The 2023 Africa Wealth Report released by Henley & Partners in collaboration with wealth intelligence business New World Wealth revealed that Africa’s population of millionaires is predicted to increase by 42% over the next 10 years, reaching over 195,000 by 2032.
Forecasts for Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco indicate significant high-net-worth individual (HNWI) growth of 60%.
Rwanda has been the best-performing market in Africa over the past ten years (2012–22), with a millionaire growth rate of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo.
The majority of HNWIs move to the UAE, the USA, and the UK. Numerous HNWIs have also emigrated in considerable numbers to countries like Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland.
South Africa, Egypt, Nigeria, Kenya, and Morocco are the continent’s top five wealth markets, accounting for 56% of the continent’s high net worth individuals and more than 90% of its billionaires.
South Africa tops the list of the Top 10 richest nations in Africa in terms of its resident HNWIs.
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