Africa is home to numerous certified billionaires and high-net-worth individuals, including the richest Black man in the world. The continent boasts 135,200 high-net-worth individuals (HNWIs) with liquid, investable wealth of $1 million or more.
Additionally, Africa has 342 centi-millionaires with wealth of $100 million or more, and 21 dollar billionaires, according to Henley & Partners’ 2024 Africa Wealth Report. The top five wealth markets on the continent—South Africa, Egypt, Nigeria, Kenya, and Morocco—together account for 56% of Africa’s millionaires and over 90% of its billionaires.
At the city level, Johannesburg remains the wealthiest city in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) are also key urban wealth hubs.
The report also notes that Africa currently holds $2.5 trillion in investable wealth, with the millionaire population expected to grow by 65% over the next decade. However, the continent is facing a significant loss of HNWIs due to migration, which is diminishing its wealth. Approximately 18,700 high-net-worth individuals have left Africa over the past decade.
Currently, there are 54 African-born billionaires globally, including one of the world’s wealthiest, Elon Musk. However, only 21 of these billionaires still reside on the continent. Many have relocated to the UK, USA, Australia, UAE, and also to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
Despite the increase in high-net-worth individuals on the continent, challenges remain. According to Dominic Volek, Group Head of Private Clients at Henley & Partners, “Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks.” He cited that the South African rand fell 43% against the US dollar from 2013 to 2023, and while the JSE All Share Index rose in local currency terms, it was down 5% in US dollar terms over the same period. Currencies in other African countries have also depreciated significantly, with declines of over 75% in Nigeria, Egypt, Angola, and Zambia.
Looking ahead, seven African countries are expected to see over 80% growth in their millionaire populations over the next decade: Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda. The report highlights Mauritius, with its stable governance and favorable tax regime, as projected to experience a remarkable 95% growth rate, making it one of the world’s fastest-growing wealth markets. Namibia is also expected to see impressive growth, with forecasts indicating an increase exceeding 85% by 2033. Both Mauritius and Namibia offer investment migration pathways to attract global investors.
From 2013 to 2023, these countries experienced significant growth in their millionaire populations.
Mauritius – 87%
Morocco – 35%
Namibia – 32%
Ethiopia – 30%
Kenya – 30%
