millionaire growth by 2033, the wealth advisory firm estimates.

The forecasts are quite surprising given the current state of Africa’s economies. Currency depreciation and underperforming stock markets have chipped away at wealth across the continent, according to Dominic Volek of Henley & Partners. As a result, the ultra-rich have either moved abroad or stayed and watched their fortunes diminish.

The number of millionaires living in Africa has plummeted by nearly 20,000 in the past decade, in fact. The continent is now home to just 135,200 individuals worth $1 million or more, which marks an 8 percent drop from 2013. There are also 342 centimillionaires and 21 billionaires living in Africa, the firm found. Collectively, these individuals have a total wealth of approximately $2.5 trillion.

“Approximately 18,700 high-net-worth individuals have left Africa over the past decade,” Andrew Amoils, head of research at New World Wealth, said in a statement. “There are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent.”

The rich are currently concentrated in Africa’s “Big Five,” too: South Africa, Egypt, Nigeria, Kenya, and Morocco together account for 56 percent of the continent’s millionaires and over 90 percent of its billionaires. South Africa is still the wealthiest country in Africa: It is home to over twice as many high-net-worth individuals than any other country on the continent, with 37,400 millionaires, 102 centimillionaires, and 5 billionaires. Johannesburg remains the wealthiest city in Africa, while Cape Town has the most expensive real estate ($5,600 per square meter).

Over the next decade, Mauritius and Namibia will be the countries to watch. “Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95 percent growth rate, positioning it as one of the world’s fastest-growing wealth markets,” the report said. “Namibia, too, is poised for impressive high-net-worth growth.”