Yahoo News Number of African-born millionaires to skyrocket over next decade: report
Africa’s millionaire population is expected to rise by 65 percent within the next 10 years, accordig to the 2024 Africa Wealth Report, published this week.
Africa is home to 135,200 millionaires and 21 billionaires, measured in US dollars.
The five African states that account for the largest share of the continent’s millionaires are (in order of the number of high-net-worth individuals) South Africa, Egypt, Nigeria, Kenya and Morocco.
They collectively account for 56 percent of Africa's high-net-worth individuals and more than 90 percent of its billionaires.
South Africa leads with 37,400 millionaires and five billionaires while Egypt’s wealth is in the hands of seven billionaires and 15,600 millionaires.
“The 'big five' are the five most developed countries in terms of infrastructure with much more advanced economies when you compare them to other African countries,” said Dominic Volek, the group head of private clients at Henley and Partners, the company that published the ninth Africa Wealth Report.
Henley and Partners, with 55 offices worldwide, specialises in advising very rich individuals around the world requiring residence and citizenship by investments.
Africa's wealthiest
Johannesburg is home to the wealthiest in Africa with 12,300 millionaires and two billionaires.
“If you look globally, there are about 54 African-born billionaires around the world, one of them being Elon Musk from South Africa. But, out of the 54, only 21 percent still live on the continent,” Volek added.
