2024 Africa Wealth Report: Millionaire Growth of 65% in Next Decade

The total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65% over the next ten years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners.

Now in its 9^th edition, the annual report reveals there are currently 135,200 HNWIs with investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires and 21 dollar billionaires. Africa’s “Big 5” wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires.

But, as Dominic Volek, Head of Private Clients at Henley & Partners points out, currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks: “The South African Rand fell 43% against the US dollar from 2013-2023, and even though the JSE All Share Index rose in local currency terms, it was down 5% in USD terms. Currencies in most other African countries also performed poorly over the past decade, with dramatic depreciations of over 75% recorded in Nigeria, Egypt, Angola and Zambia.”

Head of Research at New World Wealth Andrew Amoils adds that African nations are also losing large numbers of HNWIs to migration which is eroding the continent’s wealth: “Approximately 18,700 high-net-worth 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.”

Africa’s Wealthiest Countries and Cities 

Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria sits in 3^rd place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ghana (2,700), Ethiopia (2,700) and Namibia (2,300) all making it into the Top 10 wealthiest countries in Africa.

Over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda and Rwanda are all expected to experience 80%+ millionaire growth. Mauritius is projected to enjoy a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets.

At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key African urban wealth hubs.

Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier and Marrakech are all expected to enjoy 85%+ millionaire growth over the next ten years. Cape Town also leads the way when it comes to luxury real estate at USD 5,600 per m², with Grand Baie in Mauritius close behind at USD 5,000 per m². South Africa has five contenders in the Top 10 Most Expensive African Cities and Morocco has three.

Africa’s lack of economic mobility

Commenting in report, Prof. Mehari Maru, from the Migration Policy Centre at the European University Institute, says African visa applicants face far more severe restrictions compared to other regions: “Africa tops the list of rejections with 30% or one in three of all processed applications being turned down, even though it has the lowest number of visa applications per capita. The rejection rates for Schengen visas are ten times higher than for US-Americans. Despite justifications based on security or economic concerns, the European visa system clearly demonstrates apparent bias against African applicants.”

Chidinma Okebalama, Senior Consultant at Henley & Partners Nigeria, says: “Your passport serves as a determinant of financial freedom, impacting individuals’ abilities to explore international business ventures, network efficiently, or engage in multinational trade opportunities. Consequently, African entrepreneurs and investors are often left out of lucrative global markets, impeding their potential for economic growth and financial prosperity.”