2024-04-17 15:08:08
Henley & Partners’ Africa Wealth Report 2024 reveals that investable wealth in Africa reaches $2.5 trillion, with the number of millionaires predicted to increase by 65% over the next ten years. Currently, there are 135,200 wealthy individuals on the continent, with 342 centimillionaires and 21 billionaires. Africa’s top five wealth markets, including South Africa, Egypt, Nigeria, Kenya and Morocco, are home to more than half of the continent’s millionaires and more than 90% of its billionaires.
However, currency depreciation and stock market underperformance have affected Africa’s wealth relative to global indices. Additionally, migration has led to a loss of wealthy individuals, with around 18,700 individuals leaving the continent over the past decade.
« Around 18,700 wealthy individuals have left Africa over the past decade. 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 says Andrew Amoils, head of research at New World Wealth.
South Africa remains the richest country on the continent (37,400 millionaires, 102 centimillionaires and 5 billionaires), followed by Egypt (15,600 millionaires 52 centimillionaires and 7 billionaires), Nigeria (8,200 wealthy individuals), Kenya (7,200 millionaires) and Morocco (6,800).
Regarding cities, Johannesburg is the richest, followed by Cape Town, Cairo, Nairobi and Lagos. Several cities, such as Cape Town, Kigali, Windhoek, and Marrakech, are expected to experience significant growth in the number of millionaires over the next decade. However, the report highlights challenges to economic mobility in Africa, including severe visa restrictions, which affect international business opportunities for African entrepreneurs and investors.
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