56 percent of Africa’s billionaires and more than 90 percent of its billionaires lived in just five countries in 2023 – South Africa, Egypt, Nigeria, Kenya and Morocco, according to the Africa Wealth Report 2024 published by Henley & Partners and New World Wealth. There were 135,200 people with a fortune of 1 million US dollars or more living on the continent that year, as well as 342 cent-millionaires and 21 billionaires, Statista reported.
As the following chart shows, South Africa had the highest number of high net worth individuals (HNWIs) with 37,400 millionaires, 102 centi-millionaires and 5 billionaires. It was followed by Egypt with 15,600 millionaires, 52 centi-millionaires and 7 billionaires, while Nigeria ranked 3rd on the continent with 8,226 HNWIs. Rounding out the top ten were Kenya (7,216 HNWIs), Morocco (6,836), Mauritius (5,115), Algeria (2,809), Ghana (2,706), Ethiopia (2,704) and Namibia (2,303).
Here is the full story, by Anna Fleck, via Anecdotal.
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