Top 10 countries in Africa with the highest number of millionaires in 2023
Africa Wealth Report 2023 is compiled by Henley & Partners — the global leader in residence and citizenship by investment — in partnership with wealth intelligence firm New World Wealth.
The number of dollar millionaires within a country’s population can be used to measure the overall economic health and development of the nation.
The rise in the number of dollar millionaires signifies the growth of a prosperous class, which can contribute significantly to various sectors, foster innovation, and stimulate economic activities.
Countries with a significant number of dollar millionaires often experience robust economic growth. These high-net-worth individuals (HNWIs) possess substantial financial resources, which they are more likely to invest in local businesses, startups, and innovative ventures.
Their investments can lead to job creation, technological advancements, and overall economic expansion. Dollar millionaires act as catalysts for investment, fueling entrepreneurial spirit and attracting both domestic and foreign capital. There is also the aspect of philanthropy, which helps alleviate poverty and ease the economic distress of the disenfranchised citizens in said regions.
While most African nations are considered developing nations and have a reputation for being disadvantaged, some countries within the motherland are well beyond this stereotype and some are on their way to being.
How wealthy a country is, is in no small measure, fueled by the ingenuity and determination of their high-net-worth individuals (HNWI).
The ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires. However, their continued dominance is far from assured, and they could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground. Namibia’s new residence by investment offering positions it as a future potential rival as well.
By a significant margin, South Africa tops the list of the Top 10 richest nations in Africa in terms of the number of wealthy residents. Also, given Mauritius’ tiny size and sparse population, its high ranking is especially noteworthy.
In Africa, the total number of high-net-worth individuals has decreased by 12% from 2012 to 2022. Poor growth in South Africa, Egypt, and Nigeria, the continent’s three major markets, limited performance.
However, the report highlights that the continent’s millionaire population is expected to rise by 42% over the next 10 years. Below are the top 10 countries that house the most millionaires in Africa 2023.
| Rank | Country | Number of Millionaires | Number of Centi-Millionaires |
|---|---|---|---|
| 1. | South Africa | 37,800 | 98 |
| 2. | Egypt | 16,100 | 54 |
| 3. | Nigeria | 9,800 | 27 |
| 4. | Kenya | 7,700 | 15 |
| 5. | Morocco | 5,800 | 28 |
| 6. | Mauritius | 4,900 | 10 |
| 7. | Algeria | 2,800 | 8 |
| 8. | Ethiopia | 2,700 | 4 |
| 9. | Ghana | 2,600 | 5 |
| 10. | Tanzania | 2,400 | 6 |
