To the counter-cliché “Africa is not poor but impoverished”, can be added a corollary: not all Africans are poor. Lapalissade which nevertheless takes on another dimension when one consults the studies of Henley & Partners, of which Young Africa did the analysis. From the United Kingdom, the investment migration consultancy takes a close look at private wealth in Africa, focusing on the number of individuals of a certain level of wealth, the presence of signs of luxury, the wealth management and investment trends, migration of such investments et, more generally, economic mobility on the continent.
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Aliko Dangote, Issad Rebrab, Patrice Motsepe… The 2022 vintage of the ranking of African billionaires
In order not to fall into mere economic jargon or figures that are too obscure for the general public, Henley & Partners gives in to the fashion for rankings. Combining individual success and geographical considerations, the firm offers a double annual top, in collaboration with the New World Wealth company specializing in global wealth intelligence: that of the cities and that of the African countries hosting the largest number of millionaires in US dollars…
South Africa in the lead
In the new version of these twin tops, the two classifications show the same trends. If South Africa is at the top of the list of countries, with 37,800 millionaires, the country of Cyril Ramaphosa places four cities in the top 10 cities: Johannesburg first, Cape Town third, Durban sixth and Pretoria eighth with respectively 14 600, 7,200, 3,600 and 2,400 millionaires. Similarly, Egypt ranks second in the ranking of countries, with 16,100 millionaires, while Cairo is the second city, with 7,400 of the considered wealthy.
With 9,800 dollar millionaires, the Nigeria is the third country, while Lagos is the fourth city with 5,400 wealthy people with over a thousand thousand dollars. Kenya and Morocco are the fourth and fifth in the top countries, with 7,700 and 5,800 millionaires respectively, while Nairobi and Casablanca, fifth and seventh in the top cities, score 4,700 and 2,800.
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Mauritius, Rwanda, Uganda: havens of growth for African fortunes
Apart from these five nations, only the cities of Accra and Luanda reach the top 10. In terms of countries, ranks 6 to 10 are occupied, in order, by Mauritius, Algeria , Ethiopia, Ghana and Tanzania and its 2,400 millionaires…
Behind these classifications in the form of trophies, there is undoubtedly the question of the unequal distribution of wealth, from one continent to another, but also within nations. The Africa Wealth Report highlights that private wealth in Africa is constantly evolving, with persistent prospects for growth. A global trend, of course. But the World Bank points out that seven of the ten most unequal countries in the world are located in Africa, and mainly in Africa southern…