The prevalence of dollar millionaires in African countries helps to drive economic growth, stimulate innovation, and improve social mobility. As growth catalysts and change agents, rich individuals play an important role in influencing their countries' destinies and unlocking prosperity for future generations. As a result, creating an environment that encourages wealth creation and entrepreneurship is critical.
- Business Insider Africa presents the top 10 African countries with the most centi-millionaires in 2024.
- This list is courtesy of a report by Henley and Partners.
- South Africa ranks number one on the list with a total of 102 dollar millionaires.
The Wealth Report by Henley and Partners, and New World Health, which this list is based on, shows that “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 10 years.”
However, according to the same report, there has been a decline in the number of dollar millionaires in some regions on the continent, owing to economic factors such as currency depreciation.
The report which is now in its 9th edition, revealed that there are now 342 centi-millionaires, those with a net worth of at least $100 million, and 21 dollar billionaires, living in Africa, along with 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more.
DON’T MISS THIS: 5 African countries with the highest Schengen visa rejection rates
The following markets often referred to as Africa’s big 5 including, Nigeria, South Africa, Egypt, Morocco, and Kenya, account for 56% of the continent's millionaires and more than 90% of its billionaires.
“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). 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,” Andrew Amoils, the Head of Research at New World Wealth, stated.
“Most of these individuals have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel,” the head of research added.
With that said, here are the 10 African countries with the most centi millionaires in 2024 according to Henley and Partners.
