The total investable wealth currently held in Africa amounts to $2.5 trillion, and its millionaire population is set to rise by 65% over the next 10 years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.

Now in its ninth edition, the annual report reveals that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of one million dollars or more living in Africa, along with 342 centi-millionaires worth $100 million or more and 21 dollar-billionaires. 

Africa’s ‘Big 5’ wealth markets (South Africa, Egypt, Nigeria, Kenya, and Morocco) account for 56% of the continent’s millionaires and over 90% of its billionaires.

Despite facing challenges, wealth growth on the continent has shown resilience. Dominic Volek, Group Head of Private Clients at Henley & Partners, pointed out that currency depreciation and underperforming stock markets “have chipped away at Africa’s wealth compared to global benchmarks.” He mentioned that currencies in most other African countries also performed poorly compared to the dollar over the past 10 years, with dramatic depreciations of over 75% recorded in Nigeria, Egypt, Angola, and Zambia, noting, however, that this has not deterred the continent’s wealth growth, showcasing its resilience and potential for recovery.

“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023),” said the Head of Research at New World Wealth, Andrew Amoils, disclosing that there are 54 African-born billionaires worldwide, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent. Most have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.

Despite a tough past decade that saw a 20 per cent decline in its millionaire population, South Africa remains home to over twice as many HNWIs as any other African country. It has 37,400 millionaires, 102 centi-millionaires, and five billionaires, followed by Egypt, which has 15,600 millionaires, 52 centi-millionaires, and seven billionaires. Nigeria sits in third place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300) all making it into the ‘Top 10 Wealthiest Countries in Africa’.

Commenting in the 2024 Africa Wealth Report, South African political commentator Justice Malala said that with growth projected at four per cent by the IMF, Sub-Saharan Africa will be the second-fastest-growing region in the world in 2024, after Asia. 

“The African Development Bank predicts that Africa will account for 11 out of the 20 fastest-growing economies in the world this year. And with a new global political order emerging, African voices are also being elevated in international decision-making bodies,” stated Malala. 

He added, “With Russia, China, the USA, and the EU all jostling for favour on the continent, African leaders have become more emboldened and are demanding a seat at the top tables.”

At the city level, according to the report, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and two billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and one billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key urban wealth hubs.