At a Glance
- South Africa leads Africa’s wealth rankings, hosting 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, driven by strong financial markets and resource wealth.
- Nigeria’s millionaire count fell by 45% over the past decade, dropping to 8,200, highlighting economic instability despite vast natural resources.
- Kenya and Morocco emerge as wealth hubs, driven by tech growth and political stability, boosting high-net-worth individuals and economic diversification.
The wealth landscape in Africa has undergone significant shifts. Mirroring the continent’s dynamic economic growth.
With increased prosperity across key regions, Africa now hosts a growing class of millionaires, centi-millionaires and billionaires.
Recent data highlights the rising influence of economic diversification, investment-friendly climates, and resource management in shaping the wealth distribution across African nations.
While countries like South Africa and Egypt maintain their dominance, emerging markets like Kenya and Morocco are fast becoming hubs for wealth creation.
135,200 millionaires call Africa home
According to a report by Shore Africa, the continent is home to 135,200 high-net-worth individuals (HNWIs), defined as those with liquid investable wealth exceeding $1 million. Additionally, Africa boasts 342 centi-millionaires (with $100 million or more) and 21 billionaires.
However, the growth trajectory varies widely. While countries such as South Africa, Egypt, Kenya, and Morocco saw increases in millionaire numbers in the past year, others, like Nigeria and Mauritius, recorded declines. Tanzania, notably, dropped out of the top 10 list altogether.
Nigeria experienced the sharpest decline, with a 45 percent drop in its millionaire count over the past decade. The country now has 8,200 millionaires, down from 15,000 in 2013, with 6,800 individuals losing their HNWI status.
Below is a detailed look at Africa’s top nations by millionaire count in 2024:
1. South Africa: The wealth epicentre
- Millionaires: 37,400
- Centi-millionaires: 102
- Billionaires: 5
South Africa leads Africa’s wealth rankings, thanks to its robust financial markets, diverse economy, and rich natural resources.
Johannesburg remains a magnet for HNWIs, cementing the country’s status as a wealth hub. South Africa’s billionaire, Johann Rupert shines as South Africa’s richest billionaire with a net worth of $13.8 billion according to Bloomberg
2. Egypt: Resilient despite challenges
- Millionaires: 15,600
- Centi-Millionaires: 52
- Billionaires: 7
Despite the Egyptian pound’s depreciation, the nation’s massive consumer base and ongoing economic reforms continue attracting investments, driving wealth creation in real estate, tourism, and technology. Egypt’s richest man, Nassef Sawiris tops this list with a fortune of $8.78 billion.
3. Nigeria: Opportunities amid decline
- Millionaires: 8,200
- Centi-Millionaires: 23
- Billionaires: 3
As Africa’s largest economy, Nigeria remains a land of opportunities despite facing infrastructure deficits, political instability, and currency reforms. Its vast population and natural resources underpin its wealth-generation potential.
Here Africa’s leading industrialist, Aliko Dangote not only shines as the Richest man in Nigeria but also tops as Africa’s Richest with a staggering wealth of $28.1 billion according to Bloomberg list
4. Kenya: Africa’s rising star
- Millionaires: 7,200
- Centi-Millionaires: 16
Kenya’s rapidly diversifying economy and flourishing tech ecosystem have propelled it into the spotlight.
The nation’s entrepreneurial drive, combined with investments in innovation, positions it as a leading player in wealth accumulation.
5. Morocco: Stability breeds prosperity
- Millionaires: 6,800
- Centi-Millionaires: 32
- Billionaires: 4
Morocco’s stable political and economic environment fosters investor confidence. Major infrastructure projects and industrialization efforts have attracted significant domestic and foreign investments, fueling wealth growth. Morocco’s’s billionaire, Aziz Akhannouch shines with a net worth of $1.6 billion according to forbes
6. Mauritius: A financial oasis
- Millionaires: 5,100
- Centi-Millionaires: 15
Known for its pro-business policies and strong financial services sector, Mauritius continues to thrive as a global wealth management hub. Its strategic positioning enhances its appeal to HNWIs seeking investment opportunities. Raymond Ah-Chuen, Michel De Spéville, Nundun Gopee, Arnaud Dalais among others are top Centi-millionaires in the country.
7. Algeria: Wealth amidst resource reliance
- Millionaires: 2,800
- Centi-Millionaires: 8
- Billionaires: 1
While Algeria’s economy heavily relies on oil and gas, wealth accumulation persists despite challenges in diversification. The country’s natural resource wealth solidifies its standing in Africa’s millionaire rankings.
Wealth trends reshaping Africa
A Shifting Wealth Landscape Africa’s wealth story is evolving, shaped by diverse factors ranging from economic reforms to technological advancements.
As countries vie for investor attention, the continent’s millionaire count offers a glimpse into the broader economic opportunities reshaping its future.
