wealth in africa

Report: Wealth in Africa

Africa is home to an estimated 21 billionaires and some of the world’s fastest growing markets.

Total private wealth in Africa is estimated to be USD 2.1 trillion, and 50% of that wealth is concentrated in just five countries: South Africa, Egypt, Nigeria, Morocco, and Kenya.

‘Private wealth’ refers to an individual’s net assets, namely all their assets (property, cash, equities, and business interests) less any liabilities.

The latest Africa Wealth Report, provides the most comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals, the luxury market, and wealth management. The report also reveals that private wealth is expected to rise by 38% over the next 10 years and reach US$3 trillion by 2031, an increase of close to 40%.

Visual Capitalist created the snapshot of wealth in Africa below:

africa wealth map
Credit to Visual Capitalist

Country Wealth Rankings

The table below ranks major African countries by their total wealth. Larger countries have an obvious advantage because of their higher populations. As reflected, the ‘Big 5’ wealth markets in Africa are: South Africa, Egypt, Nigeria, Morocco and Kenya – together these five countries account for over 50% of Africa’s
total wealth. ‘Total wealth’ refers to the private wealth held by all the individuals living in a country, including all their assets (property, cash, equities and business interests) less any liabilities. Government funds are excluded.

Notes: HNWI numbers rounded to nearest 100. Multi-millionaire figures rounded to nearest 10.
Includes only people living in each country (residents). Figures for December 2021.
Source: New World Wealth

The table below ranks major African countries on a wealth per capita basis. Mauritius is the wealthiest country in the region, followed by South Africa and Namibia.

Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.

wealth per capita
Note: Figures for December 2021. Refers to the average wealth of a person living in each country. Rounded to nearest 10.
Source: New World Wealth.

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