Johannesburg remains the wealthiest center in Africa
According to the 2023 Africa Wealth report by Henley & Partners and New World Wealth, Johannesburg has the highest number of millionaires in Africa, with 14,600 individuals. The report predicts a 42% increase in Africa’s millionaire population over the next decade. South Africa, Egypt, Nigeria, Kenya, and Morocco are the continent’s top wealth markets, accounting for 56% of high-net-worth individuals and over 90% billionaires as reported by IOL.
The report also states that South Africa has over twice the number of HNWIs as any other African country, with 30% of the continent’s centi-millionaires.
Egypt has the most billionaires, while Mauritius has the highest wealth per capita, followed by South Africa and Namibia.
The report provides an overview of the wealth sector in Africa, including luxury markets and wealth management.
It also identifies the fastest-growing markets, such as Rwanda and Mauritius, with Mauritius projected to have the highest wealth growth rate of 75% over the next decade.
Photo by Jacques Nel on Unsplash